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    8623 Bryn Mawr Ave Chicago, IL 60631
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    Property profile & analytics

    8623 Bryn Mawr Ave Chicago, IL 60631

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    • Office Spaces
    • 13,704 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cordant Pharmacy Solutions / Pharmacy
    • John Keno & Co / Construction Company
    • Technologyville Inc / Telecommunications Service / Data Center

    Property Details for 8623 Bryn Mawr Ave

    Property size
    13,704 SF
    Property type
    Office Spaces

    Description

    This exceptional Chicago office property, known as Concourse Chicago, offers five available suites ranging from 1,234 to 5,576 square feet. Located at 8623 W Bryn Mawr Ave, Chicago, IL 60631, this 13,704 square foot building sits on a 6.99-acre lot in Cook County. The property boasts a prime location with unparalleled access to major transportation arteries. Enjoy direct access to I-90, I-294, and O'Hare International Airport, making commuting a breeze. Public transportation is also readily available, with the Cumberland CTA Blue Line stop a mere 700 steps away, providing convenient access to downtown Chicago and O'Hare. Bus #81W also services the property, offering additional transit options. The building's strategic location on Cumberland Avenue, a major north-south artery, provides direct access to the Kennedy Expressway (I-90) and easy connection to the Tri-State Tollway (I-294). Illinois Route 72 (Higgins Road) offers convenient access to northern Chicago neighborhoods and Rosemont. Property taxes are $3.65 per square foot. This multi-tenant building presents a fantastic opportunity for businesses seeking efficient and well-connected office space in a thriving Chicago location. The property is classified as both Traditional and Executive Office space.

    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
    -87.8433
    Latitude
    41.9807

    Comparable in this City

    • Value Estimation by Request
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      0.49 Acres

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    • Value Estimation by Request
      0.27 Acres

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      14,600 SF

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      CONDOMINIUM OFFICES • 14,600 SF
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    • Value Estimation by Request
      0.27 Acres

      7720 Touhy Ave Ste B

      CONDOMINIUM OFFICES • 0.27 Acres
      7720 Touhy Ave Ste B, Chicago, IL 60631-4260
      View Details
    • Value Estimation by Request
      14,600 SF

      6121 Nnw Hwy Ste, Unit 101

      CONDOMINIUM OFFICES • 14,600 SF
      6121 Nnw Hwy Ste, Chicago, IL 60631-2161
      View Details

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    Chicago, IL 60631
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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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    8623 Bryn Mawr Ave, Chicago, IL, 60631
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