Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2419 Michigan Ave Chicago, IL 60616-2301
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2419 Michigan Ave Chicago, IL 60616-2301

    View on Map
    • Industrial properties
    • 10,200 SF
    • 0.16 lot acres
    Off-Market
    Last Sale Sep 30, 2020
    Property ID
    US28-1558094
    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
    $775,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Industrial properties

    Property Details for 2419 Michigan Ave

    Year built
    1913
    Lot size
    0.16 lot acres
    Property size
    10,200 SF
    Property type
    Industrial properties
    APN
    17-27-117-004
    APU
    1727117004

    Description

    This exceptional investment opportunity presents a rare, stand-alone infill building at 2419-2421 S. Michigan Ave in Chicago, IL 60616. The property boasts 22,929 square feet of net rentable space across two units, situated on a 20,264 square foot lot (APN: 17-27-117-004, 17-27-117-005, 17-27-117-031, 17-27-117-035). The building features a desirable D-5 zoning designation, allowing for a wide range of uses. With an 18-foot ceiling height and two loading docks, this flex/distribution space is ideally suited for various businesses. Its prime location offers unparalleled expressway access and incredible proximity to CTA rail, bus, Metra, and bike stations, ensuring exceptional visibility and convenient transportation. The asking price is $2,975,000. Further enhancing its investment appeal, this property is located within a Qualified Opportunity Zone (QOZ), providing significant tax incentives for investors. This unique combination of location, features, and QOZ benefits presents a compelling opportunity for significant return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,065,000
      6.5%
      $985,000
      7%
      $915,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $785,000
      Current use
      AUTO REPAIR, GARAGE
      $1,220,000
      Change: +55% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6232
    Latitude
    41.8487
    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
    $31,696
    $25,650
    $127,972
    $153,622
    -
    $102,600
    $511,888
    $614,488

    Comparable in this City

    • Value Estimation by Request
      0.06 Acres

      2206 Lumber St

      INDUSTRIAL (GENERAL) • 0.06 Acres
      2206 Lumber St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      0.18 Acres

      State St

      INDUSTRIAL (GENERAL) • 0.18 Acres
      State St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      4,600 SF

      1850 Normal Ave

      INDUSTRIAL (GENERAL) • 4,600 SF
      1850 Normal Ave, Chicago, IL 60616
      View Details
    • Value Estimation
      $2,015,000
      37,400 SF

      2701 Wls St

      INDUSTRIAL (GENERAL) • 37,400 SF
      2701 Wls St, Chicago, IL 60616-2747
      View Details
    • Value Estimation
      $855,000
      20,500 SF

      2101 Canal St

      INDUSTRIAL (GENERAL) • 20,500 SF
      2101 Canal St, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      4,500 SF

      555 16th St

      INDUSTRIAL (GENERAL) • 4,500 SF
      555 16th St, Chicago, IL 60616-1146
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      50,000 SF

      Chicago Industrial Property Near I-55

      50,000 SF industrial property near Little Village and Midway Airport.
      2922-2944 W 26Th St, Chicago, IL 60616
      View Details
    • Contact for pricing
      9,316 SF

      Near South Side Commercial Building

      9,316 SF mixed-use building in developing Near South Side.
      1819 S State St, Chicago, IL 60616
      View Details
    • Contact for pricing
      22,841 SF

      Renovated Cicero Building For Sale

      22,841 SF renovated building featuring office and warehouse space.
      4830 W 16Th St, Cicero, IL 60616
      View Details
    • Contact for pricing
      33,500 SF

      Loft Warehouse in Motor Row

      33,500 sq ft loft warehouse in historic district.
      2221 S Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      3,000 SF

      Turn-Key Medical Office Condo

      3,000 SF medical office condo in Chicago's South Loop.
      1600 S Indiana Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      East Pilsen Multi-Unit Building

      Rehabbed three-unit building in vibrant East Pilsen neighborhood.
      1716 S Clinton St, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Service Facility with Yard

      Industrial service facility with paved and secured yard near McCormick.
      2424 South Wabash Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      27,000 SF

      Industrial Space Near I-55

      27,000 SF industrial space with immediate I-55 access.
      2416 S Wabash Ave, Chicago, IL 60616
      View Details
    • $10 SF/Yr

      Armour Square Warehouse For Lease

      Well-maintained warehouse with new office space in Armour Square.
      3241 S Shields Ave, Chicago, IL 60616
      View Details
    • Contact for pricing

      Warehouse Space Available For Lease

      24,000 SF warehouse space available for temporary use.
      2635 S Wabash Ave, Chicago, IL 60616
      View Details
    • $29 SF/Yr
      6,336 SF

      Creative Office and Commercial Space

      Creative office and commercial redevelopment in Pilsen's Mural Park.
      924 W 19Th Pl, Chicago, IL 60616
      View Details
    • Contact for pricing
      34,505 SF

      Commercial Office/Warehouse Loft Space

      500,000 SF commercial building with amenities and parking options.
      329 W 18Th St, Chicago, IL 60616
      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.
    2419 Michigan Ave
    Chicago, IL 60616-2301
    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!