Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2317 Madison St Chicago, IL 60612
    Back to Search
    Property profile & analytics

    2317 Madison St Chicago, IL 60612

    View on Map
    • Retail properties & Spaces
    • 60,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Chase Bank / Bank / Loan Service
    • Chase Mortgage / Loan Service / Bank

    Property Details for 2317 Madison St

    Property size
    60,000 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional 1,040 square foot retail space is located within the vibrant Madison Pavillion, a newly constructed strip center in Chicago's bustling West Loop neighborhood. Situated at the high-traffic southeast corner of Madison and Western Avenues in Cook County, Illinois, this property offers unparalleled visibility and accessibility. The center boasts ample parking, ensuring convenient access for customers. This space is part of a thriving retail environment anchored by Pete's Fresh Market and complemented by a diverse mix of established businesses. Co-tenants include Domino's Pizza, Metro PCS, Chase Bank, Subway, additional restaurants, and a nail salon, creating a synergistic and attractive retail ecosystem. The entire Madison Pavillion building encompasses 60,000 square feet, providing a strong sense of community and shared customer base. The property's address is 2317 W Madison St, Chicago, IL 60612, within Cook County. This prime location offers significant potential for a variety of retail businesses seeking high visibility and a strong customer base in a well-established commercial area. The property is classified as multi-tenant retail. This is a rare opportunity to secure a space in a thriving, newly constructed center.

    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
    41.8808

    Comparable in this City

    • Value Estimation by Request
      600 SF

      1019 Western Ave

      Individual retail properties • 600 SF
      1019 Western Ave, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      150,000 SF

      700 Sacramento Blvd

      Distribution properties • 150,000 SF
      700 Sacramento Blvd, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      7,300 SF

      2461 Grand Ave

      Restaurants • 7,300 SF
      2461 Grand Ave, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      4,500 SF

      100 Kedzie Ave

      Retail properties & Spaces • 4,500 SF
      100 Kedzie Ave, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      11,066 SF

      2050 Ogden Ave

      Office Spaces • 11,066 SF
      2050 Ogden Ave, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      1,700 SF

      612 Western Ave

      Medical Office Space • 1,700 SF
      612 Western Ave, Chicago, IL 60612
      View Details

    Similar Nearby for Sale

    • $1,075,000
      8,235 SF

      Equipped Commissary/Food Prep Space

      Clean facility with equipment, cooler, and floor drains.
      2032-2040 W Hubbard St, Chicago, IL 60612
      View Details
    • Contact for pricing
      1,400 SF

      Prime Retail Space in Chicago

      1,400 sq ft retail space in Medical District.
      821 S Western Ave, Chicago, IL 60612
      View Details
    • $525,000
      3,125 SF

      Roosevelt Road Land and Building

      Land with building, currently a car wash, on high-traffic corner.
      3000 W Roosevelt Rd, Chicago, IL 60612
      View Details
    • Contact for pricing
      20,000 SF

      Rehabbed Chicago Building For Sale

      Newly renovated building suitable for showroom, studio, office, or live/work.
      128 N Campbell Ave, Chicago, IL 60612
      View Details
    • $1,100,000

      High-Exposure Mixed-Use Property For Sale

      Mixed-use property with storefronts, residential units, and garages.
      1012 S Western Ave, Chicago, IL 60612
      View Details
    • $125,000

      Commercial Lot on California Avenue

      Strategically located commercial lot suitable for various ventures.
      709 S California Ave, Chicago, IL 60612
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,235 SF

      Kinzie Corridor Facility For Lease

      8,235 SF facility in Chicago's Kinzie Corridor available 1/2025.
      2032 West Hubbard St, Chicago, IL 60612
      View Details
    • Contact for pricing

      West Town Storefront for Lease

      Commercial storefront available for lease in West Town, Chicago.
      2117 West Grand Ave, Chicago, IL 60612
      View Details
    • $12 SF/Yr
      7,300 SF

      Retail Space with Grand Frontage

      Retail property featuring extensive frontage and recent renovations.
      2429 W Grand Ave, Chicago, IL 60612
      View Details
    • $20 SF/Yr

      West Town Showroom/Office Suites

      Showroom and office suites in West Town available for rent.
      2045 W Grand Ave, Chicago, IL 60612
      View Details
    • $34 SF/Yr

      Vanilla Box Retail Space

      Retail storefront on high-traffic Taylor Street, available now.
      2347 W Taylor St, Chicago, IL 60612
      View Details
    • Contact for pricing
      1,206 SF

      Retail Space in Medical District

      New retail space available in the Illinois Medical District.
      1835 W Harrison St, Chicago, IL 60612
      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.
    2317 Madison St
    Chicago, IL 60612
    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
    2317 Madison St, Chicago, IL, 60612
    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!