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    West Garfield Park Vacant Lot Title is generated by Realmo AI

    4630 West Erie Street, Chicago, IL 60644

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    Vacant lot in growing West Garfield Park neighborhood.

    Type:Land
    Lot size:
    0.07 Acres
    Added:
    Nov 19, 2023
    Days on Market:
    927
    Last Refresh:
    Mar 13 at 2:40 pm

    Property Features for 4630 West Erie Street

    General Information

    Standard status
    Active
    Lot size
    0.07 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Brad Thompson
    Brad Thompson

    Listing agent Brad Thompson License #471013662

    Listing office Millennium Properties RE, Inc.

    Listing date Nov 19, 2023

    Source Compass

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

    All listing content including descriptions, pricing, images are the copyrighted material of Millennium Properties RE, Inc.

    HighLights

    • Vacant 3,125 sq ft lot (25' x 125') zoned M1‑1, suitable for various development projects.
    • Strategic location with convenient access to downtown Chicago and key neighborhoods.
    • Located in West Garfield Park, an area experiencing ongoing revitalization.
    • Close proximity to Central and Laramie Green Line stations and the Eisenhower Expressway.
    • Investment opportunity positioned to capitalize on the city's west side growth.
    • West Garfield Park is becoming a desirable location for boutiques, restaurants, and bars.

    Overview

    The property at 4630 W. Erie Street is a 3,125 square foot land lot available for sale. Measuring 25 feet by 125 feet, this vacant lot offers development possibilities in a community poised for growth. The property is zoned M1-1, making it suitable for various development projects. The site is strategically located near major thoroughfares and public transportation, offering convenient access to downtown Chicago and other key neighborhoods. The neighborhood's ongoing revitalization efforts further enhance its attractiveness to developers and investors who are looking to capitalize on the city's west side growth. Located on the west side of Chicago, this property is a few blocks from the Central and Laramie Green Line stations and a short drive from the Eisenhower Expressway. West Garfield Park has become a desirable location for many businesses including boutiques, restaurants and bars. With increasing gentrification, the area is attracting a diverse group of entrepreneurs.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7423367
    Latitude
    41.8925893

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    FAQs

    What type of property is this?
    Commercial land - Vacant lot in growing West Garfield Park neighborhood.
    Where is this commercial land located?
    The property is located at 4630 West Erie Street Chicago, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Vacant 3,125 sq ft lot (25' x 125') zoned M1‑1, suitable for various development projects.; Strategic location with convenient access to downtown Chicago and key neighborhoods.; Located in West Garfield Park, an area experiencing ongoing revitalization.
    (312) 338-3012
    We can help!
    Listing Contact
    Brad Thompson
    Brad Thompson
    Real Estate License ID: 471013662
    Learn More
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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
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