Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    6868 Western Ave Chicago, IL 60645-4719

    • Commercial real estate
    • 6,000 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Oct 24, 2023
    $2,136,500
    Value Estimations
    $2,365,000
    Show details
    Cap Rate Potential
    4.2%
    Commercial real estate
    Location Intelligence
    Property ID
    US28-1247824
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 6868 Western Ave

    Year built
    1974
    Lot size
    0.23 lot acres
    Property size
    6,000 SF
    Property type
    Commercial real estate
    APN
    10-36-226-035
    APU
    1036226035

    Description

    This exceptional 17,899-square-foot vacant storefront in Chicago's West Ridge neighborhood presents a compelling investment opportunity. Located on a full block with 250 feet of frontage on Western Avenue, this single-story, Class B building boasts a prime location near public transportation and parks. Built in 1956 and renovated in 2010, the property sits on a 0.66-acre lot and offers significant redevelopment potential. Its former use as a Harley Davidson showroom features drive-in doors and on-site parking. The RS2 zoning allows for various uses. The property's proximity to the Northtown Branch of the Chicago Public Library, Warren Park, and Indian Boundary Park, along with its location near Evanston and Lincolnwood, adds to its appeal. The surrounding area exhibits strong demographics, with a high average household income and median home value within a one-mile radius. The property's size and location make it ideal for a mixed-use development, potentially incorporating retail and residential components. The asking price is $2,590,000, translating to $144.70 per square foot. This is a rare chance to acquire a substantial retail property in a thriving, diverse Chicago neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,395,000
      ML approach
      $2,510,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,690,000
      6.5%
      $1,560,000
      7%
      $1,445,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6905
    Latitude
    42.0066
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $42,435
    $41,112
    $165,201
    $206,313
    -
    $164,448
    $660,804
    $825,252

    Comparable in this City

    • Value Estimation
      $335,000
      0.23 Acres

      7328 Western Ave

      COMMERCIAL (GENERAL) • 0.23 Acres
      7328 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $330,000
      0.28 Acres

      7256 Western Ave

      COMMERCIAL (GENERAL) • 0.28 Acres
      7256 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $360,000
      0.31 Acres

      6435 Western Ave

      COMMERCIAL (GENERAL) • 0.31 Acres
      6435 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $340,000
      5,200 SF

      6634 Western Ave

      COMMERCIAL (GENERAL) • 5,200 SF
      6634 Western Ave, Chicago, IL 60645-5024
      View Details
    • Value Estimation
      $790,000
      23,700 SF

      2219 Howard St

      COMMERCIAL (GENERAL) • 23,700 SF
      2219 Howard St, Chicago, IL 60645-1908
      View Details
    • Value Estimation
      $385,000
      5,100 SF

      6509 Western Ave

      COMMERCIAL (GENERAL) • 5,100 SF
      6509 Western Ave, Chicago, IL 60645-5400
      View Details

    Similar Nearby for Sale

    • $1,999,000
      5,000 SF

      Chicago Auto Shop - $1.99M

      Prime location, vacant auto shop, high traffic.
      6501 Western Ave, Chicago, IL 60645
      View Details
    • $299,000

      West Ridge Corner Townhome

      Spacious 2-bedroom townhome near Devon Avenue shopping and dining.
      2201 W Arthur Ave, Chicago, IL 60645
      View Details
    • $799,000

      Turnkey Rehabbed 3-Unit Investment Property

      Fully rented, generating $6,500 monthly income, ideal for hands-off investor.
      7234 N Hamilton Ave, Chicago, IL 60645
      View Details
    • $239,900
      1,500 SF

      Remodeled Unit in Winston Towers

      Sun-filled, remodeled unit with updated features and full amenities.
      7061 N Kedzie Ave, Chicago, IL 60645
      View Details
    • $1,800,000
      1,640 SF

      Prime Chicago QSR/Fast Food

      Turn-key cafe, fully renovated 2024.
      7555 California Ave, Chicago, IL 60645
      View Details
    • $699,000
      1,250 SF

      Retail Strip Mall Near Rogers Park

      Single-story brick building with five storefronts and ample parking.
      2628 W Touhy Ave, Chicago, IL 60645
      View Details

    Similar Nearby for Lease

    • $2,400 /Mo

      Remodeled Apartment Near Indian Boundary

      Spacious, remodeled 3-bed, 1.5-bath apartment near Indian Boundary Park.
      2611 W Fitch Ave, Chicago, IL 60645
      View Details
    • $2,150 /Mo
      1,200 SF

      Rogers Park Penthouse Apartment

      Spacious 3 bed, 2 bath penthouse available 09/15 in Rogers Park.
      2061 W Fargo Ave, Chicago, IL 60645
      View Details
    • $30 SF/Yr
      7,134 SF

      Retail Space with On-Site Parking

      Retail space featuring high ceilings, on-site parking, and signage.
      2353 W Howard St, Chicago, IL 60645
      View Details
    • $17 SF/Yr
      11,974 SF

      Retail Space in High-Traffic Area

      7,134 SF retail space with excellent visibility and access.
      2341 W Howard St, Chicago, IL 60645
      View Details
    • $24 SF/Yr

      Versatile Commercial Space on Western

      1,000 sq ft commercial space suitable for various business types.
      7109 N Western Ave, Chicago, IL 60645
      View Details
    • $1,600 /Mo

      Recently Rehabbed Apartment in Chicago

      Rehabbed apartment in Rogers Park with new kitchen and appliances.
      7371 N Damen Ave, Chicago, IL 60645
      View Details
    Request Owner's contact information
    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.
    6868 Western Ave
    Chicago, IL 60645-4719
    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
    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

    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.