Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    1605 Blue Is Ave Chicago, IL 60608-3862
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1605 Blue Is Ave Chicago, IL 60608-3862

    View on Map
    • Residential income homes
    • 4,626 SF
    • 0.06 lot acres
    Off-Market
    Last Sale Aug 2, 2023
    $630,000
    Property ID
    US28-5548425
    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
    $630,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Elevated Barbershop Lounge / Barber Shop

    Property Details for 1605 Blue Is Ave

    Year built
    1888
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    4,626 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    17-20-305-004
    APU
    1720305004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $527,000
      Market price range: $527k - $1.07M
      AI Estimate
      $455,000
      Market price range: $456k - $793k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $795,000
      Current use
      RETAIL STORES
      $930,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6594
    Latitude
    41.8594
    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
    $0.00
    $3,000
    $3,000
    $6,000
    -
    $30,000
    $30,000
    $60,000

    Comparable in this City

    • Value Estimation by Request
      1,512 SF

      1643 Cullerton St, Unit C

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,512 SF
      1643 Cullerton St, Chicago, IL 60608-2907
      View Details
    • Value Estimation by Request
      4,296 SF

      2820 Short St, Unit 1REAR

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,296 SF
      2820 Short St, Chicago, IL 60608-5405
      View Details
    • Value Estimation
      $590,000
      3,850 SF

      3344 Lituanica Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,850 SF
      3344 Lituanica Ave, Chicago, IL 60608-6744
      View Details
    • Value Estimation
      $525,000
      5,691 SF

      3017 Lck St

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,691 SF
      3017 Lck St, Chicago, IL 60608-5755
      View Details
    • Value Estimation
      $515,000
      3,128 SF

      1913 Carpenter St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,128 SF
      1913 Carpenter St, Chicago, IL 60608-3316
      View Details
    • Value Estimation by Request
      5,313 SF

      3359 Ashland Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,313 SF
      3359 Ashland Ave, Chicago, IL 60608-6268
      View Details

    Similar Nearby for Sale

    • New
      $1,479,000
      0.06 Acres

      Renovated Mixed-Use Building in Pilsen

      Fully renovated 5-unit mixed-use building in Chicago's Pilsen neighborhood.
      965 W 18Th St, Chicago, IL 60608
      View Details
    • New
      $825,000

      McKinley Park 6-Unit Building

      Well-maintained 6-unit building in Chicago's McKinley Park area.
      3251-53 S Wood St, Chicago, IL 60608
      View Details
    • $1,600,000
      6,025 SF

      Renovated Pilsen Mixed-Use Building

      Five-unit building with residential and commercial spaces in Chicago.
      965 W 18Th St, Chicago, IL 60608
      View Details
    • $599,000
      6,200 SF

      Six-Unit Multifamily Investment Property

      Six-unit property in Little Village with value-add potential.
      2702 W 24Th St, Chicago, IL 60608
      View Details
    • $1,100,000

      Renovated Multifamily Property with Upside

      Fully renovated, 100% occupied multifamily property with income potential.
      1813 S Ashland Ave, Chicago, IL 60608
      View Details
    • New
      $1,370,900
      0.12 Acres

      Turnkey Mixed-Use Investment Property

      Nine-unit mixed-use property in Chicago's Bridgeport neighborhood.
      3222-3224 S Morgan St, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      47,999 SF

      Chicago Multifamily Property For Rent

      Multifamily property available for rent in Chicago, Illinois.
      816 W Cullerton St, Chicago, IL 60608
      View Details
    • $37 SF/Yr
      6,500 SF

      Cermak Road Retail Space For Lease

      Chicago Retail Space - 6,500 SF Total
      0 Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing

      Retail Space with Extensive Capabilities

      2,100 sq ft retail space ready for immediate use.
      1719 W 18Th St, Chicago, IL 60608
      View Details
    • $37 SF/Yr

      Retail Space Available For Lease

      6,500 SF retail space for lease in Chicago, IL.
      2400 W Cermak Rd, Chicago, IL 60608
      View Details
    • $37 SF/Yr
      2,300 SF

      Remodeled Retail Space Available

      Retail space with remodeled front and stock/office rooms for rent.
      2154 W Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space in Lawndale

      Inline retail space in a well-positioned, grocery-anchored center.
      3240 Roosevelt Rd, Chicago, IL 60608
      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.
    1605 Blue Is Ave
    Chicago, IL 60608-3862
    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!