Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    801 Western Ave Chicago, IL 60612

    • Medical offices
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5728946
    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

    • Medical offices

    Property Details for 801 Western Ave

    Year built
    2025
    Property type
    Medical offices

    Description

    This exceptional Class A retail space, located at 801 S Western Ave in Chicago's vibrant Tri-Taylor neighborhood (zip code 60612), offers 2,717 square feet of vacant space, divisible to a minimum of 1,000 square feet. Situated on a hard corner at the intersection of S Western Ave and W Polk St, this property boasts unparalleled visibility and accessibility. The space is ideal for a variety of uses, including restaurants, coffee shops, medical spas, or dental practices. Delivered as a "vanilla box" in the second or third quarter of 2025, the space allows for complete customization to suit your specific business needs. Black iron is available. The building is a new mixed-use construction, featuring 23 apartments above the retail space, ensuring a consistent flow of potential customers. With 18 total parking spaces, ample parking is provided for both tenants and customers. The strategic location near multiple hospitals guarantees a strong daytime population, providing a significant customer base. This is a rare opportunity to secure a prime retail space in a rapidly growing and desirable Chicago neighborhood.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6857859
    Latitude
    41.871211

    Comparable in this City

    • Contact for pricing
      1,206 SF

      Retail Space in Medical District

      New retail space available in the Illinois Medical District.
      1835 W Harrison St, Chicago, IL 60612
      View Details
    • $12 SF/Yr

      West Town Corner Building For Rent

      Two-story corner building, ideal for restaurant or retail use.
      2461 W Grand Ave, Chicago, IL 60612
      View Details
    • $15 SF/Yr
      7,300 SF

      Grand Avenue Retail Space For Lease

      7,300 SF Retail Space in Chicago
      2461 Grand Ave, Chicago, IL 60612
      View Details
    • Contact for pricing
      11,066 SF

      Ogden Ave Executive Office Suites

      Chicago Medical District Office Space. New Development.
      2050 Ogden Ave, Chicago, IL 60612
      View Details
    • $25 SF/Yr

      Rare Micro Storefront in Chicago

      Micro storefront in bustling Tri-Taylor area, perfect for small business.
      1019 S Western Ave, Chicago, IL 60612
      View Details
    • $23 SF/Yr
      9,929 SF

      West Fulton Street Executive Office Space

      Stunning Loft Office, 2,500-9,929 SF Available
      1750 Fulton St, Chicago, IL 60612
      View Details

    Similar Nearby for Sale

    • $4,950,000
      11,522 SF

      Transit-Oriented Medical Office Building

      Move-in ready medical office near Kedzie CTA Brown Line station.
      4733 N Kedzie Ave, Chicago, IL 60612
      View Details
    • $3,500,000
      0.16 Acres

      West Town Live-Work Space

      Unique live-work space in Chicago's West Town neighborhood.
      2054 W Grand Ave, Chicago, IL 60612
      View Details
    • $3,950,000
      20,000 SF

      Rehabbed Chicago Building For Sale

      Newly renovated building suitable for showroom, studio, office, or live/work.
      128 N Campbell Ave, Chicago, IL 60612
      View Details
    • $1,950,000
      8,580 SF

      Chicago Office Condo For Sale

      First floor office condo in prime Chicago location.
      2675 W Grand Ave, Chicago, IL 60612
      View Details
    • $3,000,000
      39,300 SF

      Adaptive Reuse Opportunity in Chicago

      39,300 SF brick and timber building on 39,000 SF lot.
      401-407 N Leavitt St, Chicago, IL 60612
      View Details
    • $550,000
      0.26 Acres

      Chicago Car Wash Business Opportunity

      Car wash business on high-traffic corner lots for sale.
      3006 W Roosevelt Rd, Chicago, IL 60612
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      West Town Corner Building For Rent

      Two-story corner building, ideal for restaurant or retail use.
      2461 W Grand Ave, Chicago, IL 60612
      View Details
    • Contact for pricing
      1,206 SF

      Retail Space in Medical District

      New retail space available in the Illinois Medical District.
      1835 W Harrison St, Chicago, IL 60612
      View Details
    • $15 SF/Yr
      7,300 SF

      Grand Avenue Retail Space For Lease

      7,300 SF Retail Space in Chicago
      2461 Grand Ave, Chicago, IL 60612
      View Details
    • Contact for pricing
      11,066 SF

      Ogden Ave Executive Office Suites

      Chicago Medical District Office Space. New Development.
      2050 Ogden Ave, Chicago, IL 60612
      View Details
    • $25 SF/Yr

      Rare Micro Storefront in Chicago

      Micro storefront in bustling Tri-Taylor area, perfect for small business.
      1019 S Western Ave, Chicago, IL 60612
      View Details
    • $19 SF/Yr
      13,100 SF

      Claremont Avenue Office Space

      Chicago Flex Office, 5,800-7,300 SF
      452 Claremont Ave, Chicago, IL 60612
      View Details
    Request Owner's contact information
    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.
    801 Western Ave
    Chicago, IL 60612
    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.

    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
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.