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

    2205-2211 Devon Ave Chicago, IL 60659

    • Land
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2205-2211 Devon Ave

    Property type
    Land

    Description

    This exceptional 23,000-square-foot commercial land parcel is strategically located at the intersection of Devon Avenue and Levitt Street in Chicago's vibrant Devon Avenue business corridor. Boasting over 180 feet of frontage on Devon Avenue, this C 2-2 zoned property presents a multitude of development opportunities. Its prime location offers easy access to Loyola University's campus, Hoyne Fields and Soccer Park, Lake Shore Drive, major roadways, interstates, O'Hare Airport, and the northwest suburbs. The site is surrounded by a dense concentration of retailers, benefiting from high foot traffic and visibility. The property's versatility allows for a wide range of uses, including mixed-use projects (retail and apartments), apartments, condominiums, hotels/motels, restaurants, office spaces, and more. A bus stop is conveniently located directly in front of the property. The 2023 real estate taxes were $19,100. This is a rare opportunity to acquire a significant development site in a thriving Chicago neighborhood. All information is believed to be accurate but should be independently verified.

    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
    -87.6852
    Latitude
    41.9976

    Comparable in this City

    • Value Estimation
      $625,000
      0.57 Acres

      6300 California Ave

      COMMERCIAL (GENERAL) • 0.57 Acres
      6300 California Ave, Chicago, IL 60659-1702
      View Details
    • Value Estimation
      $700,000
      18,900 SF

      6249 Western Ave

      COMMERCIAL (GENERAL) • 18,900 SF
      6249 Western Ave, Chicago, IL 60659
      View Details
    • Value Estimation by Request
      2,200 SF

      6220 California Ave

      Retail properties • 2,200 SF
      6220 California Ave, Chicago, IL 60659
      View Details
    • Value Estimation
      $335,000
      0.07 Acres

      3144 Devon Ave, Unit 450

      COMMERCIAL (GENERAL) • 0.07 Acres
      3144 Devon Ave, Chicago, IL 60659-1427
      View Details
    • Value Estimation
      $1,775,000
      0.10 Acres

      6021 Albany Ave

      COMMERCIAL (GENERAL) • 0.10 Acres
      6021 Albany Ave, Chicago, IL 60659
      View Details
    • Value Estimation
      $355,000
      0.17 Acres

      6028 Albany Ave

      COMMERCIAL (GENERAL) • 0.17 Acres
      6028 Albany Ave, Chicago, IL 60659
      View Details

    Similar Nearby for Sale

    • $4,500,000
      5,305 SF

      Prime Chicago Retail Property

      5,305 SF Retail Building, $4.5M
      6017 Western Ave, Chicago, IL 60659
      View Details
    • $1,199,000
      8,000 SF

      Arcadia Terrace Mixed-Use Investment

      Three-lot Chicago commercial property, high NOI.
      5620 Western Ave, Chicago, IL 60659
      View Details
    • $599,000
      0.13 Acres

      Mixed-Use Building and Vacant Lot

      Two-story mixed-use building and adjacent vacant lot for sale.
      5640 N Western Ave, Chicago, IL 60659
      View Details
    • $715,000

      Corner Parcel in West Ridge

      10,257 SF corner parcel in Chicago's West Ridge neighborhood.
      2426 W Bryn Mawr Ave, Chicago, IL 60659
      View Details
    • $715,000
      10,257 SF

      Corner Parcel in West Ridge

      10,257 sq ft corner parcel in Chicago's West Ridge.
      2434 West Bryn Mawr Ave, Chicago, IL 60659
      View Details
    • Contact for pricing
      8,890 SF

      Retail Endcap in Peterson Park

      2,400 SF endcap unit in a high-traffic retail center.
      5961 N Lincoln St, Chicago, IL 60659
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      15,000 SF

      Lincoln Ave Office Suites

      Chicago Office Space: Flexible Options
      5765 Lincoln Ave, Chicago, IL 60659
      View Details
    • $5 SF/Yr
      60,000 SF

      Peterson Corporate Center: Chicago Office Space

      60,000 SF Office Building, 74 Suites Available
      3525 Peterson Ave, Chicago, IL 60659
      View Details
    • Contact for pricing
      2,876 SF

      139,969 SF Shopping Center

      Shopping center with high-visibility shop space and national tenants.
      6163 North Lincoln Ave, Chicago, IL 60659
      View Details
    • Contact for pricing
      7,405 SF

      Prime Commercial Space in Chicago

      3,000 sq ft retail space in North Park business corridor.
      3301 W Bryn Mawr Ave, Chicago, IL 60659
      View Details
    • $18 SF/Yr
      30,560 SF

      Prime Retail Space, Chicago

      Three retail spaces available, high traffic area.
      6253 Mccormick Blvd, Chicago, IL 60659
      View Details
    • $950 /Mo
      650 SF

      Professional Office Space Available

      First-floor office space in a professional building for rent.
      2726 W Peterson Ave, Chicago, IL 60659
      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.
    2205-2211 Devon Ave
    Chicago, IL 60659
    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.