Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    1907 Mendell St Chicago, IL 60642

    • Office Properties & Spaces
    • 58,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Artistic Construction Artistic Construction / Contractor
    • Squid3 Gallery / Art Gallery
    • Tri-Co Transport Inc / Freight Forwarding Service
    • Carpet Cleaning Chicago / Carpet Cleaning Service / Commercial Cleaning Service
    • Fast Action Music / Musical Instrument Repair Shop / Electronics Repair Shop

    Property Details for 1907 Mendell St

    Property size
    58,000 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 58,000 square foot loft office building presents a compelling investment or development opportunity in Chicago's desirable Bucktown/Lincoln Park neighborhood. Located at 1907 North Mendell Street (APN 14-32-115-010), this multi-tenant property boasts a substantial 19,041 square foot lot and is zoned M3-3. Currently vacant, the building features 13-foot ceilings, 15' x 16' columns, two freight elevators, and a dry sprinkler system. The building's existing leases with two cellular antenna users generate a gross rental income of $63,900. Lease expirations are March 31, 2026, and December 4, 2027, with automatic extension options. This prime location offers excellent access to major transportation routes and amenities. The property's substantial size and unique features make it ideal for a variety of uses, presenting a rare opportunity for significant return on investment. The property is situated in Ward 32, Alderman Scott Waguespack. Price is subject to offer.

    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
    -87.6652
    Latitude
    41.9173

    Comparable in this City

    • Value Estimation
      $310,000
      0.09 Acres

      689 Milwaukee Ave, Unit 1

      CONDOMINIUM OFFICES • 0.09 Acres
      689 Milwaukee Ave, Chicago, IL 60642-8006
      View Details
    • Value Estimation
      $325,000
      0.14 Acres

      1132 Milwaukee Ave, Unit C-1

      CONDOMINIUM OFFICES • 0.14 Acres
      1132 Milwaukee Ave, Chicago, IL 60642-5724
      View Details
    • Value Estimation
      $325,000
      0.14 Acres

      1642 Bosworth Ave Ste 1c

      CONDOMINIUM OFFICES • 0.14 Acres
      1642 Bosworth Ave Ste 1c, Chicago, IL 60642-7264
      View Details
    • Value Estimation
      $325,000
      0.06 Acres

      821 Milwaukee Ave

      CONDOMINIUM OFFICES • 0.06 Acres
      821 Milwaukee Ave, Chicago, IL 60642-3913
      View Details
    • Value Estimation
      $305,000
      0.06 Acres

      825 Milwaukee Ave Ste 1c

      CONDOMINIUM OFFICES • 0.06 Acres
      825 Milwaukee Ave Ste 1c, Chicago, IL 60642-7966
      View Details
    • Value Estimation by Request
      90,084 SF

      1901 Cortland St

      Restaurants • 90,084 SF
      1901 Cortland St, Chicago, IL 60642
      View Details

    Similar Nearby for Sale

    • $325,000
      1,250 SF

      West Town Commercial Condo

      Prime Chicago location, 1250 sq ft storefront.
      1138 Milwaukee Ave, Chicago, IL 60642
      View Details
    • $825,000
      3,600 SF

      River West Office Condo

      Stunning 3,600 sq ft, 2-story office
      705 Milwaukee Ave, Chicago, IL 60642
      View Details
    • Contact for pricing
      6,750 SF

      River West Multi-Use Investment

      6,750 SF Multi-Use Property, Chicago
      886-888 Milwaukee Ave, Chicago, IL 60642
      View Details
    • $1,975,000
      8,640 SF

      West Town Corner Commercial Building

      Two-story commercial building with restaurant and office space.
      1422-1424 West Chicago Ave, Chicago, IL 60642
      View Details
    • $1,150,000

      Redevelopment Opportunity Near Lincoln Yards

      Three-story, 7,500 SF building with high ceilings and redevelopment potential.
      1312 W North Ave, Chicago, IL 60642
      View Details
    • $750,000

      River West Commercial Condo For Sale

      Duplex commercial condo in River West, updated in 2021.
      705 N Milwaukee Ave, Chicago, IL 60642
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      48,750 SF

      Lincoln Park Office Space For Lease

      Prime Lincoln Park location, 4,112 sq ft available
      1332 Halsted St, Chicago, IL 60642
      View Details
    • $25 SF/Yr
      7,370 SF

      West Loop Executive Office Suites

      Chicago Office Space: 1,840-3,120 SF Available
      1431 Hubbard St, Chicago, IL 60642
      View Details
    • $32 SF/Yr
      54,000 SF

      West Town Retail Space for Lease

      Prime Chicago location, 1620 sq ft, C1 zoned
      830 Milwaukee Ave, Chicago, IL 60642
      View Details
    • $30 SF/Yr
      6,098 SF

      West Town Commercial Condo Opportunity

      Prime Chicago location, 1250 SF, C2-2 zoned
      1138 Milwaukee Ave, Chicago, IL 60642
      View Details
    • $32 SF/Yr
      169,491 SF

      Prime Chicago Executive Office Space

      Riverfront Office Suites, 4,177 - 38,170 SF
      900 North Branch St, Chicago, IL 60642
      View Details
    • $24 SF/Yr
      18,464 SF

      Elston Ave Executive Office Suites

      Chicago's North Branch: Class A Office Space
      1525 Elston Ave, Chicago, IL 60642
      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.
    1907 Mendell St
    Chicago, IL 60642
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.