Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1624 Cleveland Ave Chicago, IL 60614-5640

    • Residential income homes
    • 2,142 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Sep 07, 2022
    $850,000
    Value Estimations
    $850,000
    Show details
    Cap Rate Potential
    4.2%
    Residential income homes
    Location Intelligence
    Property ID
    US28-2832367
    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

    • Tony Bernard Show / Entertainer

    Property Details for 1624 Cleveland Ave

    Year built
    1881
    Construction
    FRAME
    Lot size
    0.05 lot acres
    Property size
    2,142 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    14-33-329-015
    APU
    1433329015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $845,000
      ML approach
      $890,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $595,000
      6.5%
      $550,000
      7%
      $510,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $815,000
      Market price range: $566k - $1.09M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $805,000
      Current use
      RETAIL STORES
      $1,085,000
      Change: +34% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $935,000
      Change: +16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6413
    Latitude
    41.9118
    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
    $14,192
    $24,600
    $44,400
    $69,000
    -
    $246,000
    $444,000
    $690,000

    Comparable in this City

    • Value Estimation
      $535,000
      2,587 SF

      2630 Wilton Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,587 SF
      2630 Wilton Ave, Chicago, IL 60614-2321
      View Details
    • Value Estimation
      $540,000
      3,000 SF

      2029 Winchester Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,000 SF
      2029 Winchester Ave, Chicago, IL 60614-3912
      View Details
    • Value Estimation by Request
      2,098 SF

      938 Willow St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,098 SF
      938 Willow St, Chicago, IL 60614-0685
      View Details
    • Value Estimation
      $750,000
      3,726 SF

      820 Willow St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,726 SF
      820 Willow St, Chicago, IL 60614-0683
      View Details
    • Value Estimation
      $950,000
      4,287 SF

      541 Wrightwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,287 SF
      541 Wrightwood Ave, Chicago, IL 60614-4970
      View Details
    • Value Estimation
      $705,000
      3,803 SF

      831 Wrightwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,803 SF
      831 Wrightwood Ave, Chicago, IL 60614-0723
      View Details

    Similar Nearby for Sale

    • $495,000

      East Lincoln Park Condo

      2 bed, 2 bath condo in prime Lincoln Park location.
      900 W Fullerton Ave, Chicago, IL 60614
      View Details
    • $495,500

      Lincoln Park Condo with Amenities

      Bright 2 bed/2 bath condo with treetop and city views.
      2020 N Lincoln Park WEST, Chicago, IL 60614
      View Details
    • $625,000

      Mixed-Use Property on Lincoln Avenue

      Two-story mixed-use building with parking, suitable for renovation or redevelopment.
      2654 N Lincoln Ave, Chicago, IL 60614
      View Details
    • $1,100,000
      0.06 Acres

      West Lincoln Park Investment Opportunity

      Fully leased 3-flat near DePaul University and Wrightwood Park.
      2527 N Ashland Ave, Chicago, IL 60614
      View Details
    • $1,175,000

      Lincoln Park Multifamily Investment Opportunity

      Four-unit building near North Avenue Beach and Lincoln Park Zoo.
      1648 N Cleveland Ave, Chicago, IL 60614
      View Details
    • New
      $2,490,000
      0.09 Acres

      Booth Hansen-Designed Three-Unit Residence

      Exceptional three-unit residence in Chicago's desirable neighborhood.
      2323 N Lister Ave, Chicago, IL 60614
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      265,062 SF

      West Fullerton Ave Retail Space

      Lincoln Park retail space available. High-traffic location.
      1237 Fullerton Ave, Chicago, IL 60614
      View Details
    • $2,500 /Mo

      East Facing Lake View Apartment

      Apartment with lake views, updated kitchen and bathroom, bamboo flooring.
      2728 N Hampden Ct, Chicago, IL 60614
      View Details
    • $7,200 /Mo

      Lincoln Park Townhome with Garage

      Rare renovated townhome in gated community near shops and transportation.
      641 W Willow St, Chicago, IL 60614
      View Details
    • $1,700 /Mo

      Updated Studio Condo in Lincoln Park

      Updated top-floor studio condo with modern amenities and convenient location.
      515 W Wrightwood Ave, Chicago, IL 60614
      View Details
    • $28 SF/Yr
      44,046 SF

      Lincoln Park Office Space for Lease

      Prime Lincoln Park location, renovated suites.
      2000 Racine Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      4,800 SF

      Lincoln Park Executive Office Suite

      1,200 SF Available, Prime Location
      2463 Lincoln Ave, Chicago, IL 60614
      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.
    1624 Cleveland Ave
    Chicago, IL 60614-5640
    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.