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    1532 N Ashland Ave Chicago, IL 60622

    View on Map
    Sponsored
    For Sale
    Under Contract
    $599,900

    COMMERCIAL - Chicago, IL

    Lot size:
    0.04 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 13 at 11:06 pm

    Property Features for 1532 N Ashland Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    MULTI
    APN
    17062060390000
    Lot size
    0.04 Acres

    Utilities

    Utilities
    Cable Available
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1932
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Varies, Vinyl, Wood
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    Magdalane Marcol

    eXp Realty, LLC (888) 574-9405

    Listing agent Magdalane Marcol (224) 634-0049

    Listing date Mar 6, 2026

    MLS# 12545731

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    West Town Mixed-Use Investment Opportunity

    This four-unit property is located in the West Town/Wicker Park area, across from the Hyatt Place and Kennedy RoofTop. The all-brick building features flexible B32 Zoning and includes three residential apartments, each with one bedroom and one bathroom. There is also a commercial storefront with an open floor plan and a full unfinished basement. Additional features include an expansive patio/rooftop and a two-car attached garage. The location offers ample shopping, nightlife, parks, and recreation. Public transportation options include regular bus service, walking distance to the Division and Damen Blue Line, and walking distance to the Clybourn Metra. The property is family-occupied, with rents below market value, presenting an opportunity for a new owner to maximize revenue through stabilization and strategic improvements. The 0.0419-acre lot presents opportunities such as a boutique cafe. There is a Lis Pendens from the City of Chicago Case#20231401774, and the seller has an estimate of approximately $68K for masonry work with permits applied for. Scaffolding is already in place, and permits and violations will transfer with the sale. The property is sold AS IS WHERE IS.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Connies Cleaners (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6680093
    Latitude
    41.9097547

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    FAQs

    What type of property is this?
    Mixed-use property - Four-unit property in a prime location with flexible zoning.
    Where is this mixed-use property located?
    The property is located at 1532 N Ashland Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: - Prime West Town/Wicker Park location near Hyatt Place and Kennedy RoofTop.; - Four-unit building (3 residential, 1 commercial) with flexible B32 zoning.; - Expansive patio/rooftop and 2-car attached garage.
    (224) 634-0049
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    1532 N Ashland Ave Chicago, IL 60622
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    Chicago, IL 60622
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1532 N Ashland Ave Chicago, IL 60622
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    We can help!
    Listing Contact
    Magdalane Marcol
    (224) 634-0049 (888) 574-9405
    Learn more
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