Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2461 Grand Ave Chicago, IL 60612

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    7,300 SF Retail Space in Chicago

    Lot size:
    7,300 SF

    Property Features for 2461 Grand Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,300 SF
    Total Rate
    9125

    Building Details

    Year Renovated
    2024

    Spaces For Lease

    at 2461 Grand Ave, Chicago, IL 60612 Contact us
    Unit Available Space

    $15 /Mo

    Size
    7,300 SF
    Contact us

    We can help!

    Listing Contact
    Adam Schneiderman
    Adam Schneiderman

    Listing Agency: Strauss Realty Listing Agent: Adam Schneiderman

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

    Learn more

    Overview

    This exceptional 7,300 square foot retail or restaurant space is ideally located at 2461 W. Grand Avenue in Chicago, Illinois, zip code 60612. The property is currently vacant and ready for immediate occupancy. A complete renovation was finished in 2024, ensuring modern and updated facilities for any business. The single-tenant space offers significant flexibility for a variety of uses, making it an attractive opportunity for entrepreneurs and established businesses alike. The property is zoned M1-2, allowing for a range of commercial activities. Situated in Cook County, this location benefits from excellent visibility and accessibility, providing convenient access for customers and employees. The building's substantial size provides ample space for a large-scale operation or the potential to subdivide for multiple smaller tenants (subject to zoning approval). This prime location offers a unique chance to establish a thriving business in a vibrant Chicago neighborhood. The property is available for lease and presents a compelling investment opportunity for those seeking a high-impact commercial space in a desirable area. Interested parties should inquire promptly to secure this exceptional property. The address is 2461 W. Grand Ave, Chicago, IL 60612.
    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 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
    -87.6889748
    Latitude
    41.8911271

    Nearby Similar for Lease

    • New
      Contact for pricing
      4,792 SF

      Medical Office Space Available

      Equipped medical office suite for lease in Chicago.
      7107 W Belmont Ave, Chicago, IL 60634
      View Details
    • New
      Contact for pricing
      4,792 SF

      Medical Office Space Available

      Equipped medical office suite for lease in Chicago.
      7107 W Belmont Ave, Chicago, IL 60634
      View Details
    • New
      Contact for pricing
      7,841 SF

      Corner Commercial Space in Chicago

      High-traffic corner location suitable for multiple uses.
      4301 W Grand Ave, Chicago, IL 60651
      View Details
    • New
      Contact for pricing

      Remodeled Storefront in Logan Square

      Turnkey 1150 SF storefront in Logan Square/Bucktown area.
      2623 W Armitage Ave, Chicago, IL 60647
      View Details
    • New
      Contact for pricing
      88,427 SF

      Roseland Medical Center Office Space

      Second-generation medical office space in established Chicago medical campus.
      134 W 111Th St, Chicago, IL 60628
      View Details
    • Contact for pricing

      Southport Corridor Retail Space Available

      Bright retail space in Chicago's Southport Corridor, near Blaine Elementary.
      3827 N Southport Ave, Chicago, IL 60613
      View Details
    • Contact for pricing

      Retail/Office Space in Humboldt Park

      Loft-style retail or office space with exposed brick and hardwood.
      3306 W North Ave, Chicago, IL 60647
      View Details
    • Contact for pricing

      Chicago Retail/Office Space Available

      Retail or office space in Humboldt Park with exposed brick.
      3306 W North Ave, Chicago, IL 60647
      View Details
    • Contact for pricing

      Chicago Office Suites For Rent

      Small office suites available in a wonderful Chicago location.
      639 W Diversey Pkwy, Chicago, IL 60614
      View Details
    • Contact for pricing

      Updated Office Space in Elmwood

      Professional office space available for immediate occupancy in Elmwood Park.
      7714 W North Ave, Elmwood Park, IL 60707
      View Details
    • Contact for pricing

      Versatile Commercial Storefront in Chicago

      2,000 sq ft commercial space with parking and flexible layout.
      3381 N Milwaukee Ave, Chicago, IL 60641
      View Details
    • Contact for pricing

      Logan Square Commercial Space Available

      2,000 SF commercial space in prime Logan Square location.
      3426 W Diversey Ave, Chicago, IL 60647
      View Details

    FAQs

    What type of property is this?
    Restaurant - 7,300 SF Retail Space in Chicago
    Where is this restaurant located?
    The property is located at 2461 Grand Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: High-bay warehouse space available.; Restaurant space potential.; Retail space opportunity.
    (773) 736-3600 Call to check price and availability
    Request Owner's contact information
    2461 Grand Ave Chicago, IL 60612
    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.
    2461 Grand 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.

    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
    2461 Grand Ave Chicago, IL 60612
    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
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Adam Schneiderman
    Adam Schneiderman
    Real Estate License ID: 475149601
    (773) 736-3600 (847) 826-4467
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!