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    2944 Devon Ave Chicago, IL 60659

    For Sale
    $1,600,000

    7-Unit Multifamily & Retail Investment

    Property size:
    8,975 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    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 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

    HighLights

    • 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).
    • First floor features a thriving 3,300 SF retail bakery.
    • Upper floors contain 2 one‑bedroom/one‑bath, 2 two‑bedroom/one‑bath, and 3 three‑bedroom/one‑bath units.
    • Includes a two‑space rear parking lot; convenient to expressways and CTA bus lines.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tel-Aviv Kosher Bakery Bakery

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Clothing Store Gym & Fitness

    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

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    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).
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    Realmo Value Estimation

    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.

    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.

    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
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