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    4001 W Devon Ave Chicago, IL 60646

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    For Lease
    Contact for pricing

    Professional office building for lease in Sauganash, Chicago.

    Type:Office
    Added:
    Jul 26, 2021
    Days on Market:
    1719
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 4001 W Devon Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1976

    Spaces For Lease

    at 4001 W Devon Ave Contact us

    LL-35 $12 /Mo

    Size
    295 SF
    Type
    Office
    Contact us

    502 $17 /Mo

    Size
    1,055 SF
    Type
    Office
    Contact us

    LL-25 $12 /Mo

    Size
    286 SF
    Type
    Office
    Contact us

    LL-30 $12 /Mo

    Size
    388 SF
    Type
    Office
    Contact us

    310 $16 /Mo

    Size
    1,577 SF
    Type
    Office
    Contact us

    312-D $16 /Mo

    Size
    400 SF
    Type
    Office
    Contact us

    LL-20 $12 /Mo

    Size
    250 SF
    Type
    Office
    Contact us

    205 $16 /Mo

    Size
    806 SF
    Type
    Office
    Contact us

    LL-15 $12 /Mo

    Size
    1,004 SF
    Type
    Office
    Contact us

    204 $16 /Mo

    Size
    777 SF
    Type
    Office
    Contact us

    318 $16 /Mo

    Size
    282 SF
    Type
    Office
    Contact us

    312 $16 /Mo

    Size
    1,400 SF
    Type
    Office
    Contact us

    312-C $16 /Mo

    Size
    196 SF
    Type
    Office
    Contact us

    508 $16 /Mo

    Size
    352 SF
    Type
    Office
    Contact us

    510 $16 /Mo

    Size
    1,087 SF
    Type
    Office
    Contact us

    336 $16 /Mo

    Size
    633 SF
    Type
    Office
    Contact us

    324 $16 /Mo

    Size
    456 SF
    Type
    Office
    Contact us

    312-E $16 /Mo

    Size
    260 SF
    Type
    Office
    Contact us

    509 $16 /Mo

    Size
    1,100 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 26, 2021

    Source Crexi

    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 Imperial Realty Company

    Overview

    Professional Office Building For Lease

    Devon Executive Center, a professional office building, is available for lease at 4001 West Devon Avenue in Chicago. Located in Sauganash, the building is anchored by BBCN Bank on the first floor. Floors 2-5 accommodate a variety of small and medium-sized local businesses. The office building is situated across from Bryn Mawr Country Club, Monastero's Ristorante, CVS, Backyard Grill, Dunkin Donuts, and H&R Block, among other retailers, offering a convenient work/live environment. It is a 5-minute drive from I-94 (Edens Expressway) and 20 minutes from the Loop. Sauganash is a largely residential community with homes near parks and forest preserves.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Smooth Mortgage Company, ... Loan Service Perfectsat Training Center BLG Technologies Telecommunications Service iOS App Development ... (Bike/Boat/Book/etc) Store BLUCAPSOFT LLC (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7292642
    Latitude
    41.9969066

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    FAQs

    What type of property is this?
    Office building - Professional office building for lease in Sauganash, Chicago.
    Where is this office building located?
    The property is located at 4001 W Devon Ave Chicago, IL.
    What are key features of this property?
    This property features: Convenient location: Close to Bryn Mawr Country Club, Monastero's Ristorante, CVS, Backyard Grill, Dunkin Donuts, H&R Block, and other retailers.; Easy highway access: A quick 5‑minute drive to I‑94 (Edens Expressway) and 20 minutes to the Loop.; Professional office building: Located in Devon Executive Center.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
    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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