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

    2228 Cermak Rd Chicago, IL 60608-6147

    • Residential income homes
    • 2,998 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2613036
    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

    • Residential income homes

    Property Details for 2228 Cermak Rd

    Year built
    1893
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    2,998 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    17-19-323-037
    APU
    1719323037

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $835,000
      6.5%
      $770,000
      7%
      $715,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $645,000
      Market price range: $342k - $692k
      AI Estimate
      $511,000
      Market price range: $296k - $514k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $515,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $715,000
      Change: +39% Conversion: Difficult
      RETAIL STORES
      $600,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6819
    Latitude
    41.8524
    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
    $11,518
    $9,375
    $46,625
    $56,000
    -
    $93,750
    $466,250
    $560,000

    Comparable in this City

    • Value Estimation
      $670,000
      3,855 SF

      1702 Newberry Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,855 SF
      1702 Newberry Ave, Chicago, IL 60608-2334
      View Details
    • Value Estimation
      $585,000
      3,432 SF

      1705 Newberry Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,432 SF
      1705 Newberry Ave, Chicago, IL 60608-5131
      View Details
    • Value Estimation by Request
      2,390 SF

      1626 Newberry Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,390 SF
      1626 Newberry Ave, Chicago, IL 60608-5473
      View Details
    • Value Estimation by Request
      2,772 SF

      2236 Wood St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,772 SF
      2236 Wood St, Chicago, IL 60608-4326
      View Details
    • Value Estimation by Request
      3,075 SF

      1910 Wood St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,075 SF
      1910 Wood St, Chicago, IL 60608-4884
      View Details
    • Value Estimation by Request
      2,204 SF

      3237 Racine Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,204 SF
      3237 Racine Ave, Chicago, IL 60608-6437
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.10 Acres

      Chicago Multifamily Property for Sale

      Multifamily property in Chicago, Illinois, available for purchase.
      816 W Cullerton St, Chicago, IL 60608
      View Details
    • $1,800,000
      0.05 Acres

      Chicago Multifamily Property for Sale

      Multifamily property in Chicago, Illinois available for purchase.
      1610-1612 W 17Th St, Chicago, IL 60608
      View Details
    • $1,395,900
      0.12 Acres

      Turnkey Mixed-Use Investment Property

      Nine-unit mixed-use property in Chicago's Bridgeport neighborhood.
      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
    • $1,200,000
      5,904 SF

      Renovated Multifamily Property with Upside

      Fully renovated, 100% occupied multifamily property with income potential.
      1813 S Ashland Ave, Chicago, IL 60608
      View Details
    • $825,000
      7,500 SF

      Pilsen Redevelopment Opportunity: Six Units

      Redevelopment opportunity in Pilsen with approved plans for six units.
      2222 W 21St St, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • $1,600 /Mo

      Pilsen 3-Bedroom Apartment For Rent

      Spacious 3-bedroom, 1-bath apartment in the heart of Pilsen.
      2140 W Cermak Rd, Chicago, IL 60608
      View Details
    • $2,800 /Mo

      New Construction Apartment with Amenities

      New 2-bedroom, 2-bath apartment with modern amenities in Chicago.
      2122 W 18Th Pl, Chicago, IL 60608
      View Details
    • $2,300 /Mo

      University Village One Bedroom Plus Den

      Bright University Village unit with den, balcony, and modern upgrades.
      1150 W 15Th St, Chicago, IL 60608
      View Details
    • $7 SF/Yr
      500,000 SF

      Midland Building: Industrial Space

      Multi-tenant warehouse near downtown Chicago.
      1500 Western Ave, Chicago, IL 60608
      View Details
    • Contact for pricing
      419,918 SF

      Prime Pilsen Industrial Land

      9.64 Acres: Build-to-Suit Opportunity
      977 West Cermak Road Chicago, IL 60608, Chicago, IL 60608
      View Details
    • $25 SF/Yr
      1,769 SF

      Cermak & Damen Retail Space

      Prime Pilsen Location, 1700+ SF
      2003 Cermak Rd, Chicago, IL 60608
      View Details
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    Chicago, IL 60608-6147
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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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