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    Property profile & analytics

    2944 Devon Ave Chicago, IL 60659

    • Retail residential properties
    • 3,900 SF
    • 0.14 lot acres
    For Sale
    View listing
    $1,600,000
    Last Sale
    Apr 08, 2022
    $1,440,000
    Value Estimations
    Cap Rate Potential
    3.5%
    Retail residential properties
    Location Intelligence
    Property ID
    US28-1988633
    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

    • Tel-Aviv Kosher Bakery / Bakery

    Property Details for 2944 Devon Ave

    Year built
    1970
    Lot size
    0.14 lot acres
    Property size
    3,900 SF
    Property type
    Retail residential properties
    APN
    10-36-324-020
    APU
    1036324020

    Description

    This exceptional 3-story mixed-use building, located at 2944 W Devon Ave in Chicago's vibrant Rogers Park neighborhood, presents a rare investment opportunity. Boasting 8,975 square feet on a 6,250 square foot lot, the property features a classic facade and benefits from B1-2 zoning. The building currently enjoys 100% occupancy with seven tenants, generating a strong net operating income (NOI) of $120,000 and a 7.50% cap rate. The ground floor houses a thriving 3,300 square foot bakery, ensuring consistent rental income. The upper two floors comprise seven residential units: two one-bedroom/one-bathroom, two two-bedroom/one-bathroom, and three three-bedroom/one-bathroom units. The property includes two parking spaces in a rear lot and benefits from excellent visibility and high traffic volume (26,700 vehicles per day on Devon Avenue). Its prime location offers easy access to expressways and public transportation (CTA bus lines), surrounded by a variety of retail establishments and restaurants including Dunkin', City Fresh Market, and several other businesses. This turnkey investment is priced at $1,600,000 ($178.27 per square foot) and offers significant potential for value-add improvements. The seller is open to reasonable offers. The property is being sold as-is.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,890,000
      ML approach
      $1,720,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,095,000
      6.5%
      $1,015,000
      7%
      $940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,890,000
      Market price range: $1.32M - $1.89M
      AI Estimate
      $1,064,000
      Market price range: $183k - $1.20M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7039
    Latitude
    41.9978
    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
    $22,621
    $10,468
    $83,841
    $94,309
    -
    $104,680
    $838,410
    $943,090

    Comparable in this City

    • Value Estimation
      $845,000
      2,800 SF

      6300 Western Ave

      STORES & APARTMENTS • 2,800 SF
      6300 Western Ave, Chicago, IL 60659-2082
      View Details
    • Value Estimation
      $4,595,000
      26,700 SF

      6306 Western Ave, Unit 20

      STORES & APARTMENTS • 26,700 SF
      6306 Western Ave, Chicago, IL 60659-0050
      View Details
    • Value Estimation
      $2,275,000
      13,320 SF

      6345 Monticello Ave

      STORES & APARTMENTS • 13,320 SF
      6345 Monticello Ave, Chicago, IL 60659-1220
      View Details
    • Value Estimation
      $945,000
      3,100 SF

      2437 Peterson Ave

      STORES & APARTMENTS • 3,100 SF
      2437 Peterson Ave, Chicago, IL 60659-4112
      View Details
    • Value Estimation
      $1,640,000
      9,200 SF

      3124 Devon Ave

      STORES & APARTMENTS • 9,200 SF
      3124 Devon Ave, Chicago, IL 60659-1408
      View Details
    • Value Estimation
      $1,685,000
      6,800 SF

      2600 Devon Ave

      STORES & APARTMENTS • 6,800 SF
      2600 Devon Ave, Chicago, IL 60659-1804
      View Details

    Similar Nearby for Sale

    • $600,000

      Devon Avenue Mixed-Use Property

      Mixed-use property on Devon Avenue with two active businesses.
      2114 W Devon Ave, Chicago, IL 60659
      View Details
    • $1,600,000
      8,975 SF

      Rogers Park Mixed-Use Building

      7-Unit Multifamily & Retail Investment
      2944 Devon Ave, Chicago, IL 60659
      View Details
    • $1,199,000
      8,000 SF

      Arcadia Terrace Mixed-Use Investment

      Three-lot Chicago commercial property, high NOI.
      5620 Western Ave, Chicago, IL 60659
      View Details
    • $1,600,000
      8,975 SF

      Mixed-Use Building in Rogers Park

      Three-story mixed-use building with retail and residential units for sale.
      2944 W Devon Ave, Chicago, IL 60659
      View Details
    • $599,000
      0.13 Acres

      Mixed-Use Building and Vacant Lot

      Two-story mixed-use building and adjacent vacant lot for sale.
      5640 N Western Ave, Chicago, IL 60659
      View Details
    • $1,149,000
      0.22 Acres

      Mixed-Use Investment Opportunity, Chicago

      Fully occupied mixed-use property with high traffic and development potential.
      5620 N Western Ave, Chicago, IL 60659
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      30,560 SF

      Prime Retail Space, Chicago

      Three retail spaces available, high traffic area.
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      View Details
    • $950 /Mo
      650 SF

      Professional Office Space Available

      First-floor office space in a professional building for rent.
      2726 W Peterson Ave, Chicago, IL 60659
      View Details
    • $1,875 /Mo

      North Park Apartment For Rent

      Spacious 3 bed, 1.5 bath apartment in North Park.
      5701 N Kimball Ave, Chicago, IL 60659
      View Details
    • $21 SF/Yr
      15,000 SF

      Lincoln Ave Office Suites

      Chicago Office Space: Flexible Options
      5765 Lincoln Ave, Chicago, IL 60659
      View Details
    • $5 SF/Yr
      60,000 SF

      Peterson Corporate Center: Chicago Office Space

      60,000 SF Office Building, 74 Suites Available
      3525 Peterson Ave, Chicago, IL 60659
      View Details
    • Contact for pricing
      2,876 SF

      139,969 SF Shopping Center

      Shopping center with high-visibility shop space and national tenants.
      6163 North Lincoln Ave, Chicago, IL 60659
      View Details
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    2944 Devon Ave
    Chicago, IL 60659
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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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