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    3265 Armitage Ave Chicago, IL 60647

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    For Sale
    Contact for pricing

    Prime location, redevelopment opportunity.

    Property size:
    11,250 SF

    Property Features for 3265 Armitage Ave

    General Information

    Property type
    Medical offices
    Square Feet
    11,250 SF
    Class
    C
    Lot Size
    10,890 SF

    Building Details

    Stories
    2

    We can help!

    Listing Contact
    Mike Levin
    Mike Levin

    Listing Agency: @properties Commercial Listing Agent: Mike Levin

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional mixed-use property, located at 3265 W Armitage Avenue in Chicago's vibrant Logan Square neighborhood (zip code 60647), presents a compelling investment opportunity. The property consists of three lots totaling 11,250 square feet (75' x 150'), with a 3,350 square foot, two-story building currently vacant. The building is classified as Class C and zoned B3-1, offering significant flexibility for redevelopment or continued use as a medical office. The property boasts outstanding frontage and visibility on Armitage Avenue, with high daily traffic volume (13,300 vehicles per day) and a single curb cut for convenient access. The existing structure offers 3,350 square feet of net rentable space, suitable for various professional uses, including law firms, insurance agencies, financial services, medical or dental practices, educational institutions, or real estate businesses. Alternatively, the substantial lot size and favorable zoning make it an ideal site for new construction. The property's Cook County Assessor Parcel Numbers (APNs) are 13354040070000, 13354040080000, and 13354040090000, with a combined annual property tax of $17,134.79. The asking price is $975,000. Nearby businesses include A & R Shoes, All Star Pet Care, Haru Sushi Restaurant, Festive Collective, La Estrella, Big Bud Press, Ground Control Restaurant, and Scissorhand Salon. This property offers a unique blend of existing infrastructure and significant development potential in a thriving Chicago neighborhood.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Forward PC Physician Road to Success Social Service Agency Carlos A. Plazas Sr, ... Physician

    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
    -87.7095704
    Latitude
    41.9172055

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    FAQs

    What type of property is this?
    Medical office - Prime location, redevelopment opportunity.
    Where is this medical office located?
    The property is located at 3265 Armitage Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: Exceptional Logan Square development opportunity at 3261-3265 W Armitage Ave.; 11,250 SF lot (75' x 150'), comprised of three parcels, with B3-1 zoning.; High traffic count: 13,300 vehicles per day.
    (847) 977-5389 Call to check price and availability
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    3265 Armitage Ave Chicago, IL 60647
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    Chicago, IL 60647
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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
    3265 Armitage Ave Chicago, IL 60647
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    Contact for Pricing
    Please call us for current price
    and status of this listing Mike Levin
    Mike Levin
    (847) 977-5389
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