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

    1236 Melrose St Chicago, IL 60657

    • Land
    For Sale
    View listing
    $1,599,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1236 Melrose St

    Property type
    Land

    Description

    This exceptional 5,050 square foot commercial lot presents a rare development opportunity in Chicago's desirable Southport Corridor. Located at 1236 W. Melrose St, in Cook County, IL, zip code 60657, this property is zoned R4, offering significant potential for a variety of projects. The lot, designated as Lot 12 on the attached survey, is ideally situated just steps from Margaret Donahue Park and the vibrant shops and restaurants of Lakeview. The property is within the highly sought-after Burley elementary school district. This oversized lot provides ample space for a substantial build, creating a dream home or significant development. An adjacent parcel of 6,350 square feet is also available for purchase, expanding the total buildable area to 11,400 square feet, allowing for a truly expansive project. The asking price for this remarkable opportunity is $1,599,900. Properties of this size and location in the Southport Corridor are exceptionally rare, making this a truly unique investment prospect. Don't miss this chance to acquire a prime piece of Chicago real estate with exceptional potential.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6605
    Latitude
    41.9409

    Comparable in this City

    • Value Estimation by Request

      1240 Melrose St

      Land
      1240 Melrose St, Chicago, IL 60657
      View Details
    • Value Estimation by Request
      0.11 Acres

      2811 Racine Ave

      Individual retail properties • 6,725 SF
      2811 Racine Ave, Chicago, IL 60657
      View Details
    • Value Estimation by Request

      Chicago, IL 60657

      COMMERCIAL (GENERAL)
      Chicago, IL 60657
      View Details
    • Value Estimation by Request

      942 Wolfram St

      COMMERCIAL (GENERAL)
      942 Wolfram St, Chicago, IL 60657
      View Details
    • Value Estimation by Request
      0.07 Acres

      3404 Southport Ave

      COMMERCIAL (GENERAL) • 0.07 Acres
      3404 Southport Ave, Chicago, IL 60657-7219
      View Details
    • Value Estimation by Request
      0.19 Acres

      741 Cornelia Ave

      COMMERCIAL (GENERAL) • 0.19 Acres
      741 Cornelia Ave, Chicago, IL 60657-2461
      View Details

    Similar Nearby for Sale

    • $1,999,900

      Southport Corridor Commercial Land

      Prime Chicago land, R4 zoning, build your dream.
      1240 Melrose St, Chicago, IL 60657
      View Details
    • $1,599,900

      Southport Corridor Development Land

      Prime Chicago Lot: 5,050 SF, R4 Zoning
      1236 Melrose St, Chicago, IL 60657
      View Details
    • $2,350,000

      Land Opportunity on Belmont Avenue

      Land available for purchase on Belmont Avenue in Chicago.
      1036 W Belmont Ave, Chicago, IL 60657
      View Details
    • $1,599,900

      Land For Sale Chicago

      Land available for sale in Chicago, Illinois.
      1232 W Melrose St, Chicago, IL 60657
      View Details
    • $2,350,000

      Land on Belmont Avenue, Chicago

      Land with access from Belmont Avenue and public alley.
      1038 W Belmont Ave, Chicago, IL 60657
      View Details
    • $5,450,000

      48,520 SF Land Available

      Land with M1-2 zoning, potential for zoning change.
      2415 W Belmont Ave, Chicago, IL 60657
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land Assemblage on Belmont Avenue

      22,778 SF land available for build to suit or groundlease.
      5805 W Belmont Ave, Chicago, IL 60657
      View Details
    • $38 SF/Yr
      310,000 SF

      Lakeview Retail Space for Lease

      Prime Lakeview storefront, divisible units.
      3460 Broadway St, Chicago, IL 60657
      View Details
    • $35 SF/Yr
      3,071 SF

      Lakeview Retail Spaces Available

      New Chicago retail spaces, prime location.
      1138 Belmont Ave, Chicago, IL 60657
      View Details
    • $37 SF/Yr
      2,548 SF

      Lakeview East Retail Space For Lease

      Prime 2,548 SF Retail/Office Space
      3401 Broadway St, Chicago, IL 60657
      View Details
    • Contact for pricing
      175,065 SF

      Chicago Medical Office Space

      Lincoln Park, Class A, 49,923 SF Available
      2828 Clark St, Chicago, IL 60657
      View Details
    • Contact for pricing
      3,200 SF

      Lakeview East Storefront Retail Space

      3,200 SF retail space in a thriving commercial corridor.
      2833 North Broadway St, Chicago, IL 60657
      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.
    1236 Melrose St
    Chicago, IL 60657
    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.

    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
    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.