Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    2844 W Addison St, Unit P1 Chicago, IL 60618
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2844 W Addison St, Unit P1 Chicago, IL 60618

    View on Map
    • Parking lots & garages
    • 0.09 lot acres
    For Sale
    $25,000
    View Listing →
    2844 W Addison Street #P1, Chicago, IL 60618 For Sale
    $25,000

    2844 W Addison Street #P1, Chicago, IL 60618

    Parking space on Addison St, Chicago, near Wrigley Field.

    2844 W Addison St,Unit P1, Chicago, IL 60618
    View Listing
    Property ID
    US28-5078650
    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

    • Parking lots & garages

    Property Details for 2844 W Addison St

    Year built
    1927
    Lot size
    0.09 lot acres
    Property type
    Parking lots & garages
    APN
    13-24-130-045-1008
    APU
    13241300451008

    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
    -87.6998
    Latitude
    41.947
    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
    $206
    $225
    $774
    $999
    -
    $2,250
    $7,740
    $9,990

    Comparable in this City

    • Value Estimation by Request
      0.33 Acres

      3550 Montrose Ave, Unit P-7

      RESIDENTIAL PARKING GARAGE • 0.33 Acres
      3550 Montrose Ave, Chicago, IL 60618-1187
      View Details
    • Value Estimation by Request
      0.14 Acres

      3848 Richmond St, Unit P-1

      RESIDENTIAL PARKING GARAGE • 0.14 Acres
      3848 Richmond St, Chicago, IL 60618-3527
      View Details
    • Value Estimation by Request
      0.14 Acres

      4164 Lincoln Ave, Unit P-3

      RESIDENTIAL PARKING GARAGE • 0.14 Acres
      4164 Lincoln Ave, Chicago, IL 60618-3083
      View Details
    • Value Estimation by Request
      0.21 Acres

      2856 George St, Unit P-6

      RESIDENTIAL PARKING GARAGE • 0.21 Acres
      2856 George St, Chicago, IL 60618
      View Details
    • Value Estimation by Request
      0.21 Acres

      2856 George St, Unit P-4

      RESIDENTIAL PARKING GARAGE • 0.21 Acres
      2856 George St, Chicago, IL 60618
      View Details
    • Value Estimation by Request
      0.10 Acres

      2315 Montrose Ave, Unit P1

      RESIDENTIAL PARKING GARAGE • 0.10 Acres
      2315 Montrose Ave, Chicago, IL 60618-1618
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Deeded Parking Space For Sale

      Parking space on Addison St, Chicago, near Wrigley Field.
      2844 W Addison St, Chicago, IL 60618
      View Details
    • $650,000

      Auto Repair Shop For Sale

      Long-time auto repair shop in a prime location.
      3010 W Irving Park Rd, Chicago, IL 60618
      View Details
    • Contact for pricing
      4,800 SF

      3100 W Montrose Avenue, Chicago, IL 60618

      Auto shops • 4,800 SF
      3100 W Montrose Ave, Chicago, IL 60618
      View Details
    • New
      $999,900
      0.15 Acres

      Established Auto Body Business For Sale

      Operating auto body business and building for sale on Elston.
      3452 N Elston Ave, Chicago, IL 60618
      View Details
    • $599,000

      Auto Repair Building For Sale

      Auto repair building on Chicago's North Side with great visibility.
      2859 W Montrose Ave, Chicago, IL 60618
      View Details
    • $599,000

      Auto Repair Building For Sale

      Auto repair building on Chicago's North Side for sale.
      2859 W Montrose Ave, Chicago, IL 60618
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Flex Space in Chicago

      Stand-alone industrial flex property with M zoning in Chicago.
      2328 W Nelson St, Chicago, IL 60618
      View Details
    • Contact for pricing

      Retail Space Available for Rent

      Retail space available, approximately 1,195 square feet.
      3621-3651 North Western Ave, Chicago, IL 60618
      View Details
    • $27 SF/Yr

      Newer Mixed-Use Building Retail Space

      Retail/Office space in newer mixed-use building with high ceilings.
      2837 N Clybourn Ave, Chicago, IL 60618
      View Details
    • Contact for pricing
      2,550 SF

      Chicago Retail Space for Lease

      Grocery-anchored shopping center in Avondale neighborhood with high visibility.
      3227-3237 West Addison St, Chicago, IL 60618
      View Details
    • $27 SF/Yr

      Newer Mixed-Use Building Retail/Office Space

      Newer mixed-use building with retail and office space for lease.
      2837 N Clybourn Ave, Chicago, IL 60618
      View Details
    • Contact for pricing

      Retail Space Near High-Traffic Area

      Retail space for lease in high-traffic location near I-90.
      3214 N Kimball Ave, Chicago, IL 60618
      View Details
    View Listing
    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.
    2844 W Addison St, Unit P1
    Chicago, IL 60618
    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!