Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    2035 Racine Ave Chicago, IL 60608

    • Distribution centers
    • 38,961 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1062831
    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

    • The Outfit Chicago / Car Detailing Service

    Property Details for 2035 Racine Ave

    Property size
    38,961 SF
    Property type
    Distribution centers
    Property subtype
    Fulfillment centers

    Description

    This exceptional Chicago property at 2035 S Racine Avenue offers 38,961 square feet of versatile industrial and office space for lease. Located in Cook County, IL, zip code 60608, this M1-2 zoned building boasts four suites, with a minimum divisible space of 5,265 square feet and a maximum contiguous space of 28,431 square feet. A total of 44,226 square feet is currently vacant, presenting a significant opportunity for businesses seeking flexible layouts. The property features a substantial 44,000 square foot lot and impressive 16-foot ceiling heights, ideal for various industrial uses. Power is robust, with 1,600 AMPS, 480 volts, and 3-phase service. The building offers ample parking with nine spaces available. This multi-tenant property is perfect for businesses requiring executive office space, warehouse storage, or distribution capabilities. Its strategic location in Pilsen provides excellent access to major transportation routes and a thriving urban environment. The property is ready for immediate occupancy. Inquire today to explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6560728
    Latitude
    41.8540481

    Comparable in this City

    • $7 SF/Yr
      500,000 SF

      Midland Building: Industrial Space

      Multi-tenant warehouse near downtown Chicago.
      1500 Western Ave, Chicago, IL 60608
      View Details
    • $17 SF/Yr
      5,500 SF

      Chicago Warehouse: 5,500 SF

      Single-tenant industrial warehouse, ideal for distribution.
      2101 Peoria St, Chicago, IL 60608
      View Details
    • Contact for pricing
      39,233 SF

      Loomis Street Warehouse - Chicago

      Large industrial warehouse, divisible, 5.71 acres
      2217 Loomis St, Chicago, IL 60608
      View Details
    • Contact for pricing
      65,000 SF

      Chicago Warehouse Space Available

      65,000 SF Warehouse, Multiple Tenants
      2600 19Th St, Chicago, IL 60608
      View Details
    • $9 SF/Yr
      94,700 SF

      Chicago Industrial Space for Lease

      Pilsen Manufacturing/Flex/Warehouse Space Available
      900 Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing
      156,000 SF

      Chicago Warehouse Near Produce Market

      156,000 SF warehouse with immediate access to I-55.
      2420 S Wood St, Chicago, IL 60608
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,748 SF

      Chicago Warehouse/Flex/Office Building For Sale

      Two-story warehouse/flex/office building with loading docks and parking.
      1674 N Ada St, Chicago, IL 60608
      View Details
    • Contact for pricing
      0.82 Acres

      Prime City Site For Lease

      Prime city site for storage, truck parking, and various uses.
      2432-2458 W Roosevelt Rd, Chicago, IL 60608
      View Details
    • $1,700,000
      6,085 SF

      Unique Chicago River Portfolio

      Three-parcel portfolio near Lincoln Yards development with diverse potential.
      1686 N Ada St, Chicago, IL 60608
      View Details
    • $1,550,000
      24,000 SF

      Renovated Light-Industrial Building For Sale

      24,000 SF warehouse near I-55 and I-90/94 in Chicago.
      2415 W 24Th Pl, Chicago, IL 60608
      View Details
    • Contact for pricing
      5,750 SF

      Bridgeport Single-Story Masonry Building

      5,750 SF column-free building with high ceilings and roll-up doors.
      3631-33 S Halsted St, Chicago, IL 60608
      View Details
    • Contact for pricing
      34,000 SF

      Freestanding Warehouse Near CBD

      Warehouse with parking, close to downtown Chicago and expressways.
      1318 W Cermak Rd, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      500,000 SF

      Midland Building: Industrial Space

      Multi-tenant warehouse near downtown Chicago.
      1500 Western Ave, Chicago, IL 60608
      View Details
    • $17 SF/Yr
      5,500 SF

      Chicago Warehouse: 5,500 SF

      Single-tenant industrial warehouse, ideal for distribution.
      2101 Peoria St, Chicago, IL 60608
      View Details
    • Contact for pricing
      39,233 SF

      Loomis Street Warehouse - Chicago

      Large industrial warehouse, divisible, 5.71 acres
      2217 Loomis St, Chicago, IL 60608
      View Details
    • Contact for pricing
      65,000 SF

      Chicago Warehouse Space Available

      65,000 SF Warehouse, Multiple Tenants
      2600 19Th St, Chicago, IL 60608
      View Details
    • $9 SF/Yr
      94,700 SF

      Chicago Industrial Space for Lease

      Pilsen Manufacturing/Flex/Warehouse Space Available
      900 Cermak Rd, Chicago, IL 60608
      View Details
    • Contact for pricing
      156,000 SF

      Chicago Warehouse Near Produce Market

      156,000 SF warehouse with immediate access to I-55.
      2420 S Wood St, Chicago, IL 60608
      View Details

    Property Visit Statistics

    • Visits by month
      1.0k
    • Visitors by month
      817
    • Avg Time on site
      27 min
    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.
    2035 Racine Ave
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.