Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    1840 Central Ave Chicago, IL 60639-4114
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1840 Central Ave Chicago, IL 60639-4114

    View on Map
    • Industrial properties
    • 2.08 lot acres
    Off-Market
    Last Sale May 5, 2023
    $2,600,000
    Property ID
    US28-5689336
    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
    $2,495,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Door Depot / Hardware & Home Improvement / Production Facility
    • Chicago Mobile Tire Fitters / (Bike/Boat/Book/etc) Store / Auto Parts Store

    Property Details for 1840 Central Ave

    Year built
    1959
    Lot size
    2.08 lot acres
    Property type
    Industrial properties
    APN
    13-32-400-058
    APU
    1332400058

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,405,000
      ML approach
      $2,375,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7666
    Latitude
    41.9144
    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
    $155,091
    $158,886
    $595,144
    $754,030
    -
    $635,544
    $2,380,576
    $3,016,120

    Comparable in this City

    • Value Estimation by Request
      0.02 Acres

      1948 Austin Ave

      INDUSTRIAL (GENERAL) • 0.02 Acres
      1948 Austin Ave, Chicago, IL 60639
      View Details
    • Value Estimation by Request
      0.07 Acres

      4201 Wrightwood Ave

      INDUSTRIAL (GENERAL) • 0.07 Acres
      4201 Wrightwood Ave, Chicago, IL 60639-2095
      View Details
    • Value Estimation by Request
      0.07 Acres

      4201 Wrightwood Ave

      INDUSTRIAL (GENERAL) • 0.07 Acres
      4201 Wrightwood Ave, Chicago, IL 60639-2095
      View Details
    • Value Estimation by Request
      0.07 Acres

      4211 Drummond Pl

      INDUSTRIAL (GENERAL) • 0.07 Acres
      4211 Drummond Pl, Chicago, IL 60639
      View Details
    • Value Estimation by Request
      0.07 Acres

      4201 Drummond Pl

      INDUSTRIAL (GENERAL) • 0.07 Acres
      4201 Drummond Pl, Chicago, IL 60639
      View Details
    • Value Estimation by Request
      0.09 Acres

      5138 Grand Ave

      INDUSTRIAL (GENERAL) • 0.09 Acres
      5138 Grand Ave, Chicago, IL 60639
      View Details

    Similar Nearby for Sale

    • $975,000

      Industrial Building in Hermosa Neighborhood

      Industrial building with loading dock in Northwest Chicago's Hermosa neighborhood.
      4230 W Drummond Pl, Chicago, IL 60639
      View Details
    • $449,000

      Mixed-Use Building in Austin Neighborhood

      Mixed-use building in Chicago's Austin neighborhood with high visibility.
      4940 W North Ave, Chicago, IL 60639
      View Details
    • $2,995,000
      32,495 SF

      Chicago Industrial Bow Truss Building

      32,495 SF industrial building in Chicago's Pulaski Industrial Corridor.
      2444 N Pulaski Rd, Chicago, IL 60639
      View Details
    • $975,000

      Industrial Building in Hermosa Neighborhood

      Industrial building with loading dock in Northwest Chicago's Hermosa neighborhood.
      4230 W Drummond Pl, Chicago, IL 60639
      View Details
    • $449,000
      0.07 Acres

      Chicago Commercial Property For Sale

      Commercial property in Chicago's Austin neighborhood with diverse business potential.
      4940 W North Ave, Chicago, IL 60639
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      93,911 SF

      Chicago Warehouse Space For Lease

      Large industrial warehouse, flexible space available.
      5841 Dickens Ave, Chicago, IL 60639
      View Details
    • Contact for pricing
      22,500 SF

      22,500 SF Chicago Space Available

      22,500 SF space with office and interior docks for lease.
      4920 W Bloomingdale Ave, Chicago, IL 60639
      View Details
    • Contact for pricing

      Jefferson Park Industrial Spaces Available

      Multiple industrial spaces for lease in Jefferson Park, Chicago.
      4850 W Bloomingdale Ave, Chicago, IL 60639
      View Details
    • Contact for pricing

      Renovated Flex Space in Humboldt Park

      60,000 SF renovated industrial/showroom/office/flex building with flexible spaces.
      1657 N Kostner Ave, Chicago, IL 60639
      View Details
    • New
      Contact for pricing
      6,098 SF

      Chicago Industrial/Flex Space For Rent

      Versatile 6,250 SF industrial/flex space in Chicago for rent.
      5245 W Diversey Ave, Chicago, IL 60639
      View Details
    • Contact for pricing
      2,000 SF

      Industrial Units for Lease

      Industrial units available for lease, ranging from 2,000 to 100,000 SF.
      4006 W Belden St, Chicago, IL 60639
      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.
    1840 Central Ave
    Chicago, IL 60639-4114
    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!