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

    4023 Irving Park Rd Chicago, IL 60641

    • Retail properties
    • 3,600 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 4023 Irving Park Rd

    Property size
    3,600 SF
    Property type
    Retail properties
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity presents a highly visible, 3,600 square foot storefront located at 4023 W. Irving Park Road in Chicago, Illinois, within Cook County. The property is situated in a beautifully rehabbed two-story building and offers excellent visibility, being just a quarter block from the Irving Park Blue Line stop, ensuring high foot traffic and accessibility. The entire 3,600 square feet is currently vacant and available for lease, offering maximum flexibility for a single tenant. Alternatively, the space is easily divisible into units of at least 1,800 square feet, catering to multiple tenants. The building's design allows for significant billboard signage potential, maximizing exposure to both Blue Line commuters and highway traffic. This presents a unique chance to establish a strong presence in a vibrant Chicago neighborhood. The property's features include a two-story structure, providing ample space for various retail configurations. The address is 4023 W Irving Park Rd, Chicago, IL 60641. This is an ideal location for businesses seeking high visibility and convenient access to public transportation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7288
    Latitude
    41.9534

    Comparable in this City

    • Value Estimation by Request
      8,500 SF

      4350 Milwaukee Ave

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    • Value Estimation by Request

      5349-53 Belmont Ave

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      5349-53 Belmont Ave, Chicago, IL 60641
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    • Value Estimation
      $370,000
      7,800 SF

      3855 Cicero Ave

      STORE, RETAIL OUTLET • 7,800 SF
      3855 Cicero Ave, Chicago, IL 60641-3623
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    • Value Estimation
      $315,000
      1,500 SF

      5002 Irving Park Rd

      STORE, RETAIL OUTLET • 1,500 SF
      5002 Irving Park Rd, Chicago, IL 60641
      View Details
    • Value Estimation
      $305,000
      2,300 SF

      5006 Irving Park Rd

      STORE, RETAIL OUTLET • 2,300 SF
      5006 Irving Park Rd, Chicago, IL 60641-2610
      View Details
    • Value Estimation
      $465,000
      4,100 SF

      4832 Irving Park Rd

      STORE, RETAIL OUTLET • 4,100 SF
      4832 Irving Park Rd, Chicago, IL 60641
      View Details

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    4023 Irving Park Rd
    Chicago, IL 60641
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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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