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    1422 Devon Ave Chicago, IL 60626
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    1422 Devon Ave Chicago, IL 60626

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    • Retail properties & Spaces
    • 1,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Little Lagos Fabric / (Bike/Boat/Book/etc) Store

    Property Details for 1422 Devon Ave

    Property size
    1,000 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional 1,000 square foot storefront is available for lease in the vibrant Rogers Park neighborhood of Chicago, Illinois. Situated on the ground floor of a three-story mixed-use building at 1422 W Devon Ave, 60626, this single-tenant space offers unparalleled accessibility and visibility. The property is zoned B3-2 within Cook County, providing flexibility for a variety of retail uses. The space is entirely vacant and ready for immediate occupancy. Its prime location offers convenient access to Loyola University and the Red Line, ensuring high foot traffic and excellent exposure to a diverse customer base. Nearby established businesses such as Devon Market and Anytime Fitness further enhance the area's appeal and demonstrate the strong commercial activity in the immediate vicinity. This is a fantastic opportunity for a business seeking a well-located, readily available storefront in a thriving Chicago neighborhood. The property's 1,000 square feet provide ample space for a variety of retail concepts. Don't miss this chance to establish your business in a dynamic and convenient location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6665
    Latitude
    41.9982

    Comparable in this City

    • Value Estimation
      $570,000
      3,400 SF

      6962 Clark St

      STORE, RETAIL OUTLET • 3,400 SF
      6962 Clark St, Chicago, IL 60626-3221
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    • Value Estimation
      $560,000
      3,100 SF

      7401 Clark St

      STORE, RETAIL OUTLET • 3,100 SF
      7401 Clark St, Chicago, IL 60626-1660
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    • Value Estimation
      $1,245,000
      10,400 SF

      7047 Clark St

      STORE, RETAIL OUTLET • 10,400 SF
      7047 Clark St, Chicago, IL 60626-2426
      View Details
    • Value Estimation
      $1,535,000
      14,600 SF

      7605 Paulina St

      STORE, RETAIL OUTLET • 14,600 SF
      7605 Paulina St, Chicago, IL 60626-1017
      View Details
    • Value Estimation by Request
      0.20 Acres

      7436 Clark St

      STORE, RETAIL OUTLET • 0.20 Acres
      7436 Clark St, Chicago, IL 60626-1620
      View Details
    • Value Estimation by Request
      0.07 Acres

      6808 Clark St

      STORE, RETAIL OUTLET • 0.07 Acres
      6808 Clark St, Chicago, IL 60626-3207
      View Details

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    Similar Nearby for Lease

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      View Details
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    1422 Devon Ave
    Chicago, IL 60626
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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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