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    5233-5239 Damen Ave Chicago, IL 60625
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    5233-5239 Damen Ave Chicago, IL 60625

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    • Retail properties & Spaces
    • 6,148 SF
    • 0.08 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 5233-5239 Damen Ave

    Year built
    1932
    Lot size
    0.08 lot acres
    Property size
    6,148 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Mixed-use properties

    Description

    This exceptional mixed-use investment property, located at 5233-5239 N Damen Avenue in Chicago, Illinois, presents a compelling value-add opportunity. The two-story building, constructed in 1932, encompasses 6,148 square feet on a 0.08-acre lot and features six units: three commercial storefronts and three residential units (two 2-bedroom/1-bathroom and one non-conforming studio). The net rentable area totals 5,800 square feet. The property is zoned B1-2, allowing for a variety of retail uses at street level. The commercial spaces previously housed a restaurant, offering potential for similar ventures or diverse redevelopment. Situated in a densely populated residential neighborhood, the property enjoys excellent visibility and accessibility. It's conveniently located one block from Foster Avenue (US Highway 41), less than two miles from Foster Beach, and one mile from Lincoln Square's vibrant commercial corridor. Public transportation is readily available via nearby CTA Brown and Red lines, and the Ravenswood Metra station. The property benefits from separate HVAC systems and individually metered gas and electricity for each unit (tenant responsibility), while the landlord covers hot water, water, and sewer. The strong demographics of the area, with over 56,600 people within a one-mile radius and an average household income exceeding $122,024, further enhance its investment potential. National retailers such as Mariano's, Jewel-Osco, and numerous fast-food chains are located nearby, driving significant traffic to the area. This property offers a blend of strong location, existing income, and significant upside potential for a savvy investor. Asking price is $1,150,000.

    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
    -87.6795
    Latitude
    41.977

    Comparable in this City

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    • Value Estimation
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      3810 Lawrence Ave, Unit 12

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    • Value Estimation by Request
      5,500 SF

      4545 Kedzie Ave

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      4545 Kedzie Ave, Chicago, IL 60625-4510
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    • Value Estimation
      $1,140,000
      20,700 SF

      2901 Lawrence Ave

      STORE, RETAIL OUTLET • 20,700 SF
      2901 Lawrence Ave, Chicago, IL 60625-3621
      View Details
    • Value Estimation
      $900,000
      13,600 SF

      4764 Lincoln Ave

      STORE, RETAIL OUTLET • 13,600 SF
      4764 Lincoln Ave, Chicago, IL 60625-2010
      View Details

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    Chicago, IL 60625
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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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