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

    440 N Monticello Ave Chicago, IL 60624

    Sponsored
    For Sale
    $584,900

    MULTI_FAMILY - Chicago, IL

    Lot size:
    0.07 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 7 at 9:06 pm

    Property Features for 440 N Monticello Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Window features
    Screens
    Zoning
    MULTI
    Rooms
    Bedroom 3, Bathroom 2, Laundry Room, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bathroom 4, Basement, Utility Room, Bedroom 2, Bedroom 6, Bedroom 1
    Bedrooms
    6
    Bathrooms
    4
    APN
    16111320460000
    Parking
    2
    Parking features
    Alley, Secured, Assigned, Off Alley, Owned
    Patio and Porch features
    Deck
    Fencing
    Fenced
    Basement
    Finished, Full
    Lot size
    0.07 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    2009
    Building materials
    Vinyl Siding, Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Lenore Repel

    ASAP Realty Inc. (815) 886-2727

    Listing agent Lenore Repel (630) 263-7653

    Listing date Feb 7, 2026

    MLS# 12539681 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

    Chicago Multi-Family Residence with Buildable Lot

    This 2-unit multi-family residence features boulevard views and includes two 3-bedroom units. The first-floor unit is a duplex-down. Constructed in 2010, the brick-front building is situated where city and greenspace converge, near Central Park, Franklin Boulevard, and Garfield Square, and is steps away from the Garfield Park Conservatory and Green Line stop. The purchase price includes a 25' x 120' fenced-in side lot, which is a full, buildable lot. Both 3-bedroom units feature natural wood floors in the living room, kitchen, and hallway areas. The floors in the first-floor unit were sanded and refinished with 3 coats of polyurethane in 2025. Both units are equipped with a refrigerator, range oven, microwave, dishwasher, and stackable laundry washer/dryers. The front doors have eastern exposure, and the side of the property has southern exposure. Secured parking is available in the rear for two cars on a concrete pad, with room for two additional cars on gravel. In 2025, the first-floor unit received a new Zoeller ejector pump and quiet-close check valve. A newer refrigerator and stove were installed in March 2023, a Rheem Gladiator electric water heater in September 2021, and a stackable laundry washer and dryer in April 2021. The second floor has a new 96 Efficiency Rheem 70,000 BTU furnace, with a Rheem 2-ton air conditioner and compressor replaced in late August 2022, and a Rheem Powervent gas 40-gallon water heater replaced in March 2022. The exterior porches feature iron and maintenance-free composite decking installed in March 2022. In 2022, the exterior lighting on the rear elevation of the building was replaced with high-visibility daylight-white motion sensor lighting. Both properties are covered by a PoE security camera system accessible remotely from a mobile device. The property is sold "as is where is".
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.717702
    Latitude
    41.88932

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    FAQs

    What type of property is this?
    Residential land & home lot - Two-unit residence with buildable lot near Garfield Park Conservatory.
    Where is this residential land & home lot located?
    The property is located at 440 N Monticello Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $584,900.
    What are key features of this property?
    This property features: - Includes a 25' x 120' buildable side lot, significantly increasing property value and potential.; - Two 3-bedroom units, including a duplex-down on the first floor, offering flexible living arrangements or rental income opportunities.; - Prime location near Central Park, Franklin Boulevard, Garfield Square, Garfield Park Conservatory, and the Green Line stop.
    (630) 263-7653
    Request Owner's contact information
    440 N Monticello Ave Chicago, IL 60624
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    Chicago, IL 60624
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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
    440 N Monticello Ave Chicago, IL 60624
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    We can help!
    Listing Contact
    Lenore Repel
    (630) 263-7653
    Learn more
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