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    7508 W Devon Ave Chicago, IL 60631

    View on Map
    Sponsored
    For Sale
    $824,999

    MULTI_FAMILY - Chicago, IL

    Lot size:
    0.07 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 11 at 6:06 pm

    Property Features for 7508 W Devon Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bathroom 1, Basement, Bedroom 2, Bathroom 3
    Bedrooms
    4
    Bathrooms
    3
    APN
    09364260650000
    Parking
    2
    Parking features
    Garage, Open
    Basement
    Full, Partially Finished
    Lot size
    0.07 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Radiant
    Water source
    Public

    Building Details

    Year built
    1956
    Building materials
    Brick

    We can help!

    Listing Contact
    Jaimie Banke

    Keller Williams Thrive (847) 241-2200

    Listing agent Jaimie Banke (847) 802-2777

    Listing date Mar 10, 2026

    MLS# 12515913 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

    Renovated Chicago Legal 2-Unit Property

    Located in Chicago, this renovated legal 2-unit property at 7508 W Devon Ave offers comfort and versatility. The property includes two units, one on the first floor and one on the second floor, each featuring a spacious layout with 2 bedrooms and 1 full bathroom. The full basement expands the functionality of the home with a shared laundry area, storage space, and a garden-level living space equipped with a kitchen and bathroom. This adds valuable flexibility for extended living. The property includes a fully fenced yard, providing privacy and room to enjoy the outdoors. A detached 2-car garage adds everyday convenience. The lot size is 0.07 acres. This property presents an opportunity for either an owner-occupant looking to offset their mortgage or an investor seeking a turnkey multi-unit in a prime Chicago location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store 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
    -87.813983
    Latitude
    41.997334

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    FAQs

    What type of property is this?
    Duplex - Renovated 2-unit property in Chicago with flexible living spaces.
    Where is this duplex located?
    The property is located at 7508 W Devon Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $824,999.
    What are key features of this property?
    This property features: - Legal 2-unit property, ideal for owner-occupants or investors; - Two spacious 2-bedroom, 1-bathroom units; - Finished basement with kitchen and bathroom, offering flexible living space
    (847) 802-2777
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    7508 W Devon Ave Chicago, IL 60631
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    Chicago, IL 60631
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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
    7508 W Devon Ave Chicago, IL 60631
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    We can help!
    Listing Contact
    Jaimie Banke
    Real Estate License ID: 475192348
    (847) 802-2777 (847) 241-2200
    Learn more
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