Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1723 North Ave Chicago, IL 60622

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1723 North Ave Chicago, IL 60622

    View on Map
    • Retail properties & Spaces
    • 5,100 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1723 North Ave

    Year built
    1925
    Property size
    5,100 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional 1,450-square-foot retail space is situated in a vibrant three-story mixed-use building at 1723 W North Ave, Chicago, IL 60622, in the heart of Wicker Park. The building, originally constructed in 1925, boasts a preserved original brick facade, complemented by a completely renovated exterior and interior completed in 2024. This single-tenant space occupies the entire ground floor, offering excellent visibility and accessibility. The property is zoned C1-2 within Cook County and is part of a larger 5,100-square-foot building. Its location offers unparalleled access to the area's bustling energy, with a diverse mix of retail, dining, and entertainment options. Nearby attractions include the Flat Iron Arts Building, the Wicker Park Farmers Market, and the 606 elevated trail, ensuring high foot traffic and visibility for your business. This prime retail space presents a unique opportunity to establish a presence in one of Chicago's most sought-after neighborhoods. The address is easily accessible via Paulina Street. This is an ideal location for businesses seeking to capitalize on the eclectic atmosphere and strong community presence of Wicker Park.

    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
    -87.6711
    Latitude
    41.9106

    Comparable in this City

    • Value Estimation by Request
      9,576 SF

      1654 Cortland St

      Restaurants • 9,576 SF
      1654 Cortland St, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      1,400 SF

      1909 North Ave

      Individual retail properties • 1,400 SF
      1909 North Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      7,589 SF

      1912 Chicago Ave

      Individual retail properties • 7,589 SF
      1912 Chicago Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      26,000 SF

      1023 Ashland Ave

      Individual retail properties • 26,000 SF
      1023 Ashland Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request

      1422 Milwaukee Ave

      Individual retail properties
      1422 Milwaukee Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request

      525-527 Ashland Ave

      Individual retail properties
      525-527 Ashland Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prohibition Era Gentleman’s Hair Parlor

      Meticulously decorated hair parlor transporting you to the 1920s.
      956 N Damen Ave, Chicago, IL 60622
      View Details
    • $1,449,950

      Wicker Park Commercial Property For Sale

      5,185 SF split-level commercial property in Wicker Park/Bucktown corridor.
      1910 W North Ave, Chicago, IL 60622
      View Details
    • $125,000
      2,438 SF

      Retail Building in Chicago

      2,438 SF retail building in Chicago's Back of the Yards.
      4746 S Ashland Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      7,245 SF

      Retail Building on Ashland Avenue

      7,245 SF retail building NNN leased to Family Dollar.
      7933 S Ashland Ave, Chicago, IL 60622
      View Details
    • $295,000
      3,323 SF

      Established Tavern in Humboldt Park

      Turn-key tavern with licenses, long-term lease, and loyal customer base.
      1002 North California Ave, Chicago, IL 60622
      View Details
    • $1,592,000
      4,650 SF

      West Town Corner Retail Building

      Stabilized retail asset in a desirable Chicago location.
      1934 W Chicago Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      1,700 SF

      New Construction Retail/Office Space

      New construction retail or office space in Wicker Park.
      1318 N Western Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space on Corner Location

      Divisible retail space available near Wicker Park and Logan Square.
      2455 W Division St, Chicago, IL 60622
      View Details
    • Contact for pricing
      3,062 SF

      Prime Retail Space in Wicker Park

      Highly visible retail space in the heart of Wicker Park.
      1518-1520 N Milwaukee Ave, Chicago, IL 60622
      View Details
    • $25 SF/Yr
      1,235 SF

      Versatile Retail Space Available

      1,235 SF retail space with high ceilings and natural light.
      1654 W Cortland St, Chicago, IL 60622
      View Details
    • $30 SF/Yr
      4,690 SF

      New Construction Retail Space Available

      4,690 SF new construction retail space for lease.
      1600 S Ashland Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      3,800 SF

      Retail Space Near Western Avenue

      Retail space with high visibility near public transportation.
      4640 N Western Ave, Chicago, IL 60622
      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.
    1723 North Ave
    Chicago, IL 60622
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!