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

    3242 Irving Park Rd Chicago, IL 60618

    • Auto shops
    • 8,600 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0701438
    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

    • ParkChicago #456156 / Public Parking Space

    Property Details for 3242 Irving Park Rd

    Year built
    1953
    Lot size
    0.07 lot acres
    Property size
    8,600 SF
    Property type
    Auto shops
    APN
    13-14-430-033
    APU
    1314430033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $300,000
      Market price range: $285k - $1.15M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7098
    Latitude
    41.9542
    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
    $16,507
    $14,062
    $62,071
    $76,133
    -
    $56,248
    $248,284
    $304,532

    Comparable in this City

    • Value Estimation
      $235,000
      1,500 SF

      3551 Avondale Ave

      AUTO REPAIR, GARAGE • 1,500 SF
      3551 Avondale Ave, Chicago, IL 60618
      View Details
    • Value Estimation
      $240,000
      1,300 SF

      4258 Elston Ave

      AUTO REPAIR, GARAGE • 1,300 SF
      4258 Elston Ave, Chicago, IL 60618-1810
      View Details
    • Value Estimation
      $290,000
      3,600 SF

      3452 Elston Ave

      AUTO REPAIR, GARAGE • 3,600 SF
      3452 Elston Ave, Chicago, IL 60618-5608
      View Details
    • Value Estimation
      $220,000
      1,200 SF

      4187 Avers Ave

      AUTO REPAIR, GARAGE • 1,200 SF
      4187 Avers Ave, Chicago, IL 60618
      View Details
    • Value Estimation
      $245,000
      3,200 SF

      3056 Kedzie Ave

      AUTO REPAIR, GARAGE • 3,200 SF
      3056 Kedzie Ave, Chicago, IL 60618-6907
      View Details
    • Value Estimation
      $215,000
      3,600 SF

      3630 Western Ave

      AUTO REPAIR, GARAGE • 3,600 SF
      3630 Western Ave, Chicago, IL 60618-4715
      View Details

    Similar Nearby for Sale

    • $1,199,000
      0.17 Acres

      Albany Park Commercial Opportunity

      Commercial building in high-traffic area, suitable for various business ventures.
      3100 W Montrose Ave, Chicago, IL 60618
      View Details
    • Contact for pricing

      Commercial Property in Albany Park

      East Albany Park commercial property with multiple business licenses.
      3100 W Montrose Ave, 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
    • $550,000

      Versatile Commercial Building on Kedzie Avenue

      One-story building suitable for office, retail, or auto shop.
      3839 N Kedzie Ave, Chicago, IL 60618
      View Details
    • $4,200,000
      15,625 SF

      Clybourn Ave Retail Redevelopment

      Chicago Auto Shop & Storefront, $4.2M
      3135 Clybourn Ave, Chicago, IL 60618
      View Details
    • Contact for pricing

      Chicago Retail Space For Sale

      Commercial retail space in high-traffic Chicago location.
      2800 W Irving Park Rd, Chicago, IL 60618
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,013 SF

      Chicago Warehouse: Belmont Ave

      11,013 SF Warehouse - Ideal for Lease
      3239 Belmont Ave, Chicago, IL 60618
      View Details
    • Contact for pricing
      13,358 SF

      3401 Irving Park Rd

      Lifestyle centers • 13,358 SF
      3401 Irving Park Rd, Chicago, IL 60618
      View Details
    • Contact for pricing
      200 SF

      Chicago Ghost Kitchen - 200 SF

      Fully equipped commercial kitchen, ideal for delivery services.
      4131 Rockwell St, Chicago, IL 60618
      View Details
    • $38 SF/Yr

      Logan Square Retail Space Available

      Newly renovated retail space with high visibility and patio opportunity.
      2824 W Diversey Ave, Chicago, IL 60618
      View Details
    • $55 SF/Yr

      High Exposure Corner Location

      Former restaurant space suitable for restaurant, office, or retail.
      3101 N Clybourn Ave, Chicago, IL 60618
      View Details
    • $28 SF/Yr
      1,600 SF

      Retail Space in Mixed-Use Building

      Retail storefront for lease with new utilities and shared space.
      3947-3949 N Whipple St, Chicago, IL 60618
      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.
    3242 Irving Park Rd
    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.
    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.