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    2428 N Lincoln Ave Chicago, IL 60614

    Sponsored
    For Lease
    Contact for pricing

    COMMERCIAL - Chicago, IL

    Type:Retail
    Lot size:
    0.06 Acres
    Days on Market:
    112
    Last Refresh:
    Feb 14 at 10:06 am

    Property Features for 2428 N Lincoln Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    RTAIL
    Lot size
    0.06 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1902
    Floors in Building
    1
    Building materials
    Brick

    We can help!

    Listing Contact
    Jason Hiller
    Jason Hiller

    Jameson Real Estate LLC (312) 335-3291

    Listing agent Jason Hiller (773) 412-3899

    Listing date Oct 26, 2025

    MLS# 12498514

    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

    Prime Retail Space Near DePaul

    This commercial property offers 2400 square feet of retail space with an additional 1000 square feet in the basement. The space is located directly across from the historic Biograph Theater and steps from the six-way intersection of Lincoln, Fullerton, and Halsted, near DePaul University and the Lincoln Commons project. The property features 25 feet of frontage on Lincoln Avenue. The current tenant, Bank of America, invested over $1 million in the buildout of a tellerless banking hub and will be vacating in December 2025. Previous uses of the space included multiple restaurants, indicating its suitability for various retail purposes. Above the retail space is a high-performing, five-star luxury short-term rental townhouse/duplex, which contributes to drawing traffic to the local retail area. The property is located in Chicago, Illinois, within Cook County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bank of America Video ... Bank Bank of America ATM Atm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6499711
    Latitude
    41.9259937

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    FAQs

    What type of property is this?
    Bank - 2400 SF retail space near Lincoln and Fullerton intersection.
    Where is this bank located?
    The property is located at 2428 N Lincoln Ave Chicago, IL.
    What are key features of this property?
    This property features: - Prime location directly across from the historic Biograph Theater and near the high-traffic intersection of Lincoln, Fullerton & Halsted/DePaul University/Lincoln Commons.; - Substantial 2400 SF retail space plus a 1000 SF basement.; - Existing buildout valued at over $1M from current tenant, Bank of America.
    (773) 412-3899
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    2428 N Lincoln Ave Chicago, IL 60614
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    Chicago, IL 60614
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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
    2428 N Lincoln Ave Chicago, IL 60614
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    We can help!
    Listing Contact
    Jason Hiller
    Jason Hiller
    Real Estate License ID: 475158547
    (773) 412-3899 (312) 335-3291
    Learn more
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