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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3415 Michigan Ave Chicago, IL 60616

    • Commercial real estate
    • 28,700 SF
    • 0.02 lot acres
    OFF-MARKET
    Last Sale
    Aug 26, 2022
    $11,625,000
    Value Estimations
    $9,980,000
    Show details
    Cap Rate Potential
    3.5%
    Commercial real estate
    Location Intelligence
    Property ID
    US28-2565185
    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

    • Commercial real estate

    Property Details for 3415 Michigan Ave

    Year built
    1970
    Lot size
    0.02 lot acres
    Property size
    28,700 SF
    Property type
    Commercial real estate
    APN
    17-34-119-004
    APU
    1734119004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $13,950,000
      ML approach
      $9,940,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,070,000
      6.5%
      $7,450,000
      7%
      $6,920,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6228
    Latitude
    41.8324
    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
    $20,865
    $3,600
    $97,528
    $101,128
    -
    $14,400
    $390,112
    $404,512

    Comparable in this City

    • Value Estimation by Request
      180,000 SF

      1631-1727 Indiana Ave

      Retail properties • 180,000 SF
      1631-1727 Indiana Ave, Chicago, IL 60616
      View Details
    • Value Estimation by Request

      300 26th St

      COMMERCIAL (GENERAL)
      300 26th St, Chicago, IL 60616-2251
      View Details
    • Value Estimation by Request
      0.59 Acres

      39 26th

      COMMERCIAL (GENERAL) • 0.59 Acres
      39 26th, Chicago, IL 60616
      View Details
    • Value Estimation by Request
      0.04 Acres

      500 18th St

      COMMERCIAL (GENERAL) • 0.04 Acres
      500 18th St, Chicago, IL 60616-1254
      View Details
    • Value Estimation by Request
      0.18 Acres

      1837 Calumet Ave

      COMMERCIAL (GENERAL) • 0.18 Acres
      1837 Calumet Ave, Chicago, IL 60616-1403
      View Details
    • Value Estimation by Request
      0.21 Acres

      3120 Canal St

      COMMERCIAL (GENERAL) • 0.21 Acres
      3120 Canal St, Chicago, IL 60616
      View Details

    Similar Nearby for Sale

    • $668,000
      43,525 SF

      Chinatown Retail Space - Chicago

      Spacious Retail Units, Prime Location
      2300 Archer Ave, Chicago, IL 60616
      View Details
    • $4,500,000
      180,000 SF

      South Loop Development Opportunity

      180,000 SF, 172 Units Possible
      1631-1727 Indiana Ave, Chicago, IL 60616
      View Details
    • $2,250,000
      13,531 SF

      1639 State St

      Land • 13,531 SF
      1639 State St, Chicago, IL 60616
      View Details
    • $1,600,000
      9,316 SF

      State Street Auto Shop Investment

      Prime Chicago Auto Shop, High Traffic
      1819 State St, Chicago, IL 60616
      View Details
    • $675,000
      6,667 SF

      Pilsen Multifamily Value-Add

      Prime Chicago location, 3-story building, value-add potential.
      715 18Th St, Chicago, IL 60616
      View Details
    • Contact for pricing

      Land for Sale

      37,500 SF of land with DX-5 Zoning.
      220 E 21St St, Chicago, IL 60616
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1 SF

      Chicago Ghost Kitchen - Wabash Ave

      250 sq ft Commercial Kitchen for Lease
      2537 Wabash Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      27,000 SF

      Industrial Service Facility with Yard

      Industrial service facility with paved and secured yard near McCormick.
      2424 South Wabash Ave, Chicago, IL 60616
      View Details
    • $26 SF/Yr

      South Loop Freestanding Commercial Space

      High-visibility commercial space in South Loop, ideal for diverse businesses.
      2441 S State St, Chicago, IL 60616
      View Details
    • $2,500 /Mo
      760 SF

      Bronzeville Commercial Space Available

      760 SF commercial space in the heart of Bronzeville.
      215 E 31St St, Chicago, IL 60616
      View Details
    • $18 SF/Yr
      32,500 SF

      South Loop Office Space for Lease

      Historic Motor Row Office Building, 3 Suites Available
      2229 Michigan Ave, Chicago, IL 60616
      View Details
    • Contact for pricing
      3,000 SF

      Cermak Road Retail Space Available

      Chicago Strip Center: 3,000+ SF Available
      0 Cermak Rd, Chicago, IL 60616
      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.
    3415 Michigan Ave
    Chicago, IL 60616
    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.