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    Property profile & analytics

    2501 Western Ave Chicago, IL 60608-4807

    • Retail space
    • 6,900 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Nov 21, 2023
    $1,200,000
    Value Estimations
    $1,305,000
    Show details
    Cap Rate Potential
    7.5%
    Retail space
    Location Intelligence
    Property ID
    US28-0034449
    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

    • CASA MATEO / LA PULQUERIA / Restaurant / Bar & Grill
    • El Cantante / Mexican Restaurant
    • Wons Auto Werks / Auto Repair Shop
    • Midway Overhead Door Inc. / Door Supplier
    • Valvoline Instant Oil Change / Car Repair And Maintenance Service / Oil Change Service

    Property Details for 2501 Western Ave

    Year built
    1928
    Lot size
    0.09 lot acres
    Property size
    6,900 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    17-30-120-001
    APU
    1730120001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,265,000
      ML approach
      $1,240,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,590,000
      6.5%
      $1,470,000
      7%
      $1,365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,004,000
      Market price range: $484k - $2.35M
      AI Estimate
      $1,048,000
      Market price range: $240k - $1.18M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6852
    Latitude
    41.8464
    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
    $40,946
    $19,920
    $179,156
    $199,076
    -
    $79,680
    $716,624
    $796,304

    Comparable in this City

    • Value Estimation
      $385,000
      0.16 Acres

      2109 Ashland Ave

      STORE, RETAIL OUTLET • 0.16 Acres
      2109 Ashland Ave, Chicago, IL 60608-4405
      View Details
    • Value Estimation
      $325,000
      9,900 SF

      3305 Halsted St

      STORE, RETAIL OUTLET • 9,900 SF
      3305 Halsted St, Chicago, IL 60608
      View Details
    • Value Estimation
      $380,000
      10,700 SF

      1808 Halsted St

      STORE, RETAIL OUTLET • 10,700 SF
      1808 Halsted St, Chicago, IL 60608
      View Details
    • Value Estimation
      $335,000
      1,840 SF

      1626 Halsted St

      STORE, RETAIL OUTLET • 1,840 SF
      1626 Halsted St, Chicago, IL 60608-2328
      View Details
    • Value Estimation
      $395,000
      11,700 SF

      2631 Halsted St

      STORE, RETAIL OUTLET • 11,700 SF
      2631 Halsted St, Chicago, IL 60608
      View Details
    • Value Estimation
      $340,000
      1,843 SF

      2135 Halsted St

      STORE, RETAIL OUTLET • 1,843 SF
      2135 Halsted St, Chicago, IL 60608-4532
      View Details

    Similar Nearby for Sale

    • $1,395,900
      0.12 Acres

      Turnkey Mixed-Use Investment Property

      Nine-unit mixed-use property in Chicago's Bridgeport neighborhood.
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      Pilsen Mixed-Use Investment Opportunity

      Mixed-use building in Pilsen's historic district with high visibility.
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      Corner Mixed-Use Building with Retail

      Three-unit mixed-use building with retail space and residential apartments.
      2024 S Ashland Ave, Chicago, IL 60608
      View Details
    • $325,000
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      Corner Building with Grocery Store

      Well-maintained commercial building with grocery store and restaurant in Chicago.
      2701 W 23Rd St, Chicago, IL 60608
      View Details
    • $3,112,460
      14,033 SF

      Prime Retail Location in Chicago

      High-performing pharmacy in a strategic location near medical district.
      1208 W Washburne Ave, Chicago, IL 60608
      View Details
    • Contact for pricing

      Grocery-Anchored Retail Center For Sale

      Retail center near Chicago Fire training facility, medical center, and university.
      1220 S Ashland Ave, Chicago, IL 60608
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      6,250 SF

      Pilsen Commercial Space For Lease

      Flexible commercial space in Chicago's Pilsen neighborhood, suitable for various uses.
      1616 W 18Th Pl, Chicago, IL 60608
      View Details
    • $25 SF/Yr
      2,375 SF

      Pilsen Retail Space For Rent

      Prime retail space in Chicago's vibrant Pilsen neighborhood.
      2514 S Blue Island Ave, Chicago, IL 60608
      View Details
    • Contact for pricing

      Prime Pilsen Retail Space Available

      Exceptional retail space in the heart of Pilsen.
      1725 S Ashland Ave, Chicago, IL 60608
      View Details
    • New
      Contact for pricing

      Pilsen Retail Storefront on 18th

      Premier 1,500 SF retail space in historic Pilsen corridor.
      1102 W 18Th St, Chicago, IL 60608
      View Details
    • $25 SF/Yr
      1,769 SF

      Cermak & Damen Retail Space

      Prime Pilsen Location, 1700+ SF
      2003 Cermak Rd, Chicago, IL 60608
      View Details
    • New
      Contact for pricing

      Pilsen Storefront/Studio with Skylight

      Contemporary Chicago storefront with unique skylight and courtyard.
      1839 S Halsted St, Chicago, IL 60608
      View Details
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    2501 Western Ave
    Chicago, IL 60608-4807
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    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
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