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    Chicago Land Opportunity in New City Title is generated by Realmo AI

    945 W 53rd Street, Chicago, IL 60609

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    Picture of Residential land & home lots at 945 W 53rd Street, Chicago, IL
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    LAND - Chicago, IL

    Property size:
    3,840 SF
    Price / SF:
    $2/SF
    Added:
    Jan 19, 2024
    Days on Market:
    846
    Last Refresh:
    May 14 at 11:06 pm

    Property Features for 945 W 53rd Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    APN
    20084190090000
    Size
    3,840 SF

    Taxes and HOA fees

    Tax Year
    2021
    Tax Annual Amount
    502

    We can help!

    Listing Contact
    Antje Gehrken
    Antje Gehrken

    Listing agent Antje Gehrken License #471002284

    Listing office A.R.E. Partners Inc. 111 W JACKSON BLVD Suite 170, Chicago, IL

    Listing date Jan 19, 2024

    MLS# 11961197 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large 3840 sq. ft. property offers ample space for development.
    • Located in Chicago's New City, 20th ward.
    • Zoned RS‑3, allowing for residential development.
    • Proximity to residential use zoning in the 47th/Ashland TIF district with ongoing projects.
    • Approximately 10‑minute drive from Kennedy King Community College.
    • Access to CTA bus lines on 51st and nearby Ashland Ave.

    Overview

    This 3840 sq. ft. property presents an opportunity in Chicago's New City neighborhood, located in the 20th ward. Zoned RS-3, the property is situated in the 47th/Ashland TIF district neighborhood, which features multiple ongoing projects. It is approximately a 10-minute drive from Kennedy King Community College and offers access to CTA bus lines on 51st Street and nearby Ashland Avenue. The property is sold in AS IS/WHERE IS condition, without representations or warranties. Buyers are responsible for performing all due diligence, including verifying size, zoning, use, TIF availability, and all other details. Offers must reflect due diligence and attorney review to occur through 4/19/24, with closing on or before 4/30/24.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.649428
    Latitude
    41.797533

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    FAQs

    What type of property is this?
    Residential land & home lot - Land in Chicago's New City, zoned RS-3, great potential.
    Where is this residential land & home lot located?
    The property is located at 945 W 53rd Street Chicago, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Large 3840 sq. ft. property offers ample space for development.; Located in Chicago's New City, 20th ward.; Zoned RS‑3, allowing for residential development.
    (312) 339-7655
    We can help!
    Listing Contact
    Antje Gehrken
    Antje Gehrken
    Real Estate License ID: 471002284
    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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