Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    2926 Armitage Ave Chicago, IL 60647

    • Auto shops
    • 2,200 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2731342
    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

    • Auto shops

    Property Details for 2926 Armitage Ave

    Year built
    1992
    Lot size
    0.07 lot acres
    Property size
    2,200 SF
    Property type
    Auto shops
    APN
    13-36-123-016
    APU
    1336123016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $205,000
      Market price range: $115k - $467k
      AI Estimate
      $242,000
      Market price range: $153k - $489k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7004
    Latitude
    41.9178
    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
    $7,830
    $22,260
    $15,680
    $37,940
    -
    $89,040
    $62,720
    $151,760

    Comparable in this City

    • Value Estimation
      $370,000
      4,000 SF

      2654 Fullerton Ave

      AUTO REPAIR, GARAGE • 4,000 SF
      2654 Fullerton Ave, Chicago, IL 60647-3014
      View Details
    • Value Estimation
      $340,000
      7,000 SF

      3255 Fullerton Ave

      AUTO REPAIR, GARAGE • 7,000 SF
      3255 Fullerton Ave, Chicago, IL 60647-2562
      View Details
    • Value Estimation
      $230,000
      1,200 SF

      2426 Western Ave

      AUTO REPAIR, GARAGE • 1,200 SF
      2426 Western Ave, Chicago, IL 60647-2012
      View Details
    • Value Estimation
      $280,000
      2,400 SF

      3271 Armitage Ave

      AUTO REPAIR, GARAGE • 2,400 SF
      3271 Armitage Ave, Chicago, IL 60647-3759
      View Details
    • Value Estimation
      $225,000
      1,200 SF

      3701 Wn Ave

      AUTO REPAIR, GARAGE • 1,200 SF
      3701 Wn Ave, Chicago, IL 60647-4726
      View Details
    • Value Estimation
      $865,000
      5,700 SF

      1889 Milwaukee Ave

      AUTO REPAIR, GARAGE • 5,700 SF
      1889 Milwaukee Ave, Chicago, IL 60647
      View Details

    Similar Nearby for Sale

    • $1,499,000
      0.17 Acres

      Turnkey Auto Shop in Chicago

      Established auto collision and repair shop for sale.
      3263 W Fullerton Ave, Chicago, IL 60647
      View Details
    • Contact for pricing

      Outdoor Parking Space For Sale

      Outdoor parking space available at Humboldt Place Condominiums.
      1925 N Humboldt Blvd, Chicago, IL 60647
      View Details
    • New
      Contact for pricing

      Heated Garage Parking Space

      Indoor heated parking space in desirable Wicker Park location.
      1751 N Western Ave, Chicago, IL 60647
      View Details
    • $760,000

      Updated Mixed-Use Building For Sale

      Fully updated, mixed-use building with apartments and storefront in Chicago.
      3538 W North Ave, Chicago, IL 60647
      View Details
    • $900,000

      West Town Mixed-Use Building

      Fully leased mixed-use building with income growth and recent upgrades.
      2615 W North Ave, Chicago, IL 60647
      View Details
    • New
      $299,000
      3,300 SF

      Mixed-Use Building in Humboldt Park

      Mixed-use building in high-traffic area, ideal for retail.
      3924 W North Ave, Chicago, IL 60647
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      12,700 SF

      Medical Office Space with Parking

      4,250 SF medical office with parking and security.
      3650 W Armitage Ave, Chicago, IL 60647
      View Details
    • Contact for pricing

      Chicago Commercial Property For Rent

      Commercial property available for rent in Chicago, Illinois.
      1606 N Harding Ave, Chicago, IL 60647
      View Details
    • Contact for pricing
      272,000 SF

      Diversey Ave Office Space Available

      Prime Cook County office space, 3,942 sq ft available.
      2545 Diversey Ave, Chicago, IL 60647
      View Details
    • $18 SF/Yr

      Logan Square Retail/Restaurant/Office Space

      Prime location for retail, restaurant, spa, or office space.
      3656 W Belmont Ave, Chicago, IL 60647
      View Details
    • $20 SF/Yr

      Bucktown Retail and Office Space

      Versatile retail, office, and commercial space in prime Bucktown location.
      2157 N Damen Ave, Chicago, IL 60647
      View Details
    • $55 SF/Yr

      Restaurant Space with Patio

      Former restaurant space with kitchen infrastructure and large patio.
      2234 N Western Ave, Chicago, IL 60647
      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.
    2926 Armitage Ave
    Chicago, IL 60647
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.