Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3357 Chicago Ave Chicago, IL 60651
    Back to Search
    Property profile & analytics

    3357 Chicago Ave Chicago, IL 60651

    View on Map
    • Commercial real estate
    • 7,620 SF
    Off-Market
    Property ID
    US28-2459027
    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

    • Jordan’s Fish & Chicken / Restaurant / Take-out & Catering
    • Jordan Heaven Mini Mart / Grocery & Convenience Store

    Property Details for 3357 Chicago Ave

    Year built
    1910
    Property size
    7,620 SF
    Property type
    Commercial real estate
    APN
    16112040020000

    Description

    This exceptional mixed-use property, located at 3357 W. Chicago Ave. in Chicago, IL, presents a compelling redevelopment opportunity. The 7,620 square foot building sits on a 5,880 square foot lot and boasts a prime location at the corner of Chicago Avenue and Homan Avenue, zoned C1-1. The property comprises two buildings, each two stories, constructed in 1910. Currently vacant, the 10-unit building includes two street-level storefronts, previously occupied by a liquor store and a restaurant, generating approximately $2,000 per month each. The upper floors feature eight residential units: six studios, one one-bedroom/one-bathroom apartment, and one three-bedroom/one-bathroom apartment. A 750-square-foot brick garage, previously rented to an auto body shop for $1,000 per month, is also included. Recent upgrades include a five-year-old roof and electrical service upgraded in 2014. The property features 11 separate electric meters and three gas meters. The asking price is $399,000, or $52.36 per square foot. Cash buyers only. The property is sold "as is," requiring work and presenting a significant value-add opportunity for the right investor. This is a rare chance to acquire a substantial mixed-use property in a vibrant Chicago neighborhood.

    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
    -87.711435001438
    Latitude
    41.895359649455

    Comparable in this City

    • $375,000

      Remodeled Chicago Mixed-Use Property

      Recently remodeled mixed-use property with commercial and residential units.
      5742 W Chicago Ave, Chicago, IL 60651
      View Details
    • $1,690,000

      Mixed-Use Property in North Austin

      33-unit mixed-use property with value-add potential in Chicago.
      5636-48 W Division St, Chicago, IL 60651
      View Details
    • $300,000

      Mixed-Use Property in West Chicago

      Mixed-use property with residential and commercial units in West Chicago.
      5725 W Division St, Chicago, IL 60651
      View Details
    • $2,400,000
      20,000 SF

      Versatile Commercial Property in Humboldt Park

      Unique mixed-use property with C2-1 zoning in Chicago's Humboldt Park.
      3705 W Grand Ave, Chicago, IL 60651
      View Details
    • $999,999

      West Humboldt Park Multifamily Investment

      32-unit mixed-use building in need of repair.
      1015-1023 N Pulaski Rd, Chicago, IL 60651
      View Details

    Similar Nearby for Sale

    • $375,000

      Remodeled Chicago Mixed-Use Property

      Recently remodeled mixed-use property with commercial and residential units.
      5742 W Chicago Ave, Chicago, IL 60651
      View Details
    • $2,400,000
      20,000 SF

      Versatile Commercial Property in Humboldt Park

      Unique mixed-use property with C2-1 zoning in Chicago's Humboldt Park.
      3705 W Grand Ave, Chicago, IL 60651
      View Details
    • $1,690,000

      Mixed-Use Property in North Austin

      33-unit mixed-use property with value-add potential in Chicago.
      5636-48 W Division St, Chicago, IL 60651
      View Details
    • $300,000

      Mixed-Use Property in West Chicago

      Mixed-use property with residential and commercial units in West Chicago.
      5725 W Division St, Chicago, IL 60651
      View Details
    • $999,999

      West Humboldt Park Multifamily Investment

      32-unit mixed-use building in need of repair.
      1015-1023 N Pulaski Rd, Chicago, IL 60651
      View Details
    • $499,000
      5,000 SF

      Humboldt Park Leased Retail Property

      Fully leased retail property with long-term tenants and parking.
      3620 W Division St, Chicago, IL 60651
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr

      Retail/Office Storefront on Chicago Avenue

      Retail/office storefront with high ceilings and large windows.
      3356 W Chicago Ave, Chicago, IL 60651
      View Details
    • $20 SF/Yr

      New Construction Industrial/Retail Space

      New construction industrial/retail space available for lease. Occupancy: September 2026.
      4201 W Grand Ave, Chicago, IL 60651
      View Details
    • Contact for pricing

      Humboldt Park Shopping Center Space

      Main shopping hub with national brand tenants.
      800 N Kedzie Ave, Chicago, IL 60651
      View Details
    • $14 SF/Yr

      Industrial Space with Flexible Zoning

      3,125 sq ft industrial/warehouse space for lease.
      1432 N Kilpatrick Ave, Chicago, IL 60651
      View Details
    • $6 SF/Yr
      17,500 SF

      Storage Building Near Midway Airport

      7500 SF storage building for lease near Midway Airport.
      3401 W Division St, Chicago, IL 60651
      View Details
    • Contact for pricing

      Division Street Commercial Space

      Commercial space for rent located off Diversey and Kostner.
      4345 West Division St, Chicago, IL 60651
      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.
    3357 Chicago Ave
    Chicago, IL 60651
    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

    Thank You for Inquiry
    3357 Chicago Ave, Chicago, IL, 60651
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!