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    Property profile & analytics

    1617 Laramie Ave Cicero, IL 60804-1943

    • Retail space
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Dec 08, 2023
    $87,000
    Value Estimations
    $80,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5675732
    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 space

    Property Details for 1617 Laramie Ave

    Year built
    1925
    Lot size
    0.06 lot acres
    Property type
    Retail space
    APN
    16-21-400-045
    APU
    1621400045

    Description

    This 2,000 square foot warehouse, located at 1617 S Laramie Ave in Cicero, Illinois, presents a compelling investment opportunity. Built in 1925, the property sits on a 2,685 square foot lot and is zoned M`, offering versatile usage potential. The asking price is $60,000, translating to $30 per square foot. Its strategic location offers significant advantages. The property enjoys high visibility due to its proximity to a major transportation artery with an estimated 13,816 vehicles passing daily in 2023. Furthermore, its advantageous position directly across from Cicero Public Works and less than a block from an Amazon distribution hub ensures excellent access to infrastructure and a robust commercial environment. This presents a unique chance for an investor or business owner to acquire a well-situated warehouse in a thriving area of Cook County. The property's age offers potential for renovation and customization to suit specific business needs, maximizing its return on investment. This offering is being sold by the Cook County Land Bank Authority. Serious inquiries are encouraged to explore this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $80,000
      ML approach
      $90,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cicero
    County
    Cook
    State
    Illinois
    Longitude
    -87.7539
    Latitude
    41.8578
    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
    $12,401
    $10,068
    $18,326
    $28,394
    -
    $40,272
    $73,304
    $113,576

    Comparable in this City

    • Value Estimation
      $245,000
      0.10 Acres

      6000 26th St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
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      View Details
    • Value Estimation
      $285,000
      0.06 Acres

      5920 35th St

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      5920 35th St, Cicero, IL 60804-4162
      View Details
    • Value Estimation
      $290,000
      0.07 Acres

      5500 Cermak Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5500 Cermak Rd, Cicero, IL 60804-2217
      View Details
    • Value Estimation
      $305,000
      0.07 Acres

      5930 Cermak Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5930 Cermak Rd, Cicero, IL 60804
      View Details
    • Value Estimation
      $295,000
      0.10 Acres

      6035 Cermak Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      6035 Cermak Rd, Cicero, IL 60804-2021
      View Details
    • Value Estimation
      $310,000
      0.08 Acres

      6101 Cermak Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.08 Acres
      6101 Cermak Rd, Cicero, IL 60804-2091
      View Details

    Similar Nearby for Sale

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      Cicero Commercial Building For Sale

      18,500 sq ft building suitable for office, retail, warehouse.
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    • $795,000
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      Cicero Retail Investment Opportunity

      High-Visibility Retail Building, Excellent Location
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    • $1,850,000
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    Similar Nearby for Lease

    • $10,000 /Mo
      2,500 SF

      Retail Space with High Visibility

      Retail space featuring high traffic, visibility, and easy access.
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      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Cicero Avenue

      Retail space with high visibility and ample parking.
      4804 W 24Th Pl, Cicero, IL 60804
      View Details
    • $18 SF/Yr
      6,000 SF

      Cicero Retail/Office Space Available

      Retail or office space with ample parking in Cicero.
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      View Details
    • $899,000
      5,154 SF

      Cicero Retail/Office Space Available

      Former bank space with great co-tenancy and abundant parking.
      5310 W Cermak Rd, Cicero, IL 60804
      View Details
    • Contact for pricing
      1,460 SF

      West Roosevelt Plaza Retail Space

      Cicero retail space, high traffic, ample parking.
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      View Details
    • $34,200
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      Cicero Office Space: 1000 SF Available

      Prime Cicero location, 1000 sq ft office, ample storage.
      5000 16Th St, Cicero, IL 60804
      View Details
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    Cicero, IL 60804-1943
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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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