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

    2414 W 71St St Chicago, IL 60629

    • Retail space
    • 1,500 SF
    • 0.07 lot acres
    For Sale
    View listing
    $349,900
    Last Sale
    Feb 01, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1678124
    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

    • Queen gyro sub / Restaurant
    • Yamon Jerk Grill / Restaurant

    Property Details for 2414 W 71St St

    Year built
    1958
    Lot size
    0.07 lot acres
    Property size
    1,500 SF
    Property type
    Retail space
    APN
    19-24-428-019
    APU
    1924428019

    Description

    This exceptional Chicago retail property, located at 2414 W 71st St, offers a compelling investment opportunity. The 5,400 square foot, single-story building, constructed in 1958, sits on five separate city lots (with individual PINs: 19244280190000, 19244280180000, 19244280170000, 19244280160000, 19244280150000) and is zoned COMM. The property comprises four storefronts. Two units are currently generating rental income: a restaurant (2414) producing $1500 monthly and a barber shop (2418) with a 30-year history generating $1000 monthly. A vacant 1,000 square foot former liquor store (2416) is also available. Units 2422-2424 (3,000 sq ft) require complete renovation following fire damage; they are currently gutted and need a new roof and interior. The asking price is $349,900, translating to $58.32 per square foot. This property presents significant potential for value appreciation and rental income growth in the vibrant Marquette Park commercial strip. The all-brick construction adds to its durability and curb appeal. This is an ideal investment for those seeking a multi-unit retail property with a mix of income-generating and value-add opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.684
    Latitude
    41.765
    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
    $7,726
    $7,031
    $30,530
    $37,561
    -
    $28,124
    $122,120
    $150,244

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      2809 59th St

      RETAIL STORES (PERSONAL SERVICES) • 0.14 Acres
      2809 59th St, Chicago, IL 60629-2245
      View Details
    • Value Estimation by Request
      0.07 Acres

      5741 Kedzie Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5741 Kedzie Ave, Chicago, IL 60629
      View Details
    • Value Estimation by Request
      0.06 Acres

      7045 Pulaski Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      7045 Pulaski Rd, Chicago, IL 60629-5833
      View Details
    • Value Estimation by Request
      0.06 Acres

      7045 Pulaski Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.06 Acres
      7045 Pulaski Rd, Chicago, IL 60629-5833
      View Details
    • Value Estimation by Request
      0.10 Acres

      6651 Pulaski Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      6651 Pulaski Rd, Chicago, IL 60629-5147
      View Details
    • Value Estimation by Request

      6315 Pulaski Rd

      RETAIL STORES (PERSONAL SERVICES)
      6315 Pulaski Rd, Chicago, IL 60629-4759
      View Details

    Similar Nearby for Sale

    • New
      $315,000
      0.08 Acres

      Chicago Commercial Space with Garage

      Versatile commercial space with income potential and six-car garage.
      5940 S Pulaski Rd, Chicago, IL 60629
      View Details
    • $270,000
      0.07 Acres

      Chicago Mixed-Use Investment Opportunity

      Turnkey investment property with commercial and residential income potential.
      2817 W 63Rd St, Chicago, IL 60629
      View Details
    • $319,000

      Remodeled Retail and Residential Property

      Investment property featuring a remodeled salon and a three-bedroom unit.
      3121 W 63Rd St, Chicago, IL 60629
      View Details
    • Contact for pricing
      20,000 SF

      6259 Kedzie Ave

      Individual retail properties • 20,000 SF
      6259 Kedzie Ave, Chicago, IL 60629
      View Details
    • $3,054,800
      20,862 SF

      Chicago Storefront Investment Opportunity

      High-Cap Rate Planet Fitness
      7455 Cicero Ave, Chicago, IL 60629
      View Details
    • Contact for pricing

      Chicago Lawn Retail Opportunity

      Commercial building in Chicago Lawn neighborhood, ideal for retail.
      3353 63Rd St, Chicago, IL 60629
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,614 SF

      High-Visibility Commercial Space in Chicago

      Recently renovated commercial unit on Pulaski Avenue available for lease.
      6832 S Pulaski Rd, Chicago, IL 60629
      View Details
    • Contact for pricing

      Storefront for Lease Near Kedzie

      Storefront for lease in Chicago near busy Kedzie Avenue.
      5910 S Troy St, Chicago, IL 60629
      View Details
    • Contact for pricing

      Pulaski Road Retail Opportunity

      Versatile 1,500 sq ft retail space on Pulaski Road.
      5610 S Pulaski Rd, Chicago, IL 60629
      View Details
    • Contact for pricing
      46,516 SF

      Ford City Retail Spaces Available

      Prime Retail, High Traffic, Two Spaces
      7601 Cicero Ave, Chicago, IL 60629
      View Details
    • $15 SF/Yr

      Retail Space on 59th Street

      Open retail space with parking on busy 59th Street.
      2849 W 59Th St, Chicago, IL 60629
      View Details
    • Contact for pricing

      Chicago Lawn Retail Storefront

      Retail storefront for lease in Chicago Lawn neighborhood.
      6310 S Campbell Ave, Chicago, IL 60629
      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.
    2414 W 71St St
    Chicago, IL 60629
    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.