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    526 N Ashland Ave Chicago, IL 60622

    Sponsored
    For Sale
    $599,900

    COMMERCIAL - Chicago, IL

    Lot size:
    0.06 Acres
    Days on Market:
    102
    Last Refresh:
    Jan 25 at 2:06 am

    Property Features for 526 N Ashland Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    17072240220000
    Lot size
    0.06 Acres

    Utilities

    Utilities
    Natural Gas Available

    Building Details

    Year built
    1920
    Floors in Building
    2
    Flooring type
    Tile
    Building materials
    Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Katarzyna Kaminska

    United Real Estate-Chicago (630) 748-4660

    Listing agent Katarzyna Kaminska (708) 415-0408

    Listing date Oct 16, 2025

    MLS# 12493073

    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

    West Town Warehouse with Offices

    Located in the desirable West Town area, this property features a 2,400 square feet distribution warehouse with offices. Zoned B3-2, the property includes 4 offices, with 3 spacious offices on the 1st level and 1 large office on the 2nd level, storage, warehouse space, and 1 full and 2 half bathrooms. Recent upgrades include a new front door in 2020, new HVAC and A/C in 2023, a new water heater in 2020, a new garage door opener in 2024, and a new rubber roof in 2022. The property is currently leased and offers rental income potential. It is located in close proximity to grocery stores such as Marianos, coffee shops, entertainment venues, dining options, the Metra, and I90. The property consists of 3 lots next to each other at 524 N. Ashland Ave, 526 N. Ashland Ave, and 530 N. Ashland Ave. There is a possibility of building a multiple apartment building, re-zoning to RM-5 may be required.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Metro Atm Management Association Or Organization Metro ATM Atm Revival Pinups Photography Photographer

    Suggested Use

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

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

    Similar Places Nearby

    River North Storage Inc, Cadogan Tate | Fine Art & Interior Designer Services | Moving & Storage Services, Cold Storage, All My Sons Moving & Storage, Extra Space Storage

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6675502
    Latitude
    41.8918301

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    FAQs

    What type of property is this?
    Warehouse - 2,400 SF warehouse with offices in West Town.
    Where is this warehouse located?
    The property is located at 526 N Ashland 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: - Three adjacent lots in West Town, zoned B3-2.; - 2,400 sq ft distribution warehouse with offices, currently leased.; - B3-2 zoning with potential for RM-5 re-zoning for apartments (buyer to verify).
    (708) 415-0408
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    526 N Ashland Ave Chicago, IL 60622
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    Chicago, IL 60622
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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
    526 N Ashland Ave Chicago, IL 60622
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    We can help!
    Listing Contact
    Katarzyna Kaminska
    Real Estate License ID: 475162955
    (708) 415-0408
    Learn more
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