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1620 Lawrence Ave Chicago, IL 60640-3409

Retail space Google Maps
600 SF 0.16 ac lot Built 1987
Entity Owned 3-yr Hold Free & Clear
Estimated value (blended)
$875k
Range $788k – $963k (±10%)
Property ID US28-1942644

Property summary

AI-generated overview

This exceptional 600 sq ft freestanding retail building presents a fantastic leasing opportunity in Chicago's vibrant Ravenswood neighborhood. Situated on a 7,140 sq ft lot, the property boasts a convenient drive-up window and 11 on-site parking spaces, ensuring ease of access for customers and employees. Previously a currency exchange, the layout includes a front customer service area with counter, a rear office space, and a single bathroom. The building, constructed in 1987, is a single-story structure. Benefit from the high vehicular traffic and strong demographics; over 71,000 people reside within a one-mile radius, boasting an average household income of $88,773. The B3-1.5 zoning allows for diverse uses, including restaurants, retail establishments, and offices, providing flexibility for potential tenants. Its prime location, just two blocks from the Metra Lawrence station, offers excellent public transportation access and proximity to the shops and restaurants of Lincoln Square. Annual property taxes are $26.75 per square foot. This is a rare opportunity to secure a well-located, versatile commercial space in a thriving Chicago neighborhood.

Property profile

Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1987
Total area 600 SF
Lot 0.16 ac (7,140 SF)
APN 14-07-423-026
UPID US28-1942644

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Bank Credit Union
  • Currency Exchange Service Check Cashing Service

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$855k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$875k

Owner & transaction history

since 2022
Last sale
$1.1M
1 recorded transaction
2022
$1.1M

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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