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    The Largest CRE Database in the US with Over 1 Million Listings

    7250-7258 Harlem Ave Chicago, IL 60631

    Sponsored
    For Sale
    $750,000

    Highly visible 5,100 SF retail/office building

    Property size:
    5,100 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional investment opportunity presents a 5,100 square foot, single-story retail/office building situated on a 12,800 square foot lot in Chicago's desirable Edison Park neighborhood, bordering Niles and Park Ridge. The property, located at the corner of Harlem and Chase Avenues, boasts high visibility and benefits from a strong residential base with favorable demographics. Currently configured as a three-unit strip center, the building offers a mix of occupied and vacant spaces. One 1,250 square foot unit is currently vacant, and an additional 2,500 square feet is available, with potential expansion up to 3,750 square feet. This presents a unique opportunity for a user-investor to occupy a portion of the space while generating additional income from leasing the remaining area. The property includes 16 parking spaces and is zoned B3-1. The asking price is $750,000, translating to $147.06 per square foot. The building is classified as Class B, with a gross lease type and currently has 24.5% occupancy. Nearby amenities include a Dollar Tree and various other commercial, retail, and restaurant establishments. This property offers significant potential for value-add improvements and increased rental income. The single-story design and ample parking further enhance its appeal. This is a rare opportunity to acquire a well-located commercial property in a thriving community.

    Property Features for 7250-7258 Harlem Ave

    General Information

    Property type
    Retail properties
    Square Feet
    5,100 SF
    Class
    B

    Building Details

    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Steffan A. Aliferakis
    Steffan A. Aliferakis

    Learn more

    HighLights

    • $750,000 asking price for a multi‑tenant retail property.
    • 5,100 square foot, single‑story Class B building in Chicago, IL.
    • Gross lease, multi‑tenant occupancy at 24.5%.
    • Located at 7250‑7258 N. Harlem Avenue, Chicago, IL 60631, with 16 parking spaces.
    • Situated on a 12,800 square foot lot, zoned B3‑1.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon 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
    -87.80671715
    Latitude
    42.01353673

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    FAQs

    What type of property is this?
    Retail property - Highly visible 5,100 SF retail/office building
    Where is this retail property located?
    The property is located at 7250-7258 Harlem Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: $750,000 asking price for a multi-tenant retail property.; 5,100 square foot, single-story Class B building in Chicago, IL.; Gross lease, multi-tenant occupancy at 24.5%.
    Request Owner's contact information
    7250-7258 Harlem Ave Chicago, IL 60631
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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
    7250-7258 Harlem Ave Chicago, IL 60631
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    We can help!
    Listing Contact
    Steffan A. Aliferakis
    Steffan A. Aliferakis
    Real Estate License ID: 471022333
    Learn more
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