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    Property profile & analytics

    3240 Armitage Ave Chicago, IL 60647

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2023615
    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

    • Big Bud Press Logan Square / Clothing Store
    • G & B'S Food & Dollar Days / Discount Store

    Property Details for 3240 Armitage Ave

    Year built
    1915
    Property type
    Commercial real estate

    Description

    This exceptional mixed-use building presents a rare investment opportunity in Chicago's desirable Logan Square neighborhood. The property, encompassing three addresses (3238, 3240, and 3242 W Armitage Avenue, though tax records list 3240), is a solid brick, two-story structure boasting three updated commercial storefronts and two spacious residential units. Each residential unit offers three bedrooms and a total of six rooms, providing ample living space. The building benefits from separate utilities for all units, simplifying management and maximizing efficiency. A significant advantage is the recently repaired roof (2023), minimizing immediate maintenance concerns and ensuring long-term structural integrity. Currently, two residential units are vacant, presenting an immediate opportunity to secure new tenants at market rates, thereby increasing rental income. This property is ideally suited for both investors seeking a stable, high-yield investment and owner-occupants desiring a prime location in a thriving area. The combination of commercial and residential spaces offers diverse income streams and significant potential for future appreciation in one of Chicago's most vibrant and sought-after neighborhoods. This is a turnkey opportunity not to be missed.

    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
    -87.70872
    Latitude
    41.91756

    Comparable in this City

    • $975,000
      11,250 SF

      Logan Square Medical Office Building

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      3265 Armitage Ave, Chicago, IL 60647
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      Chicago Corner Lot Development Opportunity

      Prime corner lot near Kimball Arts Center and 606 Trail.
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      Multi-unit property near 606 Trail, between Wicker Park and Humboldt.
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      Bucktown Condo with Private Balcony

      Stunning 2 bed/2 bath condo in thriving Bucktown neighborhood.
      2224 N Seeley Ave, Chicago, IL 60647
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    • $127,000

      Vacant Lot in Humboldt Park

      Residential lot in Humboldt Park, close to transportation and amenities.
      1748 N Harding Ave, Chicago, IL 60647
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    • $1,849,000

      Mixed-Use Property Near Western Blue

      Mixed-use property near public transportation, ideal for retail or office.
      1906-1908 N Milwaukee Ave, Chicago, IL 60647
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    Similar Nearby for Sale

    • $975,000
      11,250 SF

      Logan Square Medical Office Building

      Prime location, redevelopment opportunity.
      3265 Armitage Ave, Chicago, IL 60647
      View Details
    • $250,000
      0.09 Acres

      Chicago Corner Lot Development Opportunity

      Prime corner lot near Kimball Arts Center and 606 Trail.
      1701 N Kimball Ave, Chicago, IL 60647
      View Details
    • $949,999

      Chicago Residential Income Property

      Multi-unit property near 606 Trail, between Wicker Park and Humboldt.
      1728 N Francisco Ave, Chicago, IL 60647
      View Details
    • $599,000

      Bucktown Condo with Private Balcony

      Stunning 2 bed/2 bath condo in thriving Bucktown neighborhood.
      2224 N Seeley Ave, Chicago, IL 60647
      View Details
    • $127,000

      Vacant Lot in Humboldt Park

      Residential lot in Humboldt Park, close to transportation and amenities.
      1748 N Harding Ave, Chicago, IL 60647
      View Details
    • $1,849,000

      Mixed-Use Property Near Western Blue

      Mixed-use property near public transportation, ideal for retail or office.
      1906-1908 N Milwaukee Ave, Chicago, IL 60647
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      24,261 SF

      Logan Square Retail Opportunity

      Chicago retail space, multiple suites available
      2800 Armitage Ave, Chicago, IL 60647
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    • $4 SF/Yr

      Logan Square Flex/Industrial Space

      Industrial, flex, and storage units for lease in Logan Square.
      1901 N Springfield Ave, Chicago, IL 60647
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    • $17 SF/Yr

      Avondale/Logan Square Retail/Office Space

      Newly constructed retail or office space in high-traffic area.
      3101 N Milwaukee Ave, Chicago, IL 60647
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    • $1,595 /Mo
      900 SF

      Logan Square Income Restricted Apartment

      Remodeled apartment in historic Logan Square with modern amenities.
      1916 N Drake Ave, Chicago, IL 60647
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      Logan Square Retail/Office Space

      3,390 SF retail/office space in high-traffic Logan Square.
      2556 W Fullerton Ave, Chicago, IL 60647
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    • $2.00 SF/Yr

      Bucktown Commercial Corner Unit

      Recently remodeled corner unit suitable for various professional offices.
      2021 N Western Ave, Chicago, IL 60647
      View Details
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    3240 Armitage Ave
    Chicago, IL 60647
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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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