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    Bucktown Elevator Condo Apartment Building Title is generated by Realmo AI

    1748 W N Ave, Chicago, IL

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    Fully rented 7-unit building with commercial storefronts and residential units.

    Type:RETAIL
    Property size:
    15,020 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $206/SF
    Added:
    Dec 18, 2024
    Days on Market:
    534
    Last Refresh:
    May 20 at 8:30 pm

    Property Features for 1748 W N Ave

    General Information

    Standard status
    Active
    Size
    15,020 SF
    Lot size
    0.13 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Pasquale Recchia
    Pasquale Recchia

    Listing agent Pasquale Recchia

    Listing office @Properties | Chicago (North)

    Listing date Dec 18, 2024

    Source Moodyscre

    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 @Properties | Chicago (North)

    HighLights

    • Fully rented 7‑unit elevator building in Bucktown generating $29,641 monthly gross income.
    • Two commercial storefronts with long‑term leases in place until 2028.
    • All residential units are condo‑quality with 3‑bedroom, 2‑bath layouts and high‑end finishes like granite countertops and stainless steel appliances.
    • Each residential unit has separate HVAC, in‑unit washer/dryer, and pays its own utilities.
    • Units 4W and 4E feature interior stairs to private roof decks, and Unit 3 is a full floor with large front and rear terraces.
    • Parking spaces are available in the rear of the building.

    Overview

    This is a fully rented, seven-unit elevator condo-quality apartment building located in the Bucktown neighborhood. The well-maintained building is ready for investment. The building features two commercial storefront spaces with long-term leases in place through 2028. The residential units are three-bedroom, two-bath condo-quality apartments. Each unit features a large custom kitchen with granite countertops, stainless steel appliances, and custom cabinets that open to the living room and dining room. The primary bedroom includes an ensuite bathroom with double bowl stone countertops and a separate shower. There are also large second and third bedrooms, along with an updated second bath. Hardwood floors are present throughout. All units have separate HVAC, in-unit washer and dryer, and residents pay their own utilities. The residential finishes are similar in all units. Units 4W and 4E have interior stairs providing access to a private roof deck. Unit 3 is a full-floor unit with large front and rear terrace spaces. This unit features three bedrooms, two full baths, plus a half bath. The primary bath in Unit 3 has a double bowl sink, separate shower, and soaking tub. Parking spaces are located in the rear of the building. The property size is 15,020 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $441.6k $29.40
    − Vacancy −$23.0k −$1.53
    EGI $418.6k $27.87
    − OpEx −$188.4k −$12.54
    NOI $230.2k $15.33
    15,020 SF · lease $29.40/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $3.29M
    $2.88M – $3.84M (±1% cap)
    NOI $230,244 @ 7.0% cap · market cap 7.43%
    Second Best
    Retail
    $2.97M
    $2.60M – $3.46M (±1% cap)
    NOI $207,799 @ 7.0% cap · market cap 6.70%
    Theoretical Best
    Office A
    $7.08M
    $6.20M – $8.26M (±1% cap)
    NOI $495,732 @ 7.0% cap · market cap 15.99%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -95.903872
    Latitude
    36.0686745

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    FAQs

    What type of property is this?
    Apartment building - Fully rented 7-unit building with commercial storefronts and residential units.
    Where is this apartment building located?
    The property is located at 1748 W N Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: Fully rented 7‑unit elevator building in Bucktown generating $29,641 monthly gross income.; Two commercial storefronts with long‑term leases in place until 2028.; All residential units are condo‑quality with **3‑bedroom, 2‑bath layouts** and high‑end finishes like granite countertops and stainless steel appliances.
    (847) 962-7711 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Pasquale Recchia
    Pasquale Recchia
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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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