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    Property profile & analytics

    1220 S Ashland Ave, Unit | Chicago Chicago, IL 60608

    • Grocery and convenience stores
    For Sale
    View listing
    Last Sale
    Jun 06, 2024
    $30,600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5768338
    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

    • Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service
    • Huntington Bank / Atm / Bank
    • Papas Lockers Self Storage Unit / Self-Storage Facility
    • Crozet Self Storage Unit / Self-Storage Facility
    • Chandni R. Patel, PharmD / Pharmacy

    Property Details for 1220 S Ashland Ave

    Property type
    Grocery and convenience stores
    APN
    17-19-207-058
    APU
    1719207058

    Description

    This exceptional multi-tenant retail center, located at the bustling intersection of W Roosevelt Rd & S Ashland Ave in Cook County, offers five available spaces ranging from 774 to 2,744 square feet. The property is strategically positioned as a grocery-anchored shopping center, ensuring high foot traffic and visibility. Its prime location boasts significant advantages, including immediate adjacency to the University of Illinois Medical Center and a Costco, guaranteeing a consistent flow of customers. Furthermore, the center benefits from its close proximity to the University of Illinois at Chicago, a major institution with over 16,000 undergraduates, providing a substantial and readily accessible consumer base. The surrounding area is densely populated, with over 459,000 people residing within a 3-mile radius, creating a robust market for retail businesses. This thriving commercial hub presents a unique opportunity for businesses seeking high-traffic locations with strong demographics and established anchor tenants. The available spaces are ideal for a variety of retail uses, offering flexibility and potential for significant growth within a well-established and successful shopping center. The property's convenient location and strong tenant mix make it an attractive investment opportunity. Contact us today to learn more about the available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6681
    Latitude
    41.866
    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
    $503,061
    $595,536
    $1,841,964
    $2,437,500
    -
    $2,382,144
    $7,367,856
    $9,750,000

    Comparable in this City

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    • Value Estimation
      $1,060,000
      20,500 SF

      3033 Halsted St

      GROCERY, SUPERMARKET • 20,500 SF
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    • Value Estimation
      $1,060,000
      20,500 SF

      3033 Halsted St

      GROCERY, SUPERMARKET • 20,500 SF
      3033 Halsted St, Chicago, IL 60608-5804
      View Details
    • Value Estimation
      $875,000
      59,400 SF

      1810 Blue Is Ave

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    • Value Estimation
      $1,100,000
      54,500 SF

      2200 Western Ave

      GROCERY, SUPERMARKET • 54,500 SF
      2200 Western Ave, Chicago, IL 60608-3816
      View Details
    • Value Estimation
      $750,000
      32,800 SF

      3000 Halsted St, Unit 48

      GROCERY, SUPERMARKET • 32,800 SF
      3000 Halsted St, Chicago, IL 60608-5805
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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    Similar Nearby for Lease

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      Retail Space at The Rosie

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      Freestanding Retail/Office Space in Chicago

      1900 SF retail/office space in Little Village neighborhood.
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      Freestanding Retail Space in Little Village

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      2759 W Cermak Rd, Chicago, IL 60608
      View Details
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    Chicago, IL 60608
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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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