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    The Largest CRE Database in the US with Over 1 Million Listings

    2701 W 23Rd St Chicago, IL 60608

    Sponsored
    For Sale
    Under Contract
    $325,000

    COMMERCIAL - Chicago, IL

    Lot size:
    0.07 Acres
    Days on Market:
    27
    Last Refresh:
    Feb 19 at 9:06 pm

    Property Features for 2701 W 23Rd St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    RTAIL
    APN
    16252060160000
    Lot size
    0.07 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Rafael Rodriguez
    Rafael Rodriguez

    RE/MAX City (773) 775-0600

    Listing agent Rafael Rodriguez (773) 848-5568

    Listing date Jan 24, 2026

    MLS# 12471092

    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

    Corner Building with Grocery Store

    This well-maintained corner brick building features an operational grocery store with a full meat department (carniceria) and a fully operational quick-service restaurant (taqueria) with a complete commercial kitchen and food preparation areas. The restaurant, located at the back of the building, has its own street entrance and access through the grocery store. Most of the equipment and fixtures in the grocery store, meat department, and restaurant are included. Ample storage is available in the basement. This corner business has been fully operational since 1957 and is located on a high-visibility corner in a high foot traffic neighborhood near churches and schools in the West Pilsen neighborhood. The restaurant area is leased month-to-month, while the grocery store is owner-operated. The lot size is 0.07 acres. The zoning is RTAIL. The property presents an opportunity to own a business and real estate.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tacos Princess Restaurant La Cocina de ... Restaurant Mi Lupe Grocery & Convenience Store

    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.

    Similar Places Nearby

    Super Mercado Guerrero, La Familia Market, Cermak market, Sucursal De Iguala Guerrero, Super Mercado Gonzalez

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6931072
    Latitude
    41.8498568

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    FAQs

    What type of property is this?
    Grocery and convenience store - Well-maintained commercial building with grocery store and restaurant in Chicago.
    Where is this grocery and convenience store located?
    The property is located at 2701 W 23Rd St Chicago, IL.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: - Established corner brick building with two operational businesses: grocery store with meat department (carniceria) and quick-service restaurant (taqueria).; - Includes **fully equipped commercial kitchen and food preparation areas** for the restaurant.; - **High-visibility corner location** in a high foot traffic neighborhood near churches and schools.
    (773) 848-5568
    Request Owner's contact information
    2701 W 23Rd St Chicago, IL 60608
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    Chicago, IL 60608
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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
    2701 W 23Rd St Chicago, IL 60608
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    We can help!
    Listing Contact
    Rafael Rodriguez
    Rafael Rodriguez
    Real Estate License ID: 475149730
    (773) 848-5568 (773) 775-0600 (773) 890-2900
    Learn more
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