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

    2224 Armitage Ave Ste 1w Chicago, IL 60647-0109

    • Office Properties & Spaces
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1664180
    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

    • Office Properties & Spaces

    Property Details for 2224 Armitage Ave Ste 1w

    Year built
    2002
    Lot size
    0.11 lot acres
    Property type
    Office Properties & Spaces
    APN
    14-31-137-049-1002
    APU
    14311370491002

    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
    -87.6835
    Latitude
    41.9179
    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
    $9,114
    $17,991
    $26,169
    $44,160
    -
    $71,964
    $104,676
    $176,640

    Comparable in this City

    • Value Estimation by Request
      16,557 SF

      2700 Campbell Ave

      Distribution properties • 16,557 SF
      2700 Campbell Ave, Chicago, IL 60647
      View Details
    • Value Estimation by Request
      8,000 SF

      3801 Fullerton Ave

      Office Properties & Spaces • 8,000 SF
      3801 Fullerton Ave, Chicago, IL 60647
      View Details
    • Value Estimation by Request
      0.06 Acres

      1954 Damen Ave, Unit 1

      CONDOMINIUM OFFICES • 0.06 Acres
      1954 Damen Ave, Chicago, IL 60647-0080
      View Details
    • Value Estimation by Request
      0.23 Acres

      2212 Armitage Ave

      CONDOMINIUM OFFICES • 0.23 Acres
      2212 Armitage Ave, Chicago, IL 60647-4461
      View Details
    • Value Estimation by Request
      0.17 Acres

      2602 Diversey Ave, Unit C101

      CONDOMINIUM OFFICES • 0.17 Acres
      2602 Diversey Ave, Chicago, IL 60647-8157
      View Details
    • Value Estimation by Request
      0.14 Acres

      2201 Wn Ave

      CONDOMINIUM OFFICES • 0.14 Acres
      2201 Wn Ave, Chicago, IL 60647-5429
      View Details

    Similar Nearby for Sale

    • $975,000
      11,250 SF

      Logan Square Medical Office Building

      Prime location, redevelopment opportunity.
      3265 Armitage Ave, Chicago, IL 60647
      View Details
    • Contact for pricing
      2,125 SF

      Bucktown Retail Space Available

      Chicago storefront, versatile space
      2118 Milwaukee Ave, Chicago, IL 60647
      View Details
    • $620,000
      0.07 Acres

      Logan Square Work/Live Space

      Two-story commercial building in Logan Square with many improvements.
      3522 W Armitage Ave, Chicago, IL 60647
      View Details
    • $2,590,000
      0.38 Acres

      Versatile Warehouse/Office/Retail Space

      16,633 SF warehouse/office/retail space in Logan Square.
      2700 N Campbell Ave, Chicago, IL 60647
      View Details
    • $535,000
      1,400 SF

      Commercial Condo for Owner/Operators

      Two-unit commercial condo with open floor plan and natural light.
      2624 W Armitage Ave, Chicago, IL 60647
      View Details
    • $2,590,000
      0.38 Acres

      Versatile Warehouse/Office/Retail Space

      16,633 SF warehouse/office/retail space in East Logan Square.
      2700 N Campbell Ave, Chicago, IL 60647
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      287,914 SF

      Diversey Ave Executive Offices

      Chicago's Logan Square: Premier Office Space
      4000 Diversey Ave, Chicago, IL 60647
      View Details
    • Contact for pricing
      272,000 SF

      Diversey Ave Office Space Available

      Prime Cook County office space, 3,942 sq ft available.
      2545 Diversey Ave, Chicago, IL 60647
      View Details
    • $18 SF/Yr

      Logan Square Retail/Restaurant/Office Space

      Prime location for retail, restaurant, spa, or office space.
      3656 W Belmont Ave, Chicago, IL 60647
      View Details
    • $20 SF/Yr

      Bucktown Retail and Office Space

      Versatile retail, office, and commercial space in prime Bucktown location.
      2157 N Damen Ave, Chicago, IL 60647
      View Details
    • $29 SF/Yr

      Move-in Ready Logan Square Office

      2,400 SF therapy office with parking and high visibility.
      2754 W Fullerton Ave, Chicago, IL 60647
      View Details
    • $29 SF/Yr
      2,400 SF

      Logan Square Therapy Office Space

      Move-in ready office space in a phenomenal Logan Square location.
      2752-2754 W Fullerton Ave, Chicago, IL 60647
      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.
    2224 Armitage Ave Ste 1w
    Chicago, IL 60647-0109
    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.