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

    2338 Morse Ave, Unit 1A Chicago, IL 60645-4768

    • Office Properties & Spaces
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Jan 11, 2022
    $420,000
    Value Estimations
    $450,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2675898
    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

    • Family Urgent Care / Urgent Care Center
    • S. WOLF & ASSOCIATES / Insurance Agency

    Property Details for 2338 Morse Ave

    Year built
    2006
    Lot size
    0.23 lot acres
    Property type
    Office Properties & Spaces
    APN
    11-31-113-056-1001
    APU
    11311130561001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $440,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6897
    Latitude
    42.0074
    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
    $7,033
    $5,674
    $28,520
    $34,194
    -
    $22,696
    $114,080
    $136,776

    Comparable in this City

    • Value Estimation
      $305,000
      6,900 SF

      2700 Touhy Ave, Unit 3D

      CONDOMINIUM OFFICES • 6,900 SF
      2700 Touhy Ave, Chicago, IL 60645-3008
      View Details
    • Value Estimation by Request

      6431 California Ave

      Office Properties & Spaces
      6431 California Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $450,000
      0.23 Acres

      2338 Morse Ave, Unit 1B

      CONDOMINIUM OFFICES • 0.23 Acres
      2338 Morse Ave, Chicago, IL 60645-4768
      View Details
    • Value Estimation
      $170,000
      0.20 Acres

      2224 Touhy Ave, Unit 1E

      CONDOMINIUM OFFICES • 0.20 Acres
      2224 Touhy Ave, Chicago, IL 60645-3477
      View Details
    • Value Estimation
      $315,000
      0.30 Acres

      2306 Touhy Ave Ste C1

      CONDOMINIUM OFFICES • 0.30 Acres
      2306 Touhy Ave Ste C1, Chicago, IL 60645-3473
      View Details
    • Value Estimation
      $315,000
      6,900 SF

      2700 Touhy Ave, Unit S2

      CONDOMINIUM OFFICES • 6,900 SF
      2700 Touhy Ave, Chicago, IL 60645-3008
      View Details

    Similar Nearby for Sale

    • $1,075,000

      Upgraded Commercial Space in West Ridge

      Versatile 4,100 SF commercial space in Chicago's West Ridge.
      2312 W Touhy Ave, Chicago, IL 60645
      View Details
    • $1,500,000
      0.25 Acres

      Chicago Retail/Office Space Available

      8,500+ sq ft in high-traffic West Ridge/Rodgers Park.
      7541 N Western Ave, Chicago, IL 60645
      View Details
    • $1,999,000
      5,000 SF

      Chicago Auto Shop - $1.99M

      Prime location, vacant auto shop, high traffic.
      6501 Western Ave, Chicago, IL 60645
      View Details
    • $299,000

      West Ridge Corner Townhome

      Spacious 2-bedroom townhome near Devon Avenue shopping and dining.
      2201 W Arthur Ave, Chicago, IL 60645
      View Details
    • New
      $499,000
      0.22 Acres

      Spacious West Rogers Park Duplex

      Two-flat duplex on oversized corner lot in West Rogers Park.
      2175 W Touhy Ave, Chicago, IL 60645
      View Details
    • $1,800,000
      1,640 SF

      Prime Chicago QSR/Fast Food

      Turn-key cafe, fully renovated 2024.
      7555 California Ave, Chicago, IL 60645
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr

      Versatile Commercial Space on Western

      1,000 sq ft commercial space in high-traffic location.
      7111 N Western Ave, Chicago, IL 60645
      View Details
    • $15 SF/Yr

      Updated Office Space on Western

      Newly updated office space with high foot traffic and visibility.
      7411 N Western Ave, Chicago, IL 60645
      View Details
    • Contact for pricing

      Commercial Condo Near Western Avenue

      Affordable commercial condo with flexible layout and storefront windows.
      2415 W Pratt Blvd, Chicago, IL 60645
      View Details
    • $24 SF/Yr

      Versatile Commercial Space on Western

      1,000 sq ft commercial space suitable for various business types.
      7109 N Western Ave, Chicago, IL 60645
      View Details
    • Contact for pricing
      18,731 SF

      Chicago Office Space For Rent

      Office spaces available in a high-traffic Chicago business district.
      6420 N California Ave, Chicago, IL 60645
      View Details
    • $30 SF/Yr
      7,134 SF

      Retail Space with On-Site Parking

      Retail space featuring high ceilings, on-site parking, and signage.
      2353 W Howard St, Chicago, IL 60645
      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.
    2338 Morse Ave, Unit 1A
    Chicago, IL 60645-4768
    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.