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Property profile & analytics
FOR SALE
Banks
3535 N Central Ave Chicago, IL 60634
Entity Owned
2-yr Hold
Free & Clear
Property ID
US28-1039648
For Sale
1 / 2
$2,400,000
3535 N Central Ave, Chicago, IL 60634
View Listing →
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
1972
Total area
4,400 SF
Lot
0.07 ac (3,125 SF)
APN
13-21-300-009
UPID
US28-1039648
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Citi Bank Loan Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.40M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.40M
Owner & transaction history
Mdr Central Avenue LLC · 2 yrs held
Mdr Central Avenue LLC
since 2024
Last sale
$2.4M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.9M
+44.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chicago submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chicago submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,400,000
ML approach
$2,400,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,915,000
Change: +45% · Conversion: Difficult
Blend value · Realmo final
$2.40M
Range $2.16M – $2.64M · ±10% · vs last sale $2.40M (Apr 3 2024)
Last sale anchor
$2.40M
Apr 3 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$545 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$28,219
Tax year 2022
Assessed value
$137,198
Assessed 2022
Previous assessed
$137,198
+0.0% YoY
Effective rate
20.57%
On assessed value
Assessed land
$14,062
Assessed improvement
$123,136
Land market value
$56,248
Improvement market value
$492,544
Total market value
$548,792
Applied tax rate
71,077.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Banks
Use group
FINANCIAL BUILDING
Status
For Sale
Year built
1972
Heating
NONE
Stories
1
Total area
4,400 SF
Lot
0.07 ac (3,125 SF)
APN
13-21-300-009
UPID
US28-1039648
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$1.9M
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1972
Heating
NONE
Stories
1
Lot
0.07 ac
Current owner
From public records · entity-resolved
Mdr Central Avenue LLC
Entity
Free & Clear · 2 yrs held
Mailing address
PO BOX 8426, RICHMOND, VA 23226-0426
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 30, 2025
—
Mdr Central Avenue LLC
—
Deed
related
$14,700,000 · Farmers & Merchants Bank Of Long Beach
Oct 7, 2024
—
Mdr Central Avenue LLC
—
Deed
related
$18,609,500 · Wells Fargo Bank NA
Apr 3, 2024
$2,400,000
Mdr Central Avenue LLC
Rmp 3535 N Central Ave LLC
Warranty Deed
—
Jul 26, 2023
$1,935,000
P 3535 N Central Ave LLC
Silveira Family Company LLC
Warranty Deed
—
Dec 9, 2016
$2,325,000
Silveira Family Co LLC
Cp Sunshine 2 LLC
Grant Deed
—
Apr 1, 2015
$1,832,000
Cp Sunshine 2 LLC
Citibank NA
Grant Deed
$21,045,518 · Starwood Property Mrogage Bc
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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