Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    11451 Michigan Ave Chicago, IL 60628-4901
    Back to Search
    Property profile & analytics

    11451 Michigan Ave, Chicago, IL 60628-4901

    View on Map
    • Retail space
    • 8,700 SF
    • 0.21 lot acres
    Off-Market
    Property ID
    US28-2092350
    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.
    Value Estimations
    $565,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 11451 Michigan Ave

    Year built
    1928
    Lot size
    0.21 lot acres
    Property type
    Retail space
    APN
    25-22-119-006
    APU
    2522119006

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 2, 2015 $34,500 Peaceful World Movement INC Nf Jeff Bv-commercial LLC Quit Claim Deed · related —
    May 19, 2014 — Jeff Bv-commercial LLC Intercounty Judicial Sales Cor Grant Deed · related —
    Oct 1, 2004 $400,000 Trust 1113560 Cannella,joe & Mimma Warranty Deed $455k · Shorebank
    May 18, 2004 — Joseph Cannella — Deed Of Trust · related $1.7M · Parkway Bank & Trust Co
    Aug 10, 1998 — Joseph Cannella — Deed Of Trust · related $1.2M · Parkway Bank & Trust Co

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $600,000
      Market price range: $394k - $1.10M
      AI Estimate
      $785,000
      Market price range: $394k - $1.28M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $625,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $730,000
      Change: +17% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $670,000
      Change: +7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6205
    Latitude
    41.6855
    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
    $29,396
    $20,250
    $94,302
    $114,552
    -
    $81,000
    $377,208
    $458,208

    Comparable in this City

    • Value Estimation by Request
      0.09 Acres

      2 103rd St

      RETAIL STORES (PERSONAL SERVICES)
      2 103rd St, Chicago, IL 60628-2619
      View Details
    • Value Estimation by Request
      0.07 Acres

      343 95th St

      RETAIL STORES (PERSONAL SERVICES)
      343 95th St, Chicago, IL 60628
      View Details
    • Value Estimation by Request
      8,800 SF

      33 111th Pl

      RETAIL STORES (PERSONAL SERVICES)
      33 111th Pl, Chicago, IL 60628-4318
      View Details
    • Value Estimation
      $1,265,000
      12,100 SF

      319 103rd St

      RETAIL STORES (PERSONAL SERVICES)
      319 103rd St, Chicago, IL 60628-2853
      View Details
    • Value Estimation by Request
      5,000 SF

      10725 Halsted St

      RETAIL STORES (PERSONAL SERVICES)
      10725 Halsted St, Chicago, IL 60628
      View Details
    • Value Estimation by Request
      1,800 SF

      11100 Halsted St

      RETAIL STORES (PERSONAL SERVICES)
      11100 Halsted St, Chicago, IL 60628
      View Details

    Similar Nearby for Sale

    • New
      $130,000
      0.09 Acres

      Commercial Property with Flexible Zoning

      Well-maintained commercial property with C2-1 flexibility and convenient access near I-57 for a range of business uses.
      508 W 103Rd St, Chicago, IL 60628
      View Details
    • Contact for pricing
      10,200 SF

      Retail Building on Michigan Avenue

      10,200 SF retail building in a busy shopping district.
      11109 S Michigan Ave, Chicago, IL 60628
      View Details
    • Contact for pricing
      24,400 SF

      Industrial Facility Near I-94

      24,400 SF industrial facility with easy expressway access.
      12000 S Doty Ave, Chicago, IL 60628
      View Details
    • Contact for pricing
      700 SF

      Freestanding Building Ideal for Retail

      Freestanding 700 SF building on corner lot, ideal for retail.
      525 W 119Th St, Chicago, IL 60628
      View Details
    • $375,000
      0.06 Acres

      Turnkey Mixed-Use Property in Chicago

      Two-story building with commercial space and two apartment units.
      250 E 115Th St, Chicago, IL 60628
      View Details
    • $100,000
      0.09 Acres

      Mixed-Use Building in Chicago

      Mixed-use building with storefront and three apartments in Chicago.
      501 W 111Th St, Chicago, IL 60628
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,406 SF

      Retail Space with Pylon Signage

      Retail space with high ceilings and pylon signage available for rent.
      10234-10242 S Michigan Ave, Chicago, IL 60628
      View Details
    • Contact for pricing
      900 SF

      Chicago Retail Space For Rent

      Retail space available in Chicago with high visibility and foot traffic.
      10622-10634 S Halsted St, Chicago, IL 60628
      View Details
    • Contact for pricing
      7,000 SF

      I-94 Retail Pad Site

      Retail pad site with highway signage and high traffic volume.
      11315 S Corliss Ave, Chicago, IL 60628
      View Details
    • Contact for pricing
      2,600 SF

      Retail Space in Chicago, IL

      Retail space with high visibility and ample parking available for rent.
      519 E 103Rd St, Chicago, IL 60628
      View Details
    • Contact for pricing
      3,200 SF

      I-94 Pad Site Development

      Pad site development with highway signage and high traffic volume.
      11331 S Corliss Ave, Chicago, IL 60628
      View Details
    • Contact for pricing

      Neighborhood Retail Center Space Available

      Retail spaces available in a neighborhood retail center.
      10352 S Halsted St, Chicago, IL 60628
      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.
    11451 Michigan Ave
    Chicago, IL 60628-4901
    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
    11451 Michigan Ave, Chicago, IL, 60628
    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!