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    1624 N Drake Ave Chicago, IL 60647

    View on Map
    Sponsored
    For Sale
    $249,900

    LAND - Chicago, IL

    Lot size:
    0.07 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 12 at 8:06 am

    Property Features for 1624 N Drake Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    APN
    13354180210000
    Basement
    Finished
    Lot size
    0.07 Acres

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Steam
    Cooling system
    Wall Unit(s)

    We can help!

    Listing Contact
    Ryan Casper
    Ryan Casper

    eXp Realty, LLC (888) 574-9405

    Listing agent Ryan Casper (312) 888-9395

    Listing date Mar 10, 2026

    MLS# 12585572 Listing URL

    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

    Humboldt Park Development Opportunity

    Located on the border of Humboldt Park and Logan Square, this property presents a development opportunity near the 606 Trail. The lot measures 25 feet by 125.6 feet and is zoned RS-3. The property is being sold "as-is" for its land or lot value. Currently, there is a multi-unit house on the property that includes an in-law style apartment on the second floor (unit 2), featuring a kitchen, bathroom, one bedroom, pantry, dining room, living room, and a second-floor porch. Unit one includes a full basement with a bathroom, living room, bedroom, and office/storage room. The first floor has a full kitchen, bathroom, two bedrooms, and a sizeable open living and dining room. A large back porch leads to an extended yard suitable for gardening. Additionally, there is a 3-car garage. The location provides access to public transportation, shopping, restaurants, and nightlife. The property is owner-occupied, and there are dogs on the premises.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cisco Freeman Music Venue

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7154
    Latitude
    41.910806

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    FAQs

    What type of property is this?
    Residential land & home lot - Land for rehab or new development near the 606 Trail.
    Where is this residential land & home lot located?
    The property is located at 1624 N Drake Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: - Prime location bordering Humboldt Park and Logan Square, in the 606 Trail area.; - RS-3 zoning ideal for rehab or new development on a 25' x 125.6' lot.; - Excellent access to public transportation, shopping, award-winning restaurants, and nightlife.
    (312) 888-9395
    Request Owner's contact information
    1624 N Drake Ave Chicago, IL 60647
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    Chicago, IL 60647
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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
    1624 N Drake Ave Chicago, IL 60647
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    We can help!
    Listing Contact
    Ryan Casper
    Ryan Casper
    Real Estate License ID: 475121977
    (312) 888-9395 (888) 574-9405 (312) 492-7900
    Learn more
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