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    Property profile & analytics

    2048 71st St Chicago, IL 60649-2117

    • Retail space
    • 5,900 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimations
    $300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1557532
    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

    • Royal Beauty Supply and Wigs / Beauty Supply Store

    Property Details for 2048 71st St

    Year built
    1929
    Lot size
    0.13 lot acres
    Property size
    5,900 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    20-24-422-022
    APU
    2024422022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $308,000
      Market price range: $195k - $958k
      AI Estimate
      $288,000
      Market price range: $196k - $720k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5744
    Latitude
    41.7665
    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
    $12,510
    $13,227
    $35,003
    $48,230
    -
    $52,908
    $140,012
    $192,920

    Comparable in this City

    • Value Estimation
      $795,000
      31,000 SF

      7500 Exchange Ave

      STORE, RETAIL OUTLET • 31,000 SF
      7500 Exchange Ave, Chicago, IL 60649-4303
      View Details
    • Value Estimation
      $295,000
      3,800 SF

      7011 Stony Is Ave

      STORE, RETAIL OUTLET • 3,800 SF
      7011 Stony Is Ave, Chicago, IL 60649-1905
      View Details
    • Value Estimation
      $330,000
      0.09 Acres

      6939 Stony Is Ave

      STORE, RETAIL OUTLET • 0.09 Acres
      6939 Stony Is Ave, Chicago, IL 60649
      View Details
    • Value Estimation
      $430,000
      2,100 SF

      7041 Jeffery Blvd

      STORE, RETAIL OUTLET • 2,100 SF
      7041 Jeffery Blvd, Chicago, IL 60649-2015
      View Details
    • Value Estimation
      $425,000
      5,000 SF

      7058 Clyde Ave

      STORE, RETAIL OUTLET • 5,000 SF
      7058 Clyde Ave, Chicago, IL 60649
      View Details
    • Value Estimation
      $680,000
      20,000 SF

      6758 Stony Is Ave, Unit 60

      STORE, RETAIL OUTLET • 20,000 SF
      6758 Stony Is Ave, Chicago, IL 60649-1026
      View Details

    Similar Nearby for Sale

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      Corner building in thriving South Shore neighborhood with high visibility.
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      Mixed-use property with residential units and commercial space.
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      Retail Property with Gated Lot

      Retail property featuring a gated lot and on-site parking.
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    • $499,900
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      Chicago Multifamily Property with Garage

      Well-maintained six-unit building near transportation and amenities.
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    • Contact for pricing

      Outdoor Parking Space For Sale

      Outdoor parking space available at Lakeshore Point Condominiums.
      2348 E 71St St, Chicago, IL 60649
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    • $199,900
      0.13 Acres

      Mixed-Use Building in Chicago

      Mixed-use building with storefronts and residential units in Chicago.
      1758 E 79Th St, Chicago, IL 60649
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    Similar Nearby for Lease

    • Contact for pricing

      Salon Space For Rent

      Salon space available near 79th and Jeffery corridor.
      1919 E 79Th St, Chicago, IL 60649
      View Details
    • Contact for pricing
      7,405 SF

      South Shore Redevelopment Opportunity

      Redevelopment opportunity in high-traffic South Shore community.
      7141 S Jeffery Blvd, Chicago, IL 60649
      View Details
    • $2,300 /Mo
      2,800 SF

      Retail/Office Space in Business District

      Well-maintained retail/office space in a high-traffic, populated area.
      7121 S Yates Blvd, Chicago, IL 60649
      View Details
    • $22 SF/Yr
      890 SF

      Retail Space on Jeffery Blvd

      Retail space available in a stable strip center.
      7623 S Jeffery Blvd, Chicago, IL 60649
      View Details
    • $12 SF/Yr
      12,000 SF

      Prime Retail Space, South Shore

      12,000 SF, High-Visibility Location
      2015 79Th St, Chicago, IL 60649
      View Details
    • Contact for pricing
      6,724 SF

      Stony Island Ave Retail Space

      Woodlawn Strip Center: High-traffic location.
      6714 Stony Island Ave, Chicago, IL 60649
      View Details
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    2048 71st St
    Chicago, IL 60649-2117
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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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