2248 Michigan Ave Chicago, IL 60616-5258
Individually Owned
Free & Clear
Estimated value (blended)
$530k
Range $477k – $583k (±10%)
Property ID
US28-0187985
Property profile
Verified
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Year built
1892
Total area
16,800 SF
Lot
0.19 ac (8,099 SF)
APN
17-27-101-025
UPID
US28-0187985
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Physician Medical Clinic
-
Physician
-
Recording Studio
-
Recording Studio
-
Professional Services
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.58M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$530k
Owner & transaction history
since 2026
Last sale
$3.3M
4 recorded transactions
Zoning & alternative use
Top alternative use upside
Neighborhood: shopping center
$4.0M
+2.3%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 9 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$530k
Value range
$477k – $583k
±10% around blend
Estimated value / SF
$32 / SF
Confidence
High
9 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
90
$477k
blend $530k
$583k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
16,800 SF
Lot area
0.19 ac
Year built
1892
Stories
3
APN
17-27-101-025
Assessed value
$584,028
Annual tax
$120,500
3
Income approach: direct capitalization
Partial preview
Income approach indication
$3.58M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$3.88M
@ 6.5% CAP return
$3.58M
@ 7% CAP return
$3.32M
4
Sales comparison
Partial preview
Sales approach indication
$2.53M
Weighted, 9 comps · high confidence
Evidence
9 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.3 mi away · 20,300 SF
4.2 mi away · 17,144 SF
5.4 mi away · 16,700 SF
6.0 mi away · 13,900 SF
6.3 mi away · 16,400 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$530k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 30 sales
$234
-87%
Submarket 2181 sales
$146
-78%
County 2350 sales
$149
-79%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $32/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Neighborhood: Shopping Center
Gross theoretical uplift
+2%
vs current-use indication
Retail Stores · current use
Apartment House (5+ Units)
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 9 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$3.25M
Move the market yield to see immediate price impact.
Value / SF
$193
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$205k
$4.10M
$2.92M
$2.28M
$228k
$4.55M
$3.25M
$2.53M
$250k
$5.01M
$3.57M
$2.78M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
9 found
High confidence · county-verified
Closest comparable
$4.20M
3.0 mi · Mar 2026 · $220/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$120,500
Tax year 2022
Assessed value
$584,028
Assessed 2022
Previous assessed
$584,021
+0.0% YoY
Effective rate
20.63%
On assessed value
Assessed land
$101,237
Assessed improvement
$482,791
Land market value
$404,948
Improvement market value
$1,931,164
Total market value
$2,336,112
Applied tax rate
76,091.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Status
Off-Market
Year built
1892
Heating
NONE
Stories
3
Total area
16,800 SF
Lot
0.19 ac (8,099 SF)
APN
17-27-101-025
UPID
US28-0187985
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1892
Heating
NONE
Stories
3
Lot
0.19 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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