Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2422 24Th Blvd Chicago, IL 60608
    Back to Search
    Property profile & analytics

    2422 24Th Blvd, Chicago, IL 60608

    View on Map
    • Land
    • 29,500 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2422 24Th Blvd

    Property type
    Land

    Description

    This exceptional 48,194 square foot land parcel presents a significant redevelopment opportunity in Chicago, Illinois. Located at the highly visible intersection of 2422 S California Avenue and 2825 W 24th Boulevard, zip code 60608, this property boasts a strategic location with high traffic counts, making it ideal for a variety of uses. Currently zoned RT-4, the site offers flexibility for adaptive reuse of existing structures or ground-up development. The property encompasses multiple buildings and parking areas, providing options for developers and end-users. The total square footage of the buildings on the site is 29,500 square feet. There is potential for expansion, with the possibility of increasing the total land area to 58,748 square feet. The property is available for occupancy on April 1, 2024. This site is particularly well-suited for a religious facility or other large-scale projects. The price is subject to offer. This is a rare opportunity to acquire a sizable urban land site in a prime Chicago 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
    -87.6957
    Latitude
    41.8473

    Comparable in this City

    • Value Estimation by Request
      2.14 Acres

      1650 17Th St

      Multifamily properties
      1650 17Th St, Chicago, IL 60608
      View Details
    • Value Estimation by Request

      3410 Ashland Ave

      Land
      3410 Ashland Ave, Chicago, IL 60608
      View Details
    • Value Estimation by Request
      0.07 Acres

      2641 Roosevelt Rd

      COMMERCIAL (GENERAL)
      2641 Roosevelt Rd, Chicago, IL 60608
      View Details
    • Value Estimation by Request

      2252 21St St

      Land
      2252 21St St, Chicago, IL 60608
      View Details
    • Value Estimation by Request

      3333 S Iron Street, Chicago

      7.00 Acres (divisible to 3.00 acres) Available on Chicago's South Side - Ideal for Trailer Parking or Outside Storage
      3333 South Iron Street Chicago, IL 60608, Chicago, IL 60608
      View Details
    • Value Estimation by Request

      Chicago, IL 60608

      INDUSTRIAL (GENERAL)
      Chicago, IL 60608
      View Details

    Similar Nearby for Sale

    • $125,000
      Pending

      Chicago Land For Sale

      Land available for purchase in Chicago, Illinois.
      2236 West 23Rd St, Chicago, IL 60608
      View Details
    • Contact for pricing

      Land Near Illinois Medical District

      Land suitable for residential, mixed-use, retail, and office development.
      2336 W Roosevelt Rd, Chicago, IL 60608
      View Details
    • Contact for pricing

      Land Available in Illinois District

      1.51 acres of land for sale, PD-30 zoning.
      1615 W 15Th St, Chicago, IL 60608
      View Details
    • $250,000
      Pending

      Pilsen Land Development Opportunity

      3000 sq ft land in Pilsen near Downtown Chicago.
      2029 West 17Th St, Chicago, IL 60608
      View Details
    • New
      $265,000

      Vacant Lot in Bridgeport

      Vacant RS-3 lot in the heart of Bridgeport.
      3209 S Racine Ave, Chicago, IL 60608
      View Details
    • $699,000
      0.17 Acres

      McKinley Park Triple Lot Land

      Triple lot in McKinley Park, ideal for retail or residential development.
      3456 S Archer Ave, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Secured Land for Trailer Parking

      Secured land ideal for trailer parking or outside storage.
      1440 W 33Rd St, Chicago, IL 60608
      View Details
    • Contact for pricing

      Pilsen Industrial Land For Rent

      Land available for rent in Pilsen industrial TIF district.
      2437 S Damen Ave, Chicago, IL 60608
      View Details
    • Contact for pricing
      419,918 SF

      Prime Pilsen Industrial Land

      9.64 Acres: Build-to-Suit Opportunity
      977 West Cermak Road Chicago, IL 60608, Chicago, IL 60608
      View Details
    • Contact for pricing

      Loomis Street PMD-11A Zoned Site

      2.34-acre site with 3,946 SF office/showroom, PMD-11A zoning.
      2217 S Loomis St, Chicago, IL 60608
      View Details
    • Contact for pricing
      9 SF

      Pilsen Land for Lease

      9.64 acres in Pilsen for parking, storage, or build-to-suit.
      977 West Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing

      Loomis Street Industrial Site

      2.34-acre industrial site with office/showroom near major interstates.
      2217 S Loomis St, Chicago, IL 60608
      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.
    2422 24Th Blvd
    Chicago, IL 60608
    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

    Thank You for Inquiry
    2422 24Th Blvd, Chicago, IL, 60608
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!