Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2253 Magnolia Ave Chicago, IL 60614-8939
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2253 Magnolia Ave Chicago, IL 60614-8939

    View on Map
    • Residential income homes
    • 2,603 SF
    • 0.07 lot acres
    Off-Market
    Last Sale Sep 21, 2023
    $1,360,000
    Property ID
    US28-1956286
    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
    $1,330,000
    Show details
    Cap Rate Potential
    3.4%
    Residential income homes
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 2253 Magnolia Ave

    Year built
    1882
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    2,603 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    14-32-113-003
    APU
    1432113003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,285,000
      ML approach
      $1,320,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,326,000
      Market price range: $688k - $1.33M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $980,000
      Current use
      RETAIL STORES
      $1,315,000
      Change: +34% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,135,000
      Change: +16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6593
    Latitude
    41.9232
    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
    $26,404
    $37,200
    $91,171
    $128,371
    -
    $372,000
    $911,710
    $1,283,710

    Comparable in this City

    • Value Estimation by Request
      2,142 SF

      1638 Nn Park Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,142 SF
      1638 Nn Park Ave, Chicago, IL 60614-7122
      View Details
    • Value Estimation
      $585,000
      2,992 SF

      1642 Nn Park Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,992 SF
      1642 Nn Park Ave, Chicago, IL 60614-5748
      View Details
    • Value Estimation
      $1,155,000
      6,825 SF

      2724 Lehmann Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,825 SF
      2724 Lehmann Ct, Chicago, IL 60614-1616
      View Details
    • Value Estimation
      $710,000
      4,113 SF

      2642 Lincoln Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,113 SF
      2642 Lincoln Ave, Chicago, IL 60614-1307
      View Details
    • Value Estimation
      $610,000
      3,024 SF

      888 Lill Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,024 SF
      888 Lill Ave, Chicago, IL 60614-6448
      View Details
    • Value Estimation
      $730,000
      3,696 SF

      865 Lill Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,696 SF
      865 Lill Ave, Chicago, IL 60614-0125
      View Details

    Similar Nearby for Sale

    • $430,000

      East Lincoln Park Condo

      2 bed, 2 bath condo in prime Lincoln Park location.
      900 W Fullerton Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      14,302 SF

      Mixed-Use Property in Lincoln Park

      Mixed-use property with residential and commercial units in prime location.
      1623 North Halsted St, Chicago, IL 60614
      View Details
    • Contact for pricing
      11,207 SF

      Lincoln Park Mixed-Use Corner Asset

      Mixed-use property in Chicago's desirable Lincoln Park neighborhood.
      935 W Armitage Ave, Chicago, IL 60614
      View Details
    • $1,350,000

      Updated Two-Flat in Lincoln Park

      Turnkey 2-flat in prime East Lincoln Park, updated and maintained.
      2428 N Geneva Ter, Chicago, IL 60614
      View Details
    • $1,100,000

      Mixed-Use Building with Long-Term Tenant

      Mixed-use brick building with established bar tenant and residential units.
      1665 W Fullerton Ave, Chicago, IL 60614
      View Details
    • $580,000

      Mixed-Use Property with Parking

      Two-story mixed-use property featuring a commercial space and apartment.
      2654 N Lincoln Ave, Chicago, IL 60614
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease at 2653 N Clark St.
      2653 N Clark St, Chicago, IL 60614
      View Details
    • $45 SF/Yr
      6,816 SF

      Retail Space with Outdoor Courtyard

      6,816 SF retail space with a 2,200 SF courtyard.
      658 W Belden Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on Armitage Avenue

      Retail space available for lease on Armitage Avenue.
      958 W Armitage Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      8,500 SF

      Retail Building on Clybourn Avenue

      8,499 SF retail building with dedicated parking lot.
      1968-1970 N Clybourn Ave, Chicago, IL 60614
      View Details
    • Contact for pricing
      1,037 SF

      Retail Space in Lincoln Park

      Retail space available in a dynamic Chicago location.
      2739 N Clark St, Chicago, IL 60614
      View Details
    • $25 SF/Yr
      1,200 SF

      Retail Space on Diversey Parkway

      Retail space with high ceilings and excellent walkability.
      1130 W Diversey Pkwy, Chicago, IL 60614
      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.
    2253 Magnolia Ave
    Chicago, IL 60614-8939
    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!