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    Property profile & analytics

    4945 Berenice Ave Chicago, IL 60641

    • Residential income homes
    • 1,739 SF
    • 0.10 lot acres
    For Sale
    View listing
    $475,000
    Value Estimations
    Cap Rate Potential
    9.2%
    Residential income homes
    Location Intelligence
    Property ID
    US28-1244629
    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

    • Residential income homes

    Property Details for 4945 Berenice Ave

    Year built
    1890
    Construction
    FRAME
    Lot size
    0.10 lot acres
    Property size
    1,739 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    13-21-214-038
    APU
    1321214038

    Description

    This charming two-unit apartment building, built in 1890, is situated in Chicago's vibrant Six Corners neighborhood of Portage Park, at 4945 W Berenice Ave, zip code 60641. Located near the intersection of Irving Park Road, Cicero Avenue, and Milwaukee Avenue, this property offers a prime location within a bustling commercial hub. The property is offered fee simple and presents a compelling opportunity for investors seeking multi-family income or those interested in a substantial rehab project to create a single-family home. The building's spacious side and back yards provide ample outdoor space. The surrounding area is experiencing significant growth, with recent additions such as a Northwestern Medical facility, a Target store, and numerous new restaurants, contributing to a thriving and attractive residential environment. This Cook County property is priced at $475,000 and presents a unique blend of historical charm and modern growth potential. The property's location within the established Six Corners area, a major commercial center outside of Chicago's Loop, ensures strong potential for rental income or future appreciation. The substantial outdoor space is a rare find in this urban setting.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $445,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $315,000
      Market price range: $277k - $455k
      AI Estimate
      $224,000
      Market price range: $219k - $310k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7516
    Latitude
    41.9504
    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
    $4,819
    $11,939
    $11,475
    $23,414
    -
    $119,390
    $114,750
    $234,140

    Comparable in this City

    • Value Estimation
      $380,000
      2,243 SF

      5123 Oakdale Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,243 SF
      5123 Oakdale Ave, Chicago, IL 60641-5018
      View Details
    • Value Estimation
      $410,000
      4,080 SF

      4032 Oakdale Ave Frnt 1f

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,080 SF
      4032 Oakdale Ave Frnt 1f, Chicago, IL 60641-5455
      View Details
    • Value Estimation
      $430,000
      2,544 SF

      3653 Pulaski Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,544 SF
      3653 Pulaski Rd, Chicago, IL 60641-3017
      View Details
    • Value Estimation
      $295,000
      1,986 SF

      4031 Pulaski Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,986 SF
      4031 Pulaski Rd, Chicago, IL 60641-2456
      View Details
    • Value Estimation
      $370,000
      2,236 SF

      3824 Pulaski Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,236 SF
      3824 Pulaski Rd, Chicago, IL 60641-3139
      View Details
    • Value Estimation
      $355,000
      2,156 SF

      4021 Pulaski Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,156 SF
      4021 Pulaski Rd, Chicago, IL 60641-2456
      View Details

    Similar Nearby for Sale

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    • New
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    Similar Nearby for Lease

    • $1,800 /Mo

      Newer Construction Garden Apartment

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    • $10 SF/Yr
      1,500 SF

      Portage Park Office Space

      Flexible Office Suites, Chicago
      4202 Milwaukee Ave, Chicago, IL 60641
      View Details
    • $18 SF/Yr

      Move-in Ready Office Building For Lease

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      View Details
    • $19 SF/Yr

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      View Details
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    4945 Berenice Ave
    Chicago, IL 60641
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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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