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    2537 North Ave Chicago, IL 60647

    Sponsored
    For Lease
    $21 SF/Yr ($3,500 /Mo)

    2,000 SF Street Retail, Newly Renovated

    Lot size:
    2,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    414
    This exceptional 2,000 square foot street retail space, located at 2537 W North Ave in Chicago's East Humboldt Park submarket, presents a unique leasing opportunity. Situated on a vibrant street with excellent visibility, this single-tenant storefront boasts a recent 2024 renovation, offering a "white-box/vanilla box" condition ready for immediate occupancy. The building, constructed in 1895, features two stories and benefits from a B3-2 zoning classification. The space includes gas-forced heat and central air conditioning. Monthly rent is $3,500 modified gross, with tenant responsibility for gas, electric, and water/sewer (to be determined). The property's address is 2537 W North Ave, Chicago, IL 60647, conveniently located near Maplewood. This is an ideal location for a variety of retail businesses seeking a modern, well-located space in a thriving neighborhood. The property offers significant potential for growth and success. Total building square footage is 2,000 square feet, with all 2,000 square feet currently vacant. Property taxes are $0.

    Property Features for 2537 North Ave

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,000 SF
    Total Rate
    3500

    Building Details

    Year Built/Renovated
    1895/2024
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    2,000 SF
    Rate per SF
    $21

    We can help!

    Listing Contact
    Gene Hart
    Gene Hart

    Learn more

    HighLights

    • 2,000 SF street retail space in Chicago's East Humboldt Park submarket.
    • Recently renovated (2024) "white‑box" condition, ready for immediate occupancy.
    • B3‑2 zoning.
    • $3,500/month modified gross rent; tenant pays utilities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Naper Design Website Designer Black Diamond Digital ... Internet Marketing Service

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.691357136717
    Latitude
    41.910259148398

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    FAQs

    What type of property is this?
    Individual retail property - 2,000 SF Street Retail, Newly Renovated
    Where is this individual retail property located?
    The property is located at 2537 North Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: 2,000 SF street retail space in Chicago's East Humboldt Park submarket.; Recently renovated (2024) "white-box" condition, ready for immediate occupancy.; B3-2 zoning.
    Request Owner's contact information
    2537 North Ave Chicago, IL 60647
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    Chicago, IL 60647
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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
    2537 North Ave Chicago, IL 60647
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    We can help!
    Listing Contact
    Gene Hart
    Gene Hart
    Real Estate License ID: IL 475.149185
    Learn more
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