Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    2040 N Elston Ave Chicago, IL 60614

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2040 N Elston Ave Chicago, IL 60614

    View on Map
    • Office Units
    Off-Market
    Property ID
    US28-1101690
    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

    • Chicago Actors Studio / Film Production / Television Studio
    • Silver Screen Services / Film Production / Television Studio

    Property Details for 2040 N Elston Ave

    Property type
    Office Units
    Property subtype
    Retail space

    Description

    2040 N Elston is uniquely situated at a north side transportation crossroads: • The full Armitage Avenue interchange to the Kennedy Expressway provides convenient vehicle access to the site. • Parking available for lease at adjacent 2020 N Ashland • 128 trains stop daily at two adjacent Metra Clybourn Stations serving the Union Pacific North and the Union Pacific Northwest commuter rail lines serving downtown Chicago and 46 geographic area train stops (37 outside the City). • The adjacent Elston Avenue “bike-highway “and the nearby 606 Trail make 2040 unmatched relative to ease of commuter and recreational bicycling.

    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
    -87.6686372
    Latitude
    41.9187581

    Comparable in this City

    • Contact for pricing

      Prime Retail Space in Chicago

      3,308 SF retail space in Lincoln Park/Lakeview area.
      704 W Diversey Pkwy, Chicago, IL 60614
      View Details
    • Contact for pricing

      Lincoln Park Retail/Office Space

      Built-out office/retail space in Lincoln Park's Clybourn commercial corridor.
      2001 N Clybourn Ave, Chicago, IL 60614
      View Details
    • Contact for pricing

      Elston Avenue Retail Space Available

      Ground floor retail space in a growing Chicago sub-market.
      2211 North Elston Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      1,050 SF

      Lincoln Park Corner Storefront Opportunity

      Highly visible corner store suitable for retail or office use.
      2501-2503 N Lincoln Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      38,640 SF

      Lincoln Park End-Cap Retail Space

      End-cap unit in Lincoln Park with parking and storage.
      1925 North Clybourn Ave, Chicago, IL 60614
      View Details
    • $32 SF/Yr

      Prime Retail/Office Space Available

      3,300 SF space in Old Town/Lincoln Park, Chicago.
      1650 N Wells St, Chicago, IL 60614
      View Details

    Similar Nearby for Sale

    • $375,000

      Lincoln Park Commercial Condo Opportunity

      Prime 4,650 SF commercial condo in high-demand Lincoln Park.
      2020 N Lincoln St, Chicago, IL 60614
      View Details
    • Contact for pricing
      10,500 SF

      Lincoln Park Investment Opportunity

      Investment asset in Chicago's desirable Lincoln Park neighborhood.
      2766-70 N Lincoln Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      12,000 SF

      Mixed-Use Property in Prime Location

      Versatile mixed-use property with income potential in a sought-after location.
      1809 W Webster Ave, Chicago, IL 60614
      View Details
    • $600,000

      Mixed-Use Site with Outdoor Storage

      Versatile mixed-use property with development potential and flexible zoning.
      2144 N Wood St, Chicago, IL 60614
      View Details
    • $315,000

      Lincoln Park Retail/Office Space

      Retail/office space with high visibility and ample parking.
      2625 N Halsted St, Chicago, IL 60614
      View Details
    • $2,850,000

      Mixed-Use Property in Prime Location

      Versatile mixed-use property with income potential in a sought-after location.
      1809 W Webster Ave, Chicago, IL 60614
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr

      Halsted Street Retail/Office Space

      Exceptional 2,500 SF retail/office space in prime location.
      2521 N Halsted St, Chicago, IL 60614
      View Details
    • Contact for pricing
      1,522 SF

      Clybourn Corridor Retail/Office Space

      Highly visible retail/office space in Lincoln Park's Clybourn Corridor.
      2232 N Clybourn Ave, Chicago, IL 60614
      View Details
    • $27 SF/Yr

      Halsted Street Retail/Office Space

      1,500 SF retail/office space in Lincoln Park.
      2650 N Halsted St, Chicago, IL 60614
      View Details
    • Contact for pricing

      Prime Retail Space in Chicago

      3,308 SF retail space in Lincoln Park/Lakeview area.
      704 W Diversey Pkwy, Chicago, IL 60614
      View Details
    • Contact for pricing

      Lincoln Park Retail/Office Space

      Built-out office/retail space in Lincoln Park's Clybourn commercial corridor.
      2001 N Clybourn Ave, Chicago, IL 60614
      View Details
    • Contact for pricing

      Elston Avenue Retail Space Available

      Ground floor retail space in a growing Chicago sub-market.
      2211 North Elston 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.
    2040 N Elston Ave
    Chicago, IL 60614
    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

    2040 N Elston Ave, Chicago, IL, 60614

    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!