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    3953 S Michigan Ave Chicago, IL 60653
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    3953 S Michigan Ave Chicago, IL 60653

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    • Commercial land
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    Bronzeville Opportunity Zone Land For Sale
    Contact for pricing

    Bronzeville Opportunity Zone Land

    Land and building in Bronzeville Opportunity Zone near CTA Green Line.

    3953 S Michigan Ave, Chicago, IL 60653
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    Property ID
    US28-1791771
    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

    • Commercial land

    Property Details for 3953 S Michigan Ave

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Bronzeville Opportunity Zone Land and building zoned M1-3. City will support zoning change to B3 to allow for residential development Approx 31,200 sf (.72 acres) with dimensions of 195' along S. Michigan and 160' depth. Adjacent to CTA Green Line Station at S. Indiana and E. 40th St. TOD potential. B3 Zoning change potential Includes Building and Land.

    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
    -87.622703
    Latitude
    41.8221791

    Comparable in this City

    • $109,900
      0.05 Acres

      Land in Hyde Park Township

      Commercial land available in Chicago's Hyde Park Township.
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    • $54,000

      Vacant Lot in Bronzeville

      Vacant lot with potential in a convenient location.
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    • $145,000

      Hyde Park Township Land ForSale

      Land in Hyde Park Township, suitable for building or parking.
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    • $399,000

      Vacant Land in Bronzeville

      8,622 SF lot primed for redevelopment in Bronzeville.
      300 E Pershing Rd, Chicago, IL 60653
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    • $124,900

      Bronzeville Corner Lot Opportunity

      Commercial/residential development opportunity in historic Bronzeville neighborhood.
      58 E 43Rd St, Chicago, IL 60653
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    • $129,900

      Vacant Lot in Bronzeville

      Vacant lot near new Northwestern Medical Outpatient Center.
      4550 S Cottage Grove Ave, Chicago, IL 60653
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    Similar Nearby for Sale

    • $650,000

      Bronzeville Land Opportunity For Sale

      Seven contiguous lots in Bronzeville with included plans and permits.
      121 E 47Th St, Chicago, IL 60653
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    • $129,900

      Vacant Lot in Bronzeville

      Vacant lot near new Northwestern Medical Outpatient Center.
      4550 S Cottage Grove Ave, Chicago, IL 60653
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    • $489,000

      Bronzville Land For Sale

      Land in Chicago's Bronzville neighborhood, ideal for mixed-use development.
      131 E 43Rd St, Chicago, IL 60653
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    • $124,900
      0.08 Acres

      Chicago Land For Sale

      Commercial land available in Chicago, Illinois.
      58 E 43Rd St, Chicago, IL 60653
      View Details
    • $399,000

      Vacant Lot in Developing Neighborhood

      8,622 SF lot primed for redevelopment or renovation.
      300 East Pershing Rd, Chicago, IL 60653
      View Details
    • $109,900
      0.05 Acres

      Land in Hyde Park Township

      Commercial land available in Chicago's Hyde Park Township.
      310 E Pershing Rd, Chicago, IL 60653
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,025 SF

      Retail Spaces in Historic Bronzeville

      Two retail spaces available in Chicago's Bronzeville neighborhood.
      4254 S Cottage Grove Ave, Chicago, IL 60653
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    • $15 SF/Yr

      Commercial Retail Storefront Near University

      2,000 sq ft commercial/retail space near University of Chicago.
      4502 S Cottage Grove Ave, Chicago, IL 60653
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      67,034 SF

      Chicago Industrial Property with Cooler

      67,034 SF industrial space with cooler and freezer.
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      12,000 SF

      Versatile Space in Prime Location

      Spacious property suitable for retail, office, or restaurant use.
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    • $23 SF/Yr

      Retail Spaces for Lease

      Retail spaces available, ranging from 1,000 to 3,700 square feet.
      500 E 47Th St, Chicago, IL 60653
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    • Contact for pricing
      7,651 SF

      Retail Space Near Navy Pier

      Retail space located steps from Chicago's iconic Navy Pier.
      505 S Greenwood Ave, Chicago, IL 60653
      View Details
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    Chicago, IL 60653
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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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