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    2243 Seminary Ave Chicago, IL 60614-6698

    • Residential income homes
    • 4,073 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Sep 08, 2021
    $2,478,000
    Value Estimations
    $2,510,000
    Show details
    Cap Rate Potential
    2.7%
    Residential income homes
    Location Intelligence
    Property ID
    US28-2286149
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 2243 Seminary Ave

    Year built
    1888
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    4,073 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    14-32-207-010
    APU
    1432207010

    Description

    This stunning, fully renovated 3-unit apartment building in Chicago's Lincoln Park neighborhood presents a compelling investment opportunity. Built in 1891 and extensively renovated in 2021, the property boasts 6,000 square feet on a 3,125 square foot lot and features a four-story structure. The building comprises a lavish duplex-up penthouse (3,000 sq ft, 4 bedrooms, 3.5 bathrooms) rented through May 2025, and two simplex units (each 3 bedrooms, 2 bathrooms). All units are currently 100% occupied, generating a substantial net operating income (NOI) exceeding $200,000 annually, representing a 6.72% cap rate. The asking price is $2,975,000, or approximately $991,667 per unit. High-end finishes throughout include custom millwork, designer lighting, keyless entry, chef's kitchens with high-end appliances (Wolf range, Sub-Zero refrigerator), spa-like bathrooms with marble finishes and heated floors, and custom closet fit-outs. Outdoor amenities include oversized Trex balconies on each level, one with a private hot tub, and a private rooftop deck accessible from the penthouse. A new, all-brick two-car garage with custom cabinets and heated flooring is also included. The property's prime location offers easy access to shopping, restaurants, parks, public transportation (Fullerton/Armitage CTA), DePaul University, and the lakefront. The building is fully fenced and includes a private backyard. This is a rare opportunity to acquire a high-performing, luxury multifamily property in a highly desirable location. All units are currently leased through May 2025.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,545,000
      ML approach
      $2,620,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,700,000
      Market price range: $1.08M - $2.08M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6556
    Latitude
    41.923
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $29,605
    $37,200
    $106,735
    $143,935
    -
    $372,000
    $1,067,350
    $1,439,350

    Comparable in this City

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    • Value Estimation
      $340,000
      2,579 SF

      1811 Wls St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,579 SF
      1811 Wls St, Chicago, IL 60614-5813
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    • Value Estimation
      $320,000
      2,976 SF

      1139 Wrightwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,976 SF
      1139 Wrightwood Ave, Chicago, IL 60614-1314
      View Details
    • Value Estimation
      $335,000
      3,736 SF

      815 Wrightwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,736 SF
      815 Wrightwood Ave, Chicago, IL 60614-2315
      View Details
    • Value Estimation
      $315,000
      1,408 SF

      1339 Wrightwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,408 SF
      1339 Wrightwood Ave, Chicago, IL 60614-5082
      View Details
    • Value Estimation
      $295,000
      2,912 SF

      1423 Wrightwood Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,912 SF
      1423 Wrightwood Ave, Chicago, IL 60614-1121
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
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    2243 Seminary Ave
    Chicago, IL 60614-6698
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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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