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

    2502 Laramie Ave Chicago, IL 60639

    • Retail space
    • 2,400 SF
    • 0.09 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1177902
    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

    • Almas Hair Salon / Hair Salon / Nail Salon

    Property Details for 2502 Laramie Ave

    Year built
    1974
    Lot size
    0.09 lot acres
    Property size
    2,400 SF
    Property type
    Retail space
    APN
    13-28-323-038
    APU
    1328323038

    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
    -87.7566
    Latitude
    41.9261
    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
    $7,821
    $18,054
    $19,969
    $38,023
    -
    $72,216
    $79,876
    $152,092

    Comparable in this City

    • Value Estimation by Request

      2700 Narragansett Ave

      Individual retail properties
      2700 Narragansett Ave, Chicago, IL 60639
      View Details
    • Value Estimation by Request
      0.07 Acres

      4204 Fullerton Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      4204 Fullerton Ave, Chicago, IL 60639
      View Details
    • Value Estimation by Request
      0.20 Acres

      5821 23rd Wn Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.20 Acres
      5821 23rd Wn Ave, Chicago, IL 60639
      View Details
    • Value Estimation
      $1,135,000
      25,500 SF

      2311 Pulaski Rd

      RETAIL STORES (PERSONAL SERVICES) • 25,500 SF
      2311 Pulaski Rd, Chicago, IL 60639-3711
      View Details
    • Value Estimation by Request
      6,200 SF

      5935 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,200 SF
      5935 Grand Ave, Chicago, IL 60639-2739
      View Details
    • Value Estimation by Request
      6,300 SF

      4009 Wn Ave

      STORE, RETAIL OUTLET • 6,300 SF
      4009 Wn Ave, Chicago, IL 60639-5203
      View Details

    Similar Nearby for Sale

    • $499,000
      6,250 SF

      Versatile Chicago Industrial/Flex Space

      Divisible 6,250 SF building with 16' bow truss ceilings.
      5245 W Diversey Ave, Chicago, IL 60639
      View Details
    • Contact for pricing
      8,150 SF

      Retail Property Near Metra Station

      Retail property near Hanson Park Metra Station on Grand Avenue.
      5715-5719 W Grand Ave, Chicago, IL 60639
      View Details
    • $499,000
      6,250 SF

      Versatile Chicago Industrial/Flex Space

      Divisible 6,250 SF building with 16' bow truss ceilings.
      5245 W Diversey Ave, Chicago, IL 60639
      View Details
    • New
      $498,000
      0.14 Acres

      Commercial Building in Belmont Cragin

      Commercial building on a double lot in Belmont Cragin.
      5129 W Diversey Ave, Chicago, IL 60639
      View Details
    • $1,239,000
      7,500 SF

      Chicago Retail Investment Opportunity

      Leased retail stores in a high-traffic commercial corridor.
      5159 W Diversey Ave, Chicago, IL 60639
      View Details
    • $1,999,000
      0.13 Acres

      Candy Manufacturing Facility For Sale

      Retail and wholesale candy manufacturing facility and business for sale.
      4933-4935 W Fullerton Ave, Chicago, IL 60639
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,000 SF

      Retail Space in Belmont Cragin

      Retail opportunity in high-density middle-class neighborhood anchored by national tenants.
      2620 N Narragansett Ave, Chicago, IL 60639
      View Details
    • $16 SF/Yr
      1,900 SF

      Retail Space on Grand Avenue

      Retail space available in Grand Plaza with high visibility.
      4435 W Grand Ave, Chicago, IL 60639
      View Details
    • $2,500 /Mo

      Retail Space in Chicago

      Retail space available for rent in Chicago, Illinois.
      4324 W Fullerton Ave, Chicago, IL 60639
      View Details
    • Contact for pricing
      21,971 SF

      Retail Space with Parking Lot

      Retail property with parking and loading docks available for rent.
      2634 S Pulaski Rd, Chicago, IL 60639
      View Details
    • Contact for pricing
      1,944 SF

      Diversey Avenue Retail Space Available

      Retail space on Diversey Avenue with parking and signage.
      4053-4057 W Diversey Ave, Chicago, IL 60639
      View Details
    • Contact for pricing

      Remodeled Commercial Space on Armitage

      Newly remodeled commercial space on heavily trafficked Armitage Avenue.
      4912 W Armitage Ave, Chicago, IL 60639
      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.
    2502 Laramie Ave
    Chicago, IL 60639
    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.