Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    908 Armitage Ave Chicago, IL 60614-4204

    • Residential income homes
    • 6,405 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Apr 17, 2023
    $1,625,000
    Value Estimations
    $1,630,000
    Show details
    Cap Rate Potential
    7%
    Residential income homes
    Location Intelligence
    Property ID
    US28-1436021
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Aesthetics By Jacque / Spa & Massage Center / Alternative Medicine Practice
    • Village Cobbler / (Bike/Boat/Book/etc) Store
    • Lincoln Park Aesthetics / Medical Clinic / Skin Care Clinic

    Property Details for 908 Armitage Ave

    Year built
    1917
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    6,405 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    14-32-226-040
    APU
    1432226040

    Description

    This exceptional 6,800 square foot single-tenant retail property at 908 West Armitage Avenue in Chicago presents a rare investment opportunity. Built in 1915, the building sits on a 0.08-acre lot and is zoned B3-2. Its location on Armitage Avenue, near the intersection of Halsted, places it within a highly desirable and affluent residential area of Lincoln Park. The property's accessibility is further enhanced by its proximity to DePaul University, Lincoln Park High School, and the CTA Red and Brown lines ("L" train), ensuring a consistent flow of potential customers. The current tenant occupies 2,340 square feet, leaving significant potential for expansion or redevelopment within the existing 6,800 square foot building. Given the limited availability of retail space in this coveted location, this property represents a unique chance to establish a presence in one of Chicago's most sought-after retail corridors. The high foot traffic and strong demographics make this an ideal location for a variety of retail businesses. This is a truly exceptional opportunity to acquire a prime retail property in a thriving Chicago neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,535,000
      ML approach
      $1,625,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,780,000
      6.5%
      $1,645,000
      7%
      $1,525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,067,000
      Market price range: $1.69M - $3.26M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,415,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6514
    Latitude
    41.9184
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $35,291
    $37,500
    $137,500
    $175,000
    -
    $375,000
    $1,375,000
    $1,750,000

    Comparable in this City

    • Value Estimation
      $840,000
      4,116 SF

      2025 Sheffield Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,116 SF
      2025 Sheffield Ave, Chicago, IL 60614-8047
      View Details
    • Value Estimation
      $855,000
      4,389 SF

      2341 Janssen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,389 SF
      2341 Janssen Ave, Chicago, IL 60614-3019
      View Details
    • Value Estimation
      $905,000
      5,148 SF

      2337 Janssen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,148 SF
      2337 Janssen Ave, Chicago, IL 60614-3048
      View Details
    • Value Estimation by Request
      1,840 SF

      2712 Magnolia Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,840 SF
      2712 Magnolia Ave, Chicago, IL 60614-1204
      View Details
    • Value Estimation
      $570,000
      2,548 SF

      2642 Magnolia Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,548 SF
      2642 Magnolia Ave, Chicago, IL 60614-1214
      View Details
    • Value Estimation
      $690,000
      3,834 SF

      1752 Sedgwick St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,834 SF
      1752 Sedgwick St, Chicago, IL 60614-5722
      View Details

    Similar Nearby for Sale

    • $430,000

      East Lincoln Park Condo

      2 bed, 2 bath condo in prime Lincoln Park location.
      900 W Fullerton Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      14,302 SF

      Mixed-Use Property in Lincoln Park

      Mixed-use property with residential and commercial units in prime location.
      1623 North Halsted St, Chicago, IL 60614
      View Details
    • Contact for pricing
      11,207 SF

      Lincoln Park Mixed-Use Corner Asset

      Mixed-use property in Chicago's desirable Lincoln Park neighborhood.
      935 W Armitage Ave, Chicago, IL 60614
      View Details
    • $1,350,000

      Updated Two-Flat in Lincoln Park

      Turnkey 2-flat in prime East Lincoln Park, updated and maintained.
      2428 N Geneva Ter, Chicago, IL 60614
      View Details
    • $1,100,000

      Mixed-Use Building with Long-Term Tenant

      Mixed-use brick building with established bar tenant and residential units.
      1665 W Fullerton Ave, Chicago, IL 60614
      View Details
    • $1,350,000

      Updated 2-Flat in East Lincoln Park

      Turnkey 2-flat in prime East Lincoln Park location.
      2428 N Geneva Ter, Chicago, IL 60614
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Space Available For Lease

      Commercial space for lease at Fullerton & Cybourn Avenue.
      Fullerton Ave & Cybourn Ave, Chicago, IL 60614
      View Details
    • Contact for pricing

      Prime Retail Space in Chicago

      3,308 SF retail space in Lincoln Park/Lakeview area.
      704 W Diversey Pkwy, Chicago, IL 60614
      View Details
    • Contact for pricing

      Lincoln Park Retail Space Available

      1350 SF retail space in prime Lincoln Park location.
      1449 W Fullerton Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      2,452 SF

      Lincoln Park Retail Space Available

      Retail space in premier Lincoln Park retail corridor for lease.
      841 W Armitage Ave, Chicago, IL 60614
      View Details
    • $2,500 /Mo
      2,200 SF

      Move-in Ready Open Office Space

      Open office space with kitchenette, near public transportation.
      1617-1621 N Clybourn Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      2,077 SF

      Prime Lincoln Park Retail Opportunity

      Retail/restaurant space near Trebes Park and DePaul University.
      1224 W Webster Ave, Chicago, IL 60614
      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.
    908 Armitage Ave
    Chicago, IL 60614-4204
    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.
    Sign Up Successful!
    You now have access to more from Realmo!