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

    2343 Chicago Ave Chicago, IL 60622-4723

    • Retail space
    • 4,300 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Jul 16, 2025
    $542,500
    Value Estimations
    $595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1624205
    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

    • Bacci Pizzeria / Restaurant

    Property Details for 2343 Chicago Ave

    Year built
    1923
    Lot size
    0.09 lot acres
    Property size
    4,300 SF
    Property type
    Retail space
    APN
    17-07-100-034
    APU
    1707100034

    Description

    This exceptional 2,500 square foot retail property, located at 2343 W. Chicago Avenue in Chicago, IL 60622, presents a unique investment opportunity. Built in 1923, this single-story masonry building is zoned C1-3 and offers a turnkey restaurant setup, complete with substantial furniture, fixtures, and equipment (FF&E), ready for immediate occupancy. The property boasts a prominent location on Chicago Avenue, benefiting from high visibility and traffic, with over 15,300 vehicles passing daily. A private rear parking lot provides ample space and potential for outdoor dining expansion. The existing blade sign offers strong signage potential. Situated in Chicago's vibrant Ukrainian Village neighborhood within West Town, this property is ideally positioned within a one-mile radius of approximately 50,000 residents. The asking price is $695,000, translating to $278 per square foot. The property's APN is 17-07-100-034-0000. This is an owner-user ideal property with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $643,000
      Market price range: $170k - $792k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6861
    Latitude
    41.8955
    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
    $39,705
    $20,570
    $164,828
    $185,398
    -
    $82,280
    $659,312
    $741,592

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      2423 Division St

      STORE, RETAIL OUTLET • 0.06 Acres
      2423 Division St, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      0.06 Acres

      1828 Division St

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      1828 Division St, Chicago, IL 60622
      View Details
    • Value Estimation by Request
      0.06 Acres

      1523 Ashland Ave, Unit C

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      1523 Ashland Ave, Chicago, IL 60622-7390
      View Details
    • Value Estimation
      $570,000
      3,300 SF

      2600 Division St

      RETAIL STORES (PERSONAL SERVICES) • 3,300 SF
      2600 Division St, Chicago, IL 60622-2850
      View Details
    • Value Estimation
      $505,000
      3,300 SF

      2720 Division St

      RETAIL STORES (PERSONAL SERVICES) • 3,300 SF
      2720 Division St, Chicago, IL 60622-2853
      View Details
    • Value Estimation by Request
      800 SF

      1604 Wn Ave

      RETAIL STORES (PERSONAL SERVICES) • 800 SF
      1604 Wn Ave, Chicago, IL 60622-2245
      View Details

    Similar Nearby for Sale

    • $550,000

      Mixed-Use Building Near Humboldt Park

      Mixed-use building with retail/office space and residential unit.
      2712 W Division St, Chicago, IL 60622
      View Details
    • Contact for pricing
      5,700 SF

      Bucktown Retail Storefront on Damen

      New construction retail storefront in high-traffic Bucktown corridor.
      2046 N Damen Ave, Chicago, IL 60622
      View Details
    • Contact for pricing

      Prohibition Era Gentleman’s Hair Parlor

      Meticulously decorated hair parlor transporting you to the 1920s.
      956 N Damen Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      12,210 SF

      Former Walgreens Retail Building

      12,210 SF retail building, corner location, opportunity zone.
      6208 S Western Ave, Chicago, IL 60622
      View Details
    • $1,400,000

      Ashland Ave Mixed-Use Investment

      Prime Chicago location, high potential.
      525-527 Ashland Ave, Chicago, IL 60622
      View Details
    • $650,000

      Division Street Mixed-Use Building

      Mixed-use building with retail/office space near Humboldt Park.
      2708 W Division St, Chicago, IL 60622
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr

      Retail/Office Space with Deck

      First-floor retail or office space featuring hardwood floors and a deck.
      1123 N Ashland Ave, Chicago, IL 60622
      View Details
    • $34 SF/Yr

      Wicker Park Boutique Retail Space

      High-end retail space in vibrant Wicker Park shopping district.
      1751 W Division St, Chicago, IL 60622
      View Details
    • $33 SF/Yr

      Humboldt Park Retail Space Available

      Retail space for lease in Humboldt Park neighborhood.
      958 N California Ave, Chicago, IL 60622
      View Details
    • $8 SF/Yr

      Division Street Commercial Space Available

      Second-floor commercial space on Division St with high foot traffic.
      2423 W Division St, Chicago, IL 60622
      View Details
    • $28 SF/Yr
      980 SF

      Retail Space on N Damen

      980 SF retail space available for lease.
      852-856 N Damen Ave, Chicago, IL 60622
      View Details
    • Contact for pricing
      1,545 SF

      Retail Space in Medical District

      Retail space available at the base of new development.
      1134 S Wood St, Chicago, IL 60622
      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.
    2343 Chicago Ave
    Chicago, IL 60622-4723
    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.