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    Property profile & analytics

    1500 Lawndale Ave Chicago, IL 60623-4847

    • Retail residential properties
    • 1,700 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    8.7%
    Retail residential properties
    Location Intelligence
    Property ID
    US28-4232159
    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

    • Retail residential properties

    Property Details for 1500 Lawndale Ave

    Year built
    1911
    Lot size
    0.08 lot acres
    Property size
    1,700 SF
    Property type
    Retail residential properties
    APN
    16-23-127-020
    APU
    1623127020

    Description

    This 10-unit apartment building in Chicago's Cook County (60623 zip code) presents a compelling value-add investment opportunity. Priced at $599,900 ($59,990 per unit), this Class C property offers significant upside potential. The building comprises nine legal units and one non-conforming unit, featuring a mix of unit sizes: two 3-bedroom, 1-bathroom units; six 2-bedroom, 1-bathroom units; one 1-bedroom, 1-bathroom unit; and a studio apartment. While some units require completion (the storefront units are framed-out), the property boasts recent upgrades including a new roof (installed within the last two years), updated plumbing and electrical systems, individual gas meters, and original stained hardwood flooring. All units are separately metered. The sale is strictly as-is, with property taxes prorated at 100%. A $5,000 earnest money deposit is required. The buyer and seller will each pay their respective closing costs. Note that a survey is not provided, and the seller makes no representations or warranties. Hard money loans are only acceptable from Renovo or Continuum Capital. 48-72 hours' advance notice and proof of funds or pre-approval letter are required for showings. This property is vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $330,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $480,000
      6.5%
      $440,000
      7%
      $410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $481,000
      Market price range: $111k - $482k
      AI Estimate
      $386,000
      Market price range: $97.0k - $386k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.718
    Latitude
    41.8606
    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
    $13,216
    $3,576
    $60,460
    $64,036
    -
    $35,760
    $604,600
    $640,360

    Comparable in this City

    • Value Estimation
      $350,000
      3,200 SF

      4200 26th St

      STORES & APARTMENTS • 3,200 SF
      4200 26th St, Chicago, IL 60623-4316
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    • Value Estimation
      $340,000
      10,080 SF

      3132 25th St

      STORES & APARTMENTS • 10,080 SF
      3132 25th St, Chicago, IL 60623-4005
      View Details
    • Value Estimation
      $445,000
      1,600 SF

      1820 Kedzie Ave

      STORES & APARTMENTS • 1,600 SF
      1820 Kedzie Ave, Chicago, IL 60623-2622
      View Details
    • Value Estimation
      $175,000
      4,700 SF

      1423 Kedzie Ave

      STORES & APARTMENTS • 4,700 SF
      1423 Kedzie Ave, Chicago, IL 60623-2110
      View Details
    • Value Estimation
      $410,000
      0.30 Acres

      3800 16th St

      STORES & APARTMENTS • 0.30 Acres
      3800 16th St, Chicago, IL 60623-2376
      View Details
    • Value Estimation
      $595,000
      1,100 SF

      3813 18th St

      STORES & APARTMENTS • 1,100 SF
      3813 18th St, Chicago, IL 60623
      View Details

    Similar Nearby for Sale

    • $460,000
      0.07 Acres

      Little Village Mixed-Use Property

      Mixed-use property with commercial space and apartment in Chicago.
      2915 W Cermak Rd, Chicago, IL 60623
      View Details
    • $320,000
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      Mixed-Use Property with Buildable Lot

      Mixed-use property with storefront, residential unit, and buildable lot.
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    • $320,000
      0.14 Acres

      Mixed-Use Property in Little Village

      Mixed-use property with storefront, residential unit, and buildable lot.
      3158 S Harding Ave, Chicago, IL 60623
      View Details
    • $1,720,000
      17,658 SF

      Chicago Multifamily Investment Opportunity

      15-Unit Building, High Pro-Forma Cap Rate
      3100 Douglas Blvd, Chicago, IL 60623
      View Details
    • $40,000

      Vacant Multi-Family Lot

      Vacant lot zoned for multi-family use in developing area.
      1654 S Christiana Ave, Chicago, IL 60623
      View Details
    • $350,000

      Residential Income Opportunity in Chicago

      Two Chicago lots with architectural plans for duplexes included.
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    Similar Nearby for Lease

    • $28 SF/Yr

      Prime Corner Retail Space Available

      Corner retail space with high visibility in Little Village.
      3101 W Cermak Rd, Chicago, IL 60623
      View Details
    • $13 SF/Yr
      1,700 SF

      Renovated Retail Space Available

      Recently renovated retail space with convenient transportation and parking.
      1240 N Homan Ave, Chicago, IL 60623
      View Details
    • Contact for pricing
      21,000 SF

      Little Village Second Floor Space

      Versatile 8,954 SF commercial space in vibrant Little Village.
      3636 West 26Th St, Chicago, IL 60623
      View Details
    • Contact for pricing
      3 SF

      Industrial Land for Lease

      3-acre industrial land available for lease on Chicago's South Side.
      3321 South Pulaski Rd, Chicago, IL 60623
      View Details
    • $1,500 /Mo

      Refinished 2-Bedroom Apartment For Rent

      2-bed, 1-bath apartment with updated kitchen and hardwood floors.
      4154 W 21St Pl, Chicago, IL 60623
      View Details
    • $29 SF/Yr
      7,828 SF

      Prime Retail Space on 26th

      2,400 SF retail space in Chicago's Little Village neighborhood.
      3120 W 26Th St, Chicago, IL 60623
      View Details
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    1500 Lawndale Ave
    Chicago, IL 60623-4847
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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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