Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1609 Chicago Ave Chicago, IL 60622
    Property profile & analytics

    1609 Chicago Ave Chicago, IL 60622

    View on Map
    • Retail properties & Spaces
    • 1,350 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1609 Chicago Ave

    Property size
    1,350 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional 1,350-square-foot single-tenant office space is ideally located in downtown Evanston, directly across from Whole Foods. Currently configured as a chiropractic office, this versatile space is suitable for a variety of businesses. The layout includes a customer seating area with reception desk, a large main room with a connected smaller office, and access to a 280-square-foot basement. Additional amenities include a kitchenette and a separate bathroom. The property offers convenient rear access to the lobby of The Merion, a senior living community, providing potential for servicing both building residents and the general public. This vibrant downtown location boasts high foot traffic (20,000 vehicles per day on Chicago Avenue), proximity to Northwestern University, the lakefront, Davis Metra station, and the Dempster L-stop. The area is rich with retail, dining, and entertainment options, including co-tenants such as Tapas Barcelona, Edessa’s Hair Salon, 527 Café, Ubreakifix, and Picnic restaurant, as well as numerous nearby businesses and hotels. The property is zoned D3 in Cook County.

    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
    -87.6677
    Latitude
    41.8958

    Comparable in this City

    • Value Estimation by Request

      1455 Milwaukee Ave

      Medical Office Space
      1455 Milwaukee Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      1,350 SF

      2540 Chicago Ave

      Individual retail properties • 1,350 SF
      2540 Chicago Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      9,576 SF

      1654 Cortland St

      Restaurants • 9,576 SF
      1654 Cortland St, Chicago, IL 60622
      View Details
    • Value Estimation by Request

      2054 Chicago Ave

      Individual retail properties
      2054 Chicago Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request

      2540 Chicago Ave

      Medical Office Space
      2540 Chicago Ave, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      3,098 SF

      1276 Milwaukee Ave

      Office Spaces • 3,098 SF
      1276 Milwaukee Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Sale

    • $2,000,000

      Spacious Brick Building Near Humboldt Park

      12,000 sq ft brick building with high ceilings and multiple access.
      3056 W Walton St, Chicago, IL 60622
      View Details
    • $2,000,000

      All Brick Building Near Humboldt Park

      12,000 sq ft building with high ceilings and multiple access.
      3056 W Walton St, Chicago, IL 60622
      View Details
    • $2,000,000

      Humboldt Park All Brick Building

      Near 12,000 sqft building with high ceilings and multiple access points.
      3056 W Walton St, Chicago, IL 60622
      View Details
    • $725,000
      Pending

      Mixed-Use Building in Humboldt Park

      Two-unit building with restaurant plans and apartment in Chicago.
      1004 N California Ave, Chicago, IL 60622
      View Details
    • $1,950,000

      Wicker Park Mixed-Use Redevelopment Opportunity

      Mixed-use property in Wicker Park with redevelopment potential.
      1734 -1736 W North Ave, Chicago, IL 60622
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr

      Chicago Avenue Storefront For Rent

      Storefront on Chicago Avenue, ideal for various commercial uses.
      2138 W Chicago Ave, Chicago, IL 60622
      View Details
    • $22 SF/Yr

      Chicago Avenue Storefront For Rent

      Storefront on Chicago Avenue, ideal for office, retail, or medical.
      2136 W Chicago Ave, Chicago, IL 60622
      View Details
    • Contact for pricing

      West Town Storefront with Clinical Build-Out

      Rare B1-2 zoned storefront with existing clinical infrastructure.
      1638 W Chicago Ave, Chicago, IL 60622
      View Details
    • $30 SF/Yr
      1,207 SF

      Wicker Park Office/Retail Space

      1207 SF Retail, Parking, Basement Storage
      1524 Ashland Ave, Chicago, IL 60622
      View Details
    • $27 SF/Yr

      Retail/Office Space in Condo Building

      1,290 SF retail/office space in high-visibility location.
      1652 W North Ave, Chicago, IL 60622
      View Details
    • Contact for pricing

      Prime Retail Space on North Avenue

      Adaptable retail space in a vibrant Chicago mixed-use district.
      1720 W North Ave, Chicago, IL 60622
      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.
    1609 Chicago Ave
    Chicago, IL 60622
    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
    1609 Chicago Ave, Chicago, IL, 60622
    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!