Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2944 Devon Ave Chicago, IL 60659

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    7-Unit Multifamily & Retail Investment

    Property size:
    8,975 SF

    Property Features for 2944 Devon Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    8,975 SF
    Class
    C

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    3
    Units
    7

    We can help!

    Listing Contact
    Mike Levin
    Mike Levin

    Listing Agency: @properties Commercial Listing Agent: Mike Levin

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 3-story mixed-use building, located at 2944 W Devon Ave in Chicago's vibrant Rogers Park neighborhood, presents a rare investment opportunity. Boasting 8,975 square feet on a 6,250 square foot lot, the property features a classic facade and benefits from B1-2 zoning. The building currently enjoys 100% occupancy with seven tenants, generating a strong net operating income (NOI) of $120,000 and a 7.50% cap rate. The ground floor houses a thriving 3,300 square foot bakery, ensuring consistent rental income. The upper two floors comprise seven residential units: two one-bedroom/one-bathroom, two two-bedroom/one-bathroom, and three three-bedroom/one-bathroom units. The property includes two parking spaces in a rear lot and benefits from excellent visibility and high traffic volume (26,700 vehicles per day on Devon Avenue). Its prime location offers easy access to expressways and public transportation (CTA bus lines), surrounded by a variety of retail establishments and restaurants including Dunkin', City Fresh Market, and several other businesses. This turnkey investment is priced at $1,600,000 ($178.27 per square foot) and offers significant potential for value-add improvements. The seller is open to reasonable offers. The property is being sold as-is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tel-Aviv Kosher Bakery Bakery

    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
    -87.7039547
    Latitude
    41.9976873

    Nearby Similar for Sale

    • $499,000
      5,000 SF

      Humboldt Park Retail Investment Property

      Fully leased retail property in Humboldt Park with income.
      3620 W Division St, Chicago, IL 60651
      View Details
    • $499,000
      9,000 SF

      Chicago Commercial Space for Sale

      Versatile commercial space in bustling North Austin neighborhood.
      5101 W Division St, Chicago, IL 60651
      View Details
    • $499,000
      5,000 SF

      Humboldt Park Retail Property

      Fully leased retail property with long-term tenants and parking.
      3614 W Division St, Chicago, IL 60651
      View Details
    • $499,000
      5,000 SF

      Humboldt Park Retail Property For Sale

      Fully leased retail property in Humboldt Park with income.
      3614 W Division St, Chicago, IL 60651
      View Details
    • $499,000
      5,000 SF

      Humboldt Park Retail Property

      Fully leased retail property in Humboldt Park with income.
      3620 W Division St, Chicago, IL 60651
      View Details
    • $798,888
      4,300 SF

      Turnkey Restaurant Space in River North

      Fully equipped restaurant space in the heart of River North.
      416 W Ontario St, Chicago, IL 60654
      View Details
    • $550,000
      10,500 SF

      Mixed-Use Commercial Property in Chicago

      10,500 sq ft mixed-use property in high-traffic area.
      4231 W Madison St, Chicago, IL 60624
      View Details
    • $625,000
      4,593 SF

      Fulton River District Commercial Loft

      Classic timber loft in Fulton River District, Chicago.
      566 W Lake St, Chicago, IL 60661
      View Details
    • $1,000,000
      4,055 SF

      Turnkey Mixed-Use Chicago Opportunity

      Renovated bar, restaurant, pizzeria, and apartment in Chicago.
      7455 W Irving Park Rd, Chicago, IL 60634
      View Details
    • New
      $675,000

      Brighton Park Commercial Strip Center

      Well-maintained commercial strip center in high-traffic location, fully leased.
      4044-48 S Archer Ave, Chicago, IL 60632
      View Details
    • New
      $779,900
      0.34 Acres

      Chicago Commercial Brick Storefronts For Sale

      Income-producing commercial property with long-term tenants on a busy corner.
      5600 W Division St, Chicago, IL 60651
      View Details
    • $349,900
      2,600 SF

      Versatile Chicago Office Space Available

      2600 SF commercial space ideal for wellness or office use.
      8036 S Western Ave, Chicago, IL 60620
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 7-Unit Multifamily & Retail Investment
    Where is this multifamily property located?
    The property is located at 2944 Devon Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Rare offering: 3-story, 7-unit mixed-use building in Rogers Park, Chicago.; 8,975 SF building on a 6,250 SF lot with B1-2 zoning and a classic facade.; Excellent investment/development opportunity in high-traffic Rogers Park location (26,700 vehicles/day).
    (847) 977-5389 Call to check price and availability
    Request Owner's contact information
    2944 Devon Ave Chicago, IL 60659
    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.
    2944 Devon Ave
    Chicago, IL 60659
    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
    2944 Devon Ave Chicago, IL 60659
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mike Levin
    Mike Levin
    (847) 977-5389
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!