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    Property profile & analytics

    3401 Broadway St Chicago, IL 60657

    • Retail residential properties
    • 2,900 SF
    • 0.42 lot acres
    For Lease
    View listing
    $37 SF/Yr
    Value Estimations
    $430,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0169199
    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

    • Marcin Krempa - RE/MAX PREMIER / Real Estate Agency
    • April Nessler Motto Mortgage NEXT / Mortgage Broker
    • walker robinson | re/max premier / Real Estate Agent
    • Terry Young, RE/MAX Premier / Real Estate Agent
    • RE/MAX Premier - Lakeview Office / Real Estate Agency

    Property Details for 3401 Broadway St

    Year built
    1918
    Lot size
    0.42 lot acres
    Property size
    2,900 SF
    Property type
    Retail residential properties
    APN
    14-21-307-016
    APU
    1421307016

    Description

    This exceptional 2,548 square foot street-level commercial space is ideally located in the vibrant Lakeview East neighborhood of Cook County, Illinois. Situated on a bustling pedestrian corridor near Wrigley Field, this property boasts unparalleled visibility and accessibility. The completely renovated space features high ceilings, large front windows providing excellent natural light, and an ADA-compliant restroom. Its versatile layout offers an inviting open floor plan at the front, seamlessly transitioning into uniquely divisible private offices in the rear, making it suitable for a variety of uses including retail, personal services, or traditional office space. The space's prominent location, less than half a mile from Wrigley Field, benefits from the high foot traffic and proximity to numerous shopping and dining options, catering to a dense and affluent population. Wide sidewalks further enhance visibility and pedestrian access. This is a truly exceptional opportunity to secure a prime commercial space in one of Chicago's most desirable neighborhoods. The property is a single-tenant space within a larger building, and the total square footage of the building is not available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $593,000
      Market price range: $151k - $593k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6447
    Latitude
    41.9437
    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
    $82,697
    $110,897
    $269,024
    $379,921
    -
    $1,108,970
    $2,690,240
    $3,799,210

    Comparable in this City

    • Value Estimation
      $295,000
      0.00 Acres

      613 Oakdale Ave

      STORES & APARTMENTS • 0.00 Acres
      613 Oakdale Ave, Chicago, IL 60657
      View Details
    • Value Estimation
      $470,000
      11,800 SF

      3200 Broadway St, Unit 6

      STORES & APARTMENTS • 11,800 SF
      3200 Broadway St, Chicago, IL 60657-3515
      View Details
    • Value Estimation
      $420,000
      1,700 SF

      3036 Ashland Ave

      STORES & APARTMENTS • 1,700 SF
      3036 Ashland Ave, Chicago, IL 60657-0012
      View Details
    • Value Estimation
      $525,000
      11,400 SF

      2912 Lincoln Ave

      STORES & APARTMENTS • 11,400 SF
      2912 Lincoln Ave, Chicago, IL 60657-8673
      View Details
    • Value Estimation
      $430,000
      6,000 SF

      2916 Clark St

      STORES & APARTMENTS • 6,000 SF
      2916 Clark St, Chicago, IL 60657
      View Details
    • Value Estimation
      $535,000
      14,800 SF

      3166 Clark St

      STORES & APARTMENTS • 14,800 SF
      3166 Clark St, Chicago, IL 60657-4437
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,325 SF

      Lakeview Mixed-Use Building with Nightclub

      Mixed-use building with nightclub and two apartments in Lakeview.
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      View Details
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      Lakeview Mixed-Use Investment Opportunity

      Mixed-use property with residential and commercial units in Lakeview.
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      15,239 SF

      Wrigleyville Mixed-Use Investment Opportunity

      Mixed-use property near Wrigley Field with hotel and brewery.
      3475 North Clark St, Chicago, IL 60657
      View Details
    • $4,950,000
      18,812 SF

      Prime Corner Mixed-Use Investment

      High-traffic corner location with long-term tenants and value-add potential.
      3159 W Belmont Ave, Chicago, IL 60657
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      Lakeview Mixed-Use Building For Sale

      Mixed-use building with storefronts and apartments in central Lakeview.
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      Lakeview Retail Condo Investment

      Prime Lakeview storefront, 6.31% cap rate.
      1342 Belmont Ave, Chicago, IL 60657
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    Similar Nearby for Lease

    • $29 SF/Yr

      Mixed-Use Office/Retail Space Available

      Bright, visible, beautifully built-out space with parking and storage.
      2937 N Clark St, Chicago, IL 60657
      View Details
    • $29 SF/Yr

      Mixed-Use Office/Retail Space Available

      Bright, visible mixed-use space with classic aesthetics, available now.
      2937 N Clark St, Chicago, IL 60657
      View Details
    • $35 SF/Yr

      Lakeview Retail Space For Lease

      995 Sq Ft retail space in new mixed-use building.
      1138 W Belmont Ave, Chicago, IL 60657
      View Details
    • $38 SF/Yr
      310,000 SF

      Lakeview Retail Space for Lease

      Prime Lakeview storefront, divisible units.
      3460 Broadway St, Chicago, IL 60657
      View Details
    • Contact for pricing
      175,065 SF

      Chicago Medical Office Space

      Lincoln Park, Class A, 49,923 SF Available
      2828 Clark St, Chicago, IL 60657
      View Details
    • $35 SF/Yr
      3,071 SF

      Lakeview Retail Spaces Available

      New Chicago retail spaces, prime location.
      1138 Belmont Ave, Chicago, IL 60657
      View Details
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    3401 Broadway St
    Chicago, IL 60657
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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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