Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5617 S Perry Ave Chicago, IL 60621

    Sponsored
    For Sale
    $85,000

    LAND - Chicago, IL

    Lot size:
    2,450.00 Acres
    Days on Market:
    12
    Last Refresh:
    Jan 24 at 1:06 am

    Property Features for 5617 S Perry Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    20162060310000
    Lot size
    2,450.00 Acres

    We can help!

    Listing Contact
    Irena Soprych

    Remax 10 (708) 857-1500

    Listing agent Irena Soprych (708) 257-3928

    Listing date Jan 13, 2026

    MLS# 12510448 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

    Three Buildable Lots in Woodlawn

    Three consecutive vacant lots are available in Chicago's Woodlawn community. The lots are located within minutes of public transportation, shopping, and Washington Park, and one mile from the University of Chicago Campus, the planned President Barack Obama Presidential Library Center, and multiple new developments and construction projects. This presents an opportunity for investors to develop a townhouse community or a cluster of single-family homes. The titles are clear, and taxes are paid. Surveys are included. There are 3 lots, each with dimensions of 25x98.17. The zoning is RS-3. The available lots for sale are 20162060300000 and 20162060320000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.627451
    Latitude
    41.792265

    Nearby Similar for Sale

    • New
      $430,000
      7,900 SF

      Solid 6-Unit Brick Building

      Chicago's South Side 6-unit property with immediate upside.
      7304 S Union Ave, Chicago, IL 60621
      View Details
    • $4,240,000
      0.46 Acres

      Bronzeville Collection: Turnkey Multifamily Portfolio

      Classic Chicago multifamily property with extensive renovations and abundant investment opportunities.
      4840 S Indiana Ave, Chicago, IL 60615
      View Details
    • $8,360,000
      0.46 Acres

      Bronzeville Multifamily Investment Opportunity

      31-unit multifamily property in Chicago's Bronzeville neighborhood near Green Line.
      4358 S Prairie Ave, Chicago, IL 60653
      View Details
    • $699,900
      0.07 Acres

      Residential Income Greystone in Chicago

      Brick building with oversized units in a desirable Chicago location.
      4615 S Vincennes Ave, Chicago, IL 60653
      View Details
    • $1,699,000
      Pending

      Six-Unit Multifamily Building in Chicago

      Well-maintained, fully rented six-unit building with architectural details.
      1509 W Thomas St, Chicago, IL 60642
      View Details
    • $1,040,000
      1,400 SF

      Washington Park Four-Unit Multifamily Property

      Four-unit multifamily property in appreciating east Washington Park, Chicago.
      5644 S Prairie Ave, Chicago, IL 60637
      View Details
    • $1,045,000

      Washington Park Four-Unit Investment Opportunity

      Four-unit property in east Washington Park with modern improvements.
      5331 S Calumet Ave, Chicago, IL 60615
      View Details
    • New
      $499,000

      Renovated Two-Flat in Austin Neighborhood

      Fully renovated 7-bed, 3-bath duplex-down in Chicago's Austin neighborhood.
      5038 W Fulton St, Chicago, IL 60644
      View Details
    • $4,000,000

      Renovated 9-Unit Building in Chicago

      Fully renovated 9-unit building near Hyde Park and lakefront.
      442-444 E 48Th St, Chicago, IL 60615
      View Details
    • New
      $579,000

      Spacious Chicago Multi-Unit Property

      Two-unit property with updated features and potential office space.
      2117 N Mulligan Ave, Chicago, IL 60639
      View Details
    • $2,595,000

      Renovated Mixed-Use Building in Lincoln Park

      Two-tenant commercial/residential building near Lincoln Park with long-term income.
      1950 N Sedgwick St, Chicago, IL 60614
      View Details
    • $1,299,000
      0.17 Acres

      Chicago Multifamily Value-Add Opportunity

      12-unit property in South Shore with value-add potential.
      7839 S Kingston Ave, Chicago, IL 60649
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Three contiguous vacant lots in Chicago's Woodlawn neighborhood.
    Where is this residential land & home lot located?
    The property is located at 5617 S Perry Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $85,000.
    What are key features of this property?
    This property features: - Prime location in Woodlawn, Chicago, near public transportation, shopping, and Washington Park.; - Close proximity to the University of Chicago Campus and the planned Obama Presidential Library Center.; - Excellent investment opportunity for developing townhouses or single-family homes.
    (708) 257-3928
    Request Owner's contact information
    5617 S Perry Ave Chicago, IL 60621
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5617 S Perry Ave
    Chicago, IL 60621
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    5617 S Perry Ave Chicago, IL 60621
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Irena Soprych
    Real Estate License ID: 475122739
    (708) 257-3928
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.