Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2524 Central Ave Chicago, IL 60639
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2524 Central Ave Chicago, IL 60639

    View on Map
    • Grocery and convenience stores
    • 18,100 SF
    • 1.71 lot acres
    Off-Market
    Property ID
    US28-1262809
    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
    $3,290,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 2524 Central Ave

    Year built
    1967
    Lot size
    1.71 lot acres
    Property size
    18,100 SF
    Property type
    Grocery and convenience stores
    APN
    13-29-424-045
    APU
    1329424045

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,305,000
      6.5%
      $3,970,000
      7%
      $3,690,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,180,000
      Market price range: $1.12M - $3.18M
      AI Estimate
      $2,715,000
      Market price range: $842k - $2.72M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,100,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $4,325,000
      Change: +106% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $3,665,000
      Change: +75% Conversion: Difficult
      OFFICE BUILDING
      $2,440,000
      Change: +16% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,090,000
      Change: -0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7664
    Latitude
    41.9267
    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
    $209,917
    $222,834
    $797,754
    $1,020,588
    -
    $891,336
    $3,191,016
    $4,082,352

    Comparable in this City

    • Value Estimation
      $540,000
      3.67 Acres

      1740 Kostner Ave

      GROCERY, SUPERMARKET • 3.67 Acres
      1740 Kostner Ave, Chicago, IL 60639-4703
      View Details
    • Value Estimation
      $2,445,000
      18,900 SF

      4415 Armitage Ave

      GROCERY, SUPERMARKET • 18,900 SF
      4415 Armitage Ave, Chicago, IL 60639
      View Details
    • Value Estimation
      $2,515,000
      8,700 SF

      5024 Fullerton Ave

      GROCERY, SUPERMARKET • 8,700 SF
      5024 Fullerton Ave, Chicago, IL 60639
      View Details
    • Value Estimation
      $2,125,000
      11,700 SF

      4400 Fullerton Ave

      GROCERY, SUPERMARKET • 11,700 SF
      4400 Fullerton Ave, Chicago, IL 60639
      View Details
    • Value Estimation
      $585,000
      5.69 Acres

      2520 Narragansett Ave

      GROCERY, SUPERMARKET • 5.69 Acres
      2520 Narragansett Ave, Chicago, IL 60639-1041
      View Details
    • Value Estimation
      $2,515,000
      8,700 SF

      5020 Fullerton Ave, Unit 28

      GROCERY, SUPERMARKET • 8,700 SF
      5020 Fullerton Ave, Chicago, IL 60639-2414
      View Details

    Similar Nearby for Sale

    • $498,800
      0.07 Acres

      Two-Story Brick Building in Chicago

      Two-story brick building with business and apartment in Chicago.
      5948 W Diversey Ave, Chicago, IL 60639
      View Details
    • $1,249,500
      6,000 SF

      Established Banquet Hall with Apartments

      Banquet hall with apartments for additional income in Chicago.
      6155 W Fullerton 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
    • $1,999,000
      0.13 Acres

      Candy Manufacturing Facility For Sale

      Retail and wholesale candy maker with manufacturing facility for sale.
      4933-4935 W Fullerton Ave, Chicago, IL 60639
      View Details
    • $1,249,500
      6,000 SF

      Established Banquet Hall with Apartments

      Banquet hall with apartments for additional income in Chicago.
      6155 W Fullerton Ave, Chicago, IL 60639
      View Details
    • $275,000
      0.07 Acres

      Chicago Commercial Space with Patio

      Vacant restaurant with apartment and patio on Fullerton Avenue.
      5247 W Fullerton Ave, Chicago, IL 60639
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,664 SF

      Historic Building in Logan Square

      Adaptive reuse development with loft office, retail, and residential spaces.
      4100 W Diversey Ave, Chicago, IL 60639
      View Details
    • Contact for pricing

      Remodeled Commercial Space in Chicago

      Remodeled commercial space suitable for retail, restaurant, or office.
      1952 N Pulaski Rd, Chicago, IL 60639
      View Details
    • $14 SF/Yr

      Retail Plaza in Humboldt Park

      Retail units available in vibrant Humboldt Park location.
      4435-4465 West Grand Ave, Chicago, IL 60639
      View Details
    • $1,500 /Mo
      1,100 SF

      Commercial Space in North Austin

      Ground floor retail space available for lease in Chicago.
      5030-5034 W North Ave, Chicago, IL 60639
      View Details
    • Contact for pricing
      2,029 SF

      Retail Space in Brickyard Center

      Retail space available in a large shopping center.
      2650 N Narragansett Ave, Chicago, IL 60639
      View Details
    • Contact for pricing

      Remodeled Commercial Space on Armitage

      Newly remodeled commercial space suitable for retail or office use.
      4914 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.
    2524 Central 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.
    Sign Up Successful!
    You now have access to more from Realmo!