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    2828 N Clark St Chicago, IL 60657

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    Property profile & analytics

    2828 N Clark St Chicago, IL 60657

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    • Community centers
    • 48,400 SF
    • 0.39 lot acres
    For Lease
    $9,025,000
    View Listing →
    Vertical Mall in Lake View For Lease
    $9,025,000
    18,850 SF

    Vertical Mall in Lake View

    175,000 SF vertical mall with retail and office spaces.

    2828 N Clark St, Chicago, IL 60657
    View Listing
    Property ID
    US28-0698979
    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

    • Krypton VR Lounge / Arcade & Gaming Center / (Bike/Boat/Book/etc) Store
    • Chicago Chiropractor - Dr. Ingham / Alternative Medicine Practice
    • Hertz - Uber, N. Clark / Car Rental Facility
    • Real Estate Institute / Vocational School / Training Center
    • Game Night Out / Arcade & Gaming Center / Family Recreation Center

    Property Details for 2828 N Clark St

    Year built
    1926
    Lot size
    0.39 lot acres
    Property size
    48,400 SF
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    14-28-119-024
    APU
    1428119024

    Description

    The Century Shopping Centre, located at 2828 N Clark St in Chicago, IL 60657, presents a unique investment opportunity. This multi-use property, encompassing 174,836 square feet on a 1.39-acre lot in Cook County, offers a blend of retail, executive office, and creative office spaces. The property currently has 49,783 square feet of vacant space available, divisible into units as small as 976 square feet, with a maximum contiguous space of 9,557 square feet. Nine individual spaces are immediately available, ranging in size from 432 to 18,850 square feet, making it suitable for a variety of businesses. The building features ample parking with 400 spaces available for tenants and customers. Its location in Chicago provides excellent access to transportation and a vibrant urban environment. The property's classification as both executive and creative office space caters to a diverse range of potential tenants. This is an exceptional opportunity to secure space in a well-established shopping center with significant potential for growth and high visibility. The property's diverse offerings and prime location make it an attractive option for businesses seeking a prominent presence in the heart of Chicago. Contact us today to learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $11,570,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6458
    Latitude
    41.9334
    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
    $352,236
    $251,685
    $1,366,528
    $1,618,213
    -
    $1,006,740
    $5,466,112
    $6,472,852

    Comparable in this City

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    • Value Estimation by Request
      0.65 Acres

      2828 Clark St

      MINI-MALL • 0.65 Acres
      2828 Clark St, Chicago, IL 60657-5775
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    • Value Estimation by Request
      0.65 Acres

      2828 Clark St

      MINI-MALL • 0.65 Acres
      2828 Clark St, Chicago, IL 60657-5775
      View Details
    • Value Estimation
      $5,445,000
      29,200 SF

      3001 Clark St

      MINI-MALL • 29,200 SF
      3001 Clark St, Chicago, IL 60657-5205
      View Details
    • Value Estimation
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      29,200 SF

      3025 Clark St

      MINI-MALL • 29,200 SF
      3025 Clark St, Chicago, IL 60657-5205
      View Details
    • Value Estimation
      $570,000
      0.65 Acres

      2828 Clark St

      MINI-MALL • 0.65 Acres
      2828 Clark St, Chicago, IL 60657-5775
      View Details

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      The Century Shopping Centre Space

      Retail space available for lease in The Century Shopping Centre.
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      Vertical Mall in Lake View

      175,000 SF vertical mall with retail and office spaces.
      2828 N Clark St, Chicago, IL 60657
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    View Listing
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    Chicago, IL 60657
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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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    2828 N Clark St, Chicago, IL, 60657

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