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

    2401 Congress Pkwy Chicago, IL 60612

    • Specialty properties
    • 50,500 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 2401 Congress Pkwy

    Property size
    50,500 SF
    Property type
    Specialty properties
    Property subtype
    Schools

    Description

    This exceptional redevelopment opportunity encompasses a 50,500 square foot site located at 2401 W Congress Pkwy, Chicago, IL 60612. The property consists of two buildings

    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
    -87.6865
    Latitude
    41.8746

    Comparable in this City

    • Value Estimation by Request

      3132 Polk St

      Multifamily properties
      3132 Polk St, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      2,800 SF

      911 Kedzie Ave

      Mixed-use properties • 2,800 SF
      911 Kedzie Ave, Chicago, IL 60612
      View Details
    • Value Estimation by Request
      0.25 Acres

      2045 Ferdinand St

      Land • 0.25 Acres
      2045 Ferdinand St, Chicago, IL 60612
      View Details
    • Value Estimation
      $570,000
      2,773 SF

      2619 Superior St, Unit 2FL

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,773 SF
      2619 Superior St, Chicago, IL 60612-1110
      View Details
    • Value Estimation by Request
      2,110 SF

      2110 Race Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,110 SF
      2110 Race Ave, Chicago, IL 60612-1510
      View Details
    • Value Estimation
      $660,000
      3,568 SF

      2125 Race Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,568 SF
      2125 Race Ave, Chicago, IL 60612-2571
      View Details

    Similar Nearby for Sale

    • $1,200,000

      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
    • $245,000

      Versatile Mixed-Use Space in Chicago

      Art studio with open layout, natural light, and modern updates.
      2401 W Ohio St, Chicago, IL 60612
      View Details
    • $3,500,000
      0.16 Acres

      West Town Live-Work Space

      Unique live-work space in Chicago's West Town neighborhood.
      2054 W Grand Ave, Chicago, IL 60612
      View Details
    • Contact for pricing
      1,400 SF

      Medical District Restaurant Opportunity

      Restaurant in Illinois Medical District at Taylor and Ogden.
      2201 W Taylor St, Chicago, IL 60612
      View Details
    • $499,222
      0.06 Acres

      Historic Chicago Multi-Unit Investment Opportunity

      Classic limestone 2-unit near downtown Chicago, fully rehabbed in 2020.
      209 S Albany Ave, Chicago, IL 60612
      View Details
    • $2,795,000

      Six-Unit Building Near United Center

      Six-unit building near United Center with high rental income potential.
      2147 W Adams St, Chicago, IL 60612
      View Details

    Similar Nearby for Lease

    • $2,625 /Mo

      Unique Loft Space with Amenities

      Spacious 2BR loft with modern amenities and private laundry.
      2120 W Grand Ave, Chicago, IL 60612
      View Details
    • $4,200 /Mo
      2,300 SF

      Spacious Duplex-Down with Modern Amenities

      Bright duplex-down with refinished floors, modern kitchen, and outdoor space.
      2212 W Huron St, Chicago, IL 60612
      View Details
    • $1,800 /Mo

      Tri-Taylor Apartment with Large Backyard

      Apartment near UIC Medical District with a large backyard.
      902 S Claremont Ave, Chicago, IL 60612
      View Details
    • $2,300 /Mo

      Warren Boulevard Condo For Rent

      Two-bedroom, two-bath condo near United Center and Medical Center.
      2155 W Warren Blvd, Chicago, IL 60612
      View Details
    • $2,400,000

      Commercial Land in Enterprise Zone

      Commercial land with sewers, driveway, and access to public transit.
      2129-2149 W Hubbard St, Chicago, IL 60612
      View Details
    • Contact for pricing

      West Loop Secure Yard Space

      Secure yard space in Chicago's desirable West Loop area.
      1832 W Walnut 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.
    2401 Congress Pkwy
    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

    Google sign-in failed. Please try again or use another login method.