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    28 E 112Th Pl Chicago, IL 60628
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    28 E 112Th Pl Chicago, IL 60628

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    • Retail space
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    Retail Space for Rent For Lease
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    Retail Space for Rent

    Retail space available for rent in Chicago, IL.

    28 E 112th Pl, Chicago, IL 60628
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    Property ID
    US28-5247101
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hr DL / Social Service Agency / Charitable Organization
    • Chicago Mental Health Clinics / Public Health Department
    • TV Star Planet / Consultant

    Property Details for 28 E 112Th Pl

    Year built
    1955
    Property type
    Retail space
    Property subtype
    Office Units

    Description

    +/-21, 668 sf One story Free Standing Commercial Building on a +/-43,237sf site. Versatile building with a B3-2 Zoning that will allow for a variety of uses. The building is currently demised into 2 units. The west end unit is approximately 9, 386sf, the east unit is approximately 12,282sf . Also included is the 2,800sf adjacent freestanding building that is currently leased on a month to month basis to the 9th Ward Aldermanic office. The area surrounding 112th Pl & State St in Chicago, IL, offers a prime investment opportunity for Office / Retail or Medical uses. Within a 3-mile radius, the location provides access to urban amenities, nearby public transportation and educational institutions. Prospective investors will appreciate the area's proximity to many city attractions. It's a compelling location for those seeking to capitalize on the vibrant Chicago market. The area is densely populated and has high day time traffic. Close proximity to Interstates 57 & 94.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6241475
    Latitude
    41.6901241

    Comparable in this City

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      Freestanding Building Ideal for Retail

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      Vintage Pharmacy with Rehab Potential

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      Retail Building on Michigan Avenue

      10,200 SF retail building in a busy shopping district.
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    Similar Nearby for Sale

    • $850,000
      24,400 SF

      Industrial Facility Near I-94

      24,400 SF industrial facility with easy expressway access.
      12000 S Doty Ave, Chicago, IL 60628
      View Details
    • $139,000
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      Freestanding Building Ideal for Retail

      Freestanding 700 SF building on corner lot, ideal for retail.
      525 W 119Th St, Chicago, IL 60628
      View Details
    • $375,000
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      Turnkey Mixed-Use Property in Chicago

      Two-story building with commercial space and two apartment units.
      250 E 115Th St, Chicago, IL 60628
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      9,053 SF

      Multi-Unit Commercial Property For Sale

      Commercial multi-unit property in Chicago's South Side with diverse spaces.
      11717 S Halsted St, Chicago, IL 60628
      View Details
    • New
      $149,900
      0.07 Acres

      Vintage Pharmacy with Rehab Potential

      Mixed-use building with upper offices and private entrance.
      11252 S Michigan Ave, Chicago, IL 60628
      View Details
    • $235,000
      10,200 SF

      Retail Building on Michigan Avenue

      10,200 SF retail building in a busy shopping district.
      11109 S Michigan Ave, Chicago, IL 60628
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      High-Traffic Retail/Office Space Available

      2,888 SF space on Chicago's busy 95th Street corridor.
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      Modern Commercial Facility in Chicago

      Two-level commercial space ideal for childcare, medical, retail, education.
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    • $12 SF/Yr

      Roseland Retail/Medical Space Available

      8,406 SF inline space in high-traffic Chicago location.
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      Roseland Retail/Medical Space Available

      8,406 SF inline space in a three-tenant building.
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      88,427 SF

      Roseland Medical Center Office Space

      Second-generation medical office space in established Chicago medical campus.
      134 W 111Th St, Chicago, IL 60628
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    • $24 SF/Yr

      Neighborhood Retail Center Space Available

      Retail spaces available in a neighborhood retail center.
      10352 S Halsted St, Chicago, IL 60628
      View Details
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    Chicago, IL 60628
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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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