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    5061 W Lake St Chicago, IL 60644

    For Sale
    $225,000

    Retail property on West Lake Street with redevelopment potential.

    Property size:
    3,000 SF
    Lot size:
    0.31 Acres

    Property Features for 5061 W Lake St

    General Information

    Size
    3,000 SF
    Lot size
    0.31 Acres

    Source: Millennium Properties Real Estate Agent Brad Thompson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    West Lake Street Retail Opportunity

    This property features a 13,500 square foot land parcel improved with two buildings totaling approximately 3,000 square feet. The property is situated on West Lake Street, a corridor undergoing significant redevelopment and benefits from city-led initiatives. It currently generates $52,000 in annual rent. The location offers close proximity to I-290, public transit, and major city arteries. The zoning is PMD-9. Businesses in the area include McDonald’s, Walgreens, Dunkin’, and Culver’s, presenting a good opportunity for a user or investor.
    Insight Report Location Intelligence

    Current Use by Public Records

    Luz Complete Auto ... Auto Repair Shop

    Suggested Use

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

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

    Similar Places Nearby

    THE JOINT, Concepts In Design Florist, First Choice Flowers Inc, Aroma Florist Inc, Pure Elegance Floral

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7526431
    Latitude
    41.8866529

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    FAQs

    What type of property is this?
    Storefront property - Retail property on West Lake Street with redevelopment potential.
    Where is this storefront property located?
    The property is located at 5061 W Lake St Chicago, IL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: - Generates $52,000 rent annually; - 13,500 SF land parcel with two buildings totaling approximately 3,000 SF; - Situated on West Lake Street, a corridor undergoing significant redevelopment
    (312) 338-3000
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    Realmo Value Estimation

    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.

    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.

    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
    5061 W Lake St Chicago, IL 60644
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