Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2003 W Cermak Rd Chicago, IL 60608
    Back to Search
    Property profile & analytics

    2003 W Cermak Rd Chicago, IL 60608

    View on Map
    • Storefront properties
    For Lease
    View Listing →
    Rehabbed Storefront/Office with Expansion Potential For Lease
    Contact for pricing
    3,000 SF

    Rehabbed Storefront/Office with Expansion Potential

    Recently renovated storefront/office with basement and expansion options.

    2003 W Cermak Road, Chicago, IL 60608
    View Listing
    Property ID
    US28-0747725
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • UnitedHealthcare Group / Insurance Agency

    Property Details for 2003 W Cermak Rd

    Year built
    1900
    Property type
    Storefront properties
    Property subtype
    Commercial real estate

    Description

    Fully rehabbed storefront/office. Built 2 years ago as a pharmacy. No expense was spared in this very extensive buildout!! 1,500sf plus another 1,500sf basement in well light duplex and room for additional expansion in rear. Exposed brick, duplex, 12 foot ceilings and floor to ceiling windows! Located on 10,800 VPD Cermak Rd. & 15,300 VPD Damen Ave corner. Walking distance from the CTA Pink line, Damen CTA bus, Cermak CTA bus, . Other retail listings in the area include Priced right!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6760976
    Latitude
    41.8519574

    Comparable in this City

    • Contact for pricing

      Retail Space in Pilsen, Chicago

      Commercial storefront in high-traffic Pilsen with basement storage.
      1412 W 18Th St, Chicago, IL 60608
      View Details
    • $3,250 /Mo
      1,200 SF

      Pilsen Retail Space Available

      Corner retail space in Pilsen with high visibility.
      1610 S Halsted St, Chicago, IL 60608
      View Details
    • $30 SF/Yr
      4,690 SF

      New Construction Retail Space Available

      4,690 SF new construction retail space for lease.
      1600 S Ashland Ave, Chicago, IL 60608
      View Details
    • Contact for pricing
      2,281 SF

      Retail Space at Corner Location

      Retail space with excellent visibility and accessibility at 18th & Throop.
      1801-1803 S Throop St, Chicago, IL 60608
      View Details
    • $26 SF/Yr

      Pilsen 18th Street Retail Space

      Premier retail space in the heart of Chicago's Pilsen neighborhood.
      1102 West 18Th St, Chicago, IL 60608
      View Details
    • $20 SF/Yr
      3,000 SF

      Archer Avenue Retail/Office Space

      Divisible retail or office space in Bridgeport/Chinatown location.
      3004-3006 S Archer Ave, Chicago, IL 60608
      View Details

    Similar Nearby for Sale

    • $1,299,999
      0.12 Acres

      Turnkey Mixed-Use Property in Chicago

      Nine-unit mixed-use property with strong rental history in Bridgeport.
      3222-3224 S Morgan St, Chicago, IL 60608
      View Details
    • $650,000
      0.07 Acres

      Pilsen Mixed-Use Investment Opportunity

      Mixed-use building in Pilsen's historic district with high visibility.
      1721 W 18Th St, Chicago, IL 60608
      View Details
    • Contact for pricing

      Pilsen Flex Space For Sale

      13,071 SF flex space in Chicago's Pilsen neighborhood.
      1643 West Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing

      Land Near Illinois Medical District

      Land suitable for residential, mixed-use, retail, and office development.
      2336 W Roosevelt Rd, Chicago, IL 60608
      View Details
    • Contact for pricing
      0.82 Acres

      Chicago Land Lease Opportunity

      Prime city site for storage, truck parking, and various uses.
      2432-2458 W Roosevelt Rd, Chicago, IL 60608
      View Details
    • $1,600,000
      6,025 SF

      Renovated Pilsen Mixed-Use Building

      Five-unit building with residential and commercial spaces in Chicago.
      965 W 18Th St, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • $3,250 /Mo
      1,200 SF

      Pilsen Retail Space Available

      Corner retail space in Pilsen with high visibility.
      1610 S Halsted St, Chicago, IL 60608
      View Details
    • $30 SF/Yr
      4,690 SF

      New Construction Retail Space Available

      4,690 SF new construction retail space for lease.
      1600 S Ashland Ave, Chicago, IL 60608
      View Details
    • Contact for pricing
      2,281 SF

      Retail Space at Corner Location

      Retail space with excellent visibility and accessibility at 18th & Throop.
      1801-1803 S Throop St, Chicago, IL 60608
      View Details
    • Contact for pricing

      Retail Space in Pilsen, Chicago

      Commercial storefront in high-traffic Pilsen with basement storage.
      1412 W 18Th St, Chicago, IL 60608
      View Details
    • $26 SF/Yr

      Pilsen 18th Street Retail Space

      Premier retail space in the heart of Chicago's Pilsen neighborhood.
      1102 West 18Th St, Chicago, IL 60608
      View Details
    • $20 SF/Yr
      3,000 SF

      Archer Avenue Retail/Office Space

      Divisible retail or office space in Bridgeport/Chinatown location.
      3004-3006 S Archer Ave, Chicago, IL 60608
      View Details
    View Listing
    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.
    2003 W Cermak Rd
    Chicago, IL 60608
    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

    Thank You for Inquiry
    2003 W Cermak Rd, Chicago, IL, 60608
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!