Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2241 Michigan Ave, Unit 45 Chicago, IL 60616-2102
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2241 Michigan Ave, Unit 45 Chicago, IL 60616-2102

    View on Map
    • Commercial real estate
    • 0.09 lot acres
    Off-Market
    Property ID
    US28-0352348
    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

    • Best American Insurance / Insurance Agency

    Property Details for 2241 Michigan Ave

    Year built
    1995
    Lot size
    0.09 lot acres
    Property type
    Commercial real estate
    APN
    17-27-102-008
    APU
    1727102008

    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
    -87.6233
    Latitude
    41.8517
    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
    $10,542
    $50,000
    $1,094
    $51,094
    -
    $200,000
    $4,376
    $204,376

    Comparable in this City

    • Value Estimation by Request
      0.03 Acres

      1919 Michigan Ave, Unit B

      COMMERCIAL (GENERAL) • 0.03 Acres
      1919 Michigan Ave, Chicago, IL 60616-4636
      View Details
    • Value Estimation by Request

      Chicago, IL 60616

      COMMERCIAL (GENERAL)
      Chicago, IL 60616
      View Details
    • Value Estimation by Request
      0.07 Acres

      2125 Archer Ave, Unit 27

      COMMERCIAL (GENERAL) • 0.07 Acres
      2125 Archer Ave, Chicago, IL 60616-1513
      View Details
    • Value Estimation by Request
      0.01 Acres

      2373 Archer Ave, Unit 75

      COMMERCIAL (GENERAL) • 0.01 Acres
      2373 Archer Ave, Chicago, IL 60616-1857
      View Details
    • Value Estimation by Request
      0.13 Acres

      255 Archer Ave

      COMMERCIAL (GENERAL) • 0.13 Acres
      255 Archer Ave, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      0.08 Acres

      2123 Archer Ave

      COMMERCIAL (GENERAL) • 0.08 Acres
      2123 Archer Ave, Chicago, IL 60616
      View Details

    Similar Nearby for Sale

    • $668,000
      43,525 SF

      Chinatown Retail Space - Chicago

      Spacious Retail Units, Prime Location
      2300 Archer Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      3,000 SF

      Turn-Key Medical Office Condo

      3,000 SF medical office condo in Chicago's South Loop.
      1600 S Indiana Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      East Pilsen Multi-Unit Building

      Rehabbed three-unit building in vibrant East Pilsen neighborhood.
      1716 S Clinton St, Chicago, IL 60616
      View Details
    • $799,000
      4,216 SF

      Bridgeport Multifamily with Coach House

      Six-unit multifamily property with coach house in Chicago's Bridgeport neighborhood.
      2625 S Union Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      50,000 SF

      Chicago Industrial Property Near I-55

      50,000 SF industrial property near Little Village and Midway Airport.
      2922-2944 W 26Th St, Chicago, IL 60616
      View Details
    • $250,000

      South Loop Retail/Office Space

      Versatile 825 SF space in prime South Loop location.
      1930 S Wabash Ave, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Motor Row

      Dynamic retail space in the heart of Motor Row district.
      2300 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      Office Space in Prairie District

      Office building in quiet residential neighborhood near transportation.
      1727 S Indiana Ave, Chicago, IL 60616
      View Details
    • $26 SF/Yr

      Restaurant-Ready Spaces in South Loop

      Two restaurant-capable spaces for lease in Chicago's South Loop.
      1900 S State St, Chicago, IL 60616
      View Details
    • $10 SF/Yr

      Armour Square Warehouse For Lease

      Well-maintained warehouse with new office space in Armour Square.
      3241 S Shields Ave, Chicago, IL 60616
      View Details
    • $26 SF/Yr

      South Loop Retail Space

      Street-level retail space in Chicago's South Loop / Motor Row.
      2014 S Michigan Ave, Chicago, IL 60616
      View Details
    • $22 SF/Yr
      1,800 SF

      Retail/Office Space with Parking

      Two-story retail/office space with dedicated parking and convenient location.
      1600 S Wabash Ave, Chicago, IL 60616
      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.
    2241 Michigan Ave, Unit 45
    Chicago, IL 60616-2102
    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.
    Sign Up Successful!
    You now have access to more from Realmo!