Entity Owned 
For Sale
1 / 20
$1,750,000
2419 S Michigan Ave, Chicago, IL 60616
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Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1913
Total area
10,200 SF
Lot
0.16 ac (6,840 SF)
APN
17-27-117-004
UPID
US28-1558094
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$985k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$425k
Owner & transaction history
since 2020
3 recorded transactions
Zoning & alternative use
Top alternative use upside
Auto repair, garage
$1.2M
+55.5%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 10 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional plan · 30 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$425k
Value range
$383k – $468k
±10% around blend
Estimated value / SF
$42 / SF
Confidence
High
10 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
100
Income certainty
100
$383k
blend $425k
$468k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
10,200 SF
Lot area
0.16 ac
Year built
1913
Stories
1
APN
17-27-117-004
Assessed value
$153,622
Annual tax
$31,696
3
Income approach: direct capitalization
Partial preview
Income approach indication
$985k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.07M
@ 6.5% CAP return
$985k
@ 7% CAP return
$915k
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$31,696
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$790k
Weighted, 10 comps · high confidence
Evidence
10 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
6.3 mi away · 7,200 SF
6.9 mi away · 9,200 SF
7.6 mi away · 10,500 SF
10.3 mi away · 11,700 SF
13.2 mi away · 7,800 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$425k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 1038 sales
$77
-46%
County 1153 sales
$78
-47%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $42/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Auto Repair, Garage
Gross theoretical uplift
+55%
vs current-use indication
Industrial (general) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 10 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
4.66%
Selected cap rate for this industrial properties
Derived from the Chicago market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.66%
9.0%
NOI (est.)
$82k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.75M
Move the market yield to see immediate price impact.
Value / SF
$172
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.16%4.66%5.16%
$73k
$1.77M
$1.58M
$1.42M
$82k
$1.96M
$1.75M
$1.58M
$90k
$2.16M
$1.93M
$1.74M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
10 found
High confidence · county-verified
Closest comparable
$760k
3.9 mi · Dec 2025 · $89/SF
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$31,696
Tax year 2022
Assessed value
$153,622
Assessed 2022
Previous assessed
$153,622
+0.0% YoY
Effective rate
20.63%
On assessed value
Assessed land
$25,650
Assessed improvement
$127,972
Land market value
$102,600
Improvement market value
$511,888
Total market value
$614,488
Applied tax rate
76,091.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Sale
Year built
1913
Heating
NONE
Stories
1
Total area
10,200 SF
Lot
0.16 ac (6,840 SF)
APN
17-27-117-004
UPID
US28-1558094
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release.
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1913
Heating
NONE
Stories
1
Lot
0.16 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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Your membership includes if available
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- Zoning
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