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    1622 W Devon Ave Chicago, IL 60660

    Sponsored
    For Sale
    Pending
    $599,900

    COMMERCIAL - Chicago, IL

    Lot size:
    0.09 Acres
    Days on Market:
    20
    Last Refresh:
    Jan 20 at 5:06 am

    Property Features for 1622 W Devon Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    COMMR
    APN
    11314200100000
    Lot size
    0.09 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1906
    Floors in Building
    2
    Number of units
    3

    We can help!

    Listing Contact
    Martin Winefield

    Dream Town Realty (312) 265-8000 [email protected]

    Listing agent Martin Winefield (773) 251-6860

    Listing date Jan 1, 2026

    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

    Mixed-Use Property with Coach House

    This mixed-use property, previously owner-occupied for 26 years, features a first-floor commercial space with access to an unfinished basement that includes a washer and recently purchased dryer. The commercial area includes a large window display storefront, reception area, conference/training room, four offices, two half bathrooms, and a kitchenette. The second floor contains a two-bedroom plus den, one-bathroom apartment featuring a mantel, hardwood floors, and a designated dining room. The unit has two separate entryways, one leading to the rooftop, which offers the potential for a deck. Additionally, there is an attached two-story coach house comprising two separate living spaces, each with a full kitchen, one bedroom, and one bathroom. Major upgrades have been made to the property's mechanical components, including the roof, electrical systems, and coach house rehabilitation. Located at the Clark & Devon intersection, the property is surrounded by shops, restaurants, and conveniences. It is also located minutes from Loyola University, the lakefront, and the Andersonville Shopping Strip. This property is suitable for an owner-user or as an investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Chicago Center For Psyco Acupuncture Clinic Chicago Center for Psychophysical ... Acupuncturist Transformational Techniques Alternative Medicine Practitioner

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6716709
    Latitude
    41.9983248

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial space, apartment, and coach house near Loyola University.
    Where is this mixed-use property located?
    The property is located at 1622 W Devon 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: - Mixed-use property ideal for owner-occupancy or investment; - **Two-story coach house** features **two separate living spaces**, each with a full kitchen, 1 bedroom, and 1 bath; - Second-floor apartment features 2 bedrooms plus a den, hardwood floors, a designated dining room, and rooftop access with deck potential
    (312) 265-8000
    Request Owner's contact information
    1622 W Devon Ave Chicago, IL 60660
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    Chicago, IL 60660
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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
    1622 W Devon Ave Chicago, IL 60660
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    We can help!
    Listing Contact
    Martin Winefield
    Real Estate License ID: 475146973
    (312) 265-8000
    Learn more
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