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    Property profile & analytics

    1639 State St Chicago, IL 60616

    • Retail space
    • 5,300 SF
    • 0.29 lot acres
    For Sale
    View listing
    $2,250,000
    Last Sale
    Dec 02, 2021
    $1,425,000
    Value Estimations
    Cap Rate Potential
    5%
    Retail space
    Location Intelligence
    Property ID
    US28-2108171
    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

    • 1639 S State St Parking / Parking Lot & Garage

    Property Details for 1639 State St

    Year built
    1903
    Lot size
    0.29 lot acres
    Property size
    5,300 SF
    Property type
    Retail space
    APN
    17-22-300-040
    APU
    1722300040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,465,000
      ML approach
      $1,385,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,220,000
      6.5%
      $1,130,000
      7%
      $1,045,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,664,000
      Market price range: $347k - $1.66M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,240,000
      Current use
      COMMERCIAL (GENERAL)
      $1,640,000
      Change: +32% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,265,000
      Change: +2% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $1,135,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6268
    Latitude
    41.8589
    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
    $55,574
    $239,812
    $29,537
    $269,349
    -
    $959,248
    $118,148
    $1,077,396

    Comparable in this City

    • Value Estimation by Request

      2026 Clark St

      RETAIL STORES (PERSONAL SERVICES)
      2026 Clark St, Chicago, IL 60616-1508
      View Details
    • Value Estimation by Request
      1.45 Acres

      1900 State St

      RETAIL STORES (PERSONAL SERVICES) • 1.45 Acres
      1900 State St, Chicago, IL 60616-1613
      View Details
    • Value Estimation
      $575,000
      3,100 SF

      3457 Pr Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,100 SF
      3457 Pr Ave, Chicago, IL 60616-3921
      View Details
    • Value Estimation by Request
      2,400 SF

      2229 Wentworth Ave

      STORE, RETAIL OUTLET • 2,400 SF
      2229 Wentworth Ave, Chicago, IL 60616-2011
      View Details
    • Value Estimation by Request
      1,900 SF

      2242 Wentworth Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,900 SF
      2242 Wentworth Ave, Chicago, IL 60616-2016
      View Details
    • Value Estimation
      $1,160,000
      29,000 SF

      3036 Wentworth Ave

      STORE, RETAIL OUTLET • 29,000 SF
      3036 Wentworth Ave, Chicago, IL 60616-2734
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      40,000 SF

      Chicago South Loop Mixed-Use Investment

      High-NOI, Multifamily & Retail Portfolio
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      33,500 SF

      Motor Row Redevelopment Opportunity

      33,500 SF Flex Space, Chicago
      2221 Michigan Ave, Chicago, IL 60616
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    • $325,000
      0.14 Acres

      Versatile Commercial Space in South Loop

      Bright, open-concept commercial space in vibrant Chicago neighborhood.
      18 E Cullerton St, Chicago, IL 60616
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    • $275,000
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      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1932 S Wabash Ave, Chicago, IL 60616
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    • $2,000,000
      Pending

      Chicago Commercial Building For Sale

      Fully leased commercial building in high-traffic Chicago location.
      200 E 35Th St, Chicago, IL 60616
      View Details
    • $325,000
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      Versatile Commercial Space in South Loop

      Bright, open-concept commercial space in a vibrant Chicago neighborhood.
      18 E Cullerton St, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      3,363 SF

      Fitness Space in Luxury Building

      Second-generation fitness space in a prominent location.
      2135 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      715 SF

      Retail Space in Residential Building

      715 SF retail space available in Chicago.
      17 W 35Th St, Chicago, IL 60616
      View Details
    • Contact for pricing
      2,308 SF

      Retail Space Former Daycare

      2,100 SF retail space, formerly a daycare center.
      2101 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      South Loop Storefront Opportunity

      Storefront in Chicago's South Loop with public transportation access.
      1631 S Michigan Ave, Chicago, IL 60616
      View Details
    • $25 SF/Yr
      186,445 SF

      Prime South Loop Office Space

      Executive Suites, Motor Row Location
      2300 Michigan Ave, Chicago, IL 60616
      View Details
    • $22 SF/Yr
      1,800 SF

      Retail/Office Space with Parking

      Two-story retail/office space with dedicated parking and convenient location.
      1600 S Wabash Ave, Chicago, IL 60616
      View Details
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    1639 State St
    Chicago, IL 60616
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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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