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

    2831 Flournoy St Chicago, IL 60612-3307

    • Residential income homes
    • 2,112 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5288746
    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

    • Residential income homes

    Property Details for 2831 Flournoy St

    Year built
    1888
    Construction
    FRAME
    Lot size
    0.07 lot acres
    Property size
    2,112 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    16-13-307-012
    APU
    1613307012

    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
    -87.6973
    Latitude
    41.8726
    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
    $587
    $3,832
    $5,167
    $8,999
    -
    $38,320
    $51,670
    $89,990

    Comparable in this City

    • Value Estimation
      $535,000
      2,592 SF

      2152 Bowler St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,592 SF
      2152 Bowler St, Chicago, IL 60612-4206
      View Details
    • Value Estimation
      $510,000
      3,308 SF

      717 California Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,308 SF
      717 California Ave, Chicago, IL 60612-3325
      View Details
    • Value Estimation by Request
      2,100 SF

      2932 Jackson Blvd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,100 SF
      2932 Jackson Blvd, Chicago, IL 60612-3636
      View Details
    • Value Estimation by Request
      1,680 SF

      2637 Jackson Blvd

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,680 SF
      2637 Jackson Blvd, Chicago, IL 60612-2806
      View Details
    • Value Estimation by Request
      1,184 SF

      2636 Superior St

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,184 SF
      2636 Superior St, Chicago, IL 60612-1111
      View Details
    • Value Estimation by Request
      1,808 SF

      2433 Superior St

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,808 SF
      2433 Superior St, Chicago, IL 60612-1213
      View Details

    Similar Nearby for Sale

    • $850,000
      5,600 SF

      Chicago Tri-Taylor Multifamily Investment

      Five-unit building, excellent location, strong rental potential.
      2727 W Congress Pkwy, Chicago, IL 60612
      View Details
    • $2,795,000

      Six-Unit Building Near United Center

      Six-unit building near United Center with high rental income potential.
      2147 W Adams St, Chicago, IL 60612
      View Details
    • Contact for pricing
      1,086 SF

      West Loop Loft Condo

      West Loop 2 bed, 2 bath condo with parking.
      1645 W Ogden Ave, Chicago, IL 60612
      View Details
    • $1,189,000

      Chicago Multifamily Gut Rehabbed Units

      Seven gut rehabbed units with modern amenities and convenient location.
      3100 W Lexington St, Chicago, IL 60612
      View Details
    • $1,850,000
      0.07 Acres

      Newer Construction Multifamily Investment Opportunity

      Seven-unit building near United Center with income upside.
      14 S Leavitt St, Chicago, IL 60612
      View Details
    • $1,150,000
      0.08 Acres

      Chicago Mixed-Use Investment Opportunity

      Five-unit property with storefront and rehabbed apartments in UK Village.
      2350 W Grand Ave, Chicago, IL 60612
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Unique Loft Space with Amenities

      Spacious 2BR loft with modern amenities and private laundry.
      2120 W Grand Ave, Chicago, IL 60612
      View Details
    • Contact for pricing

      Tri-Taylor Apartment with Large Backyard

      Apartment near UIC Medical District with a large backyard.
      902 S Claremont Ave, Chicago, IL 60612
      View Details
    • $2,300 /Mo

      Warren Boulevard Condo For Rent

      Two-bedroom, two-bath condo near United Center and Medical Center.
      2155 W Warren Blvd, Chicago, IL 60612
      View Details
    • Contact for pricing
      2,300 SF

      Spacious Duplex-Down with Modern Amenities

      Bright duplex-down with refinished floors, modern kitchen, and outdoor space.
      2212 W Huron St, Chicago, IL 60612
      View Details
    • Contact for pricing
      11,066 SF

      Ogden Ave Executive Office Suites

      Chicago Medical District Office Space. New Development.
      2050 Ogden Ave, Chicago, IL 60612
      View Details
    • $14 SF/Yr

      Kinzie Corridor Warehouse Space Available

      Warehouse space for lease in the Kinzie Corridor, Chicago.
      1622-24 W Carroll Ave, Chicago, IL 60612
      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.
    2831 Flournoy St
    Chicago, IL 60612-3307
    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.