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    4348 W Lake St, Unit 2NDFLOOR Chicago, IL 60624
    Property profile & analytics

    4348 W Lake St, Unit 2NDFLOOR Chicago, IL 60624

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    • Industrial properties
    • 0.64 lot acres
    For Lease
    $10 SF/Yr
    View Listing →
    Renovated Flex Space Near Conservatory For Lease
    $10 SF/Yr

    Renovated Flex Space Near Conservatory

    Warehouse/flex/loft office space in renovated Sloan Valve Workshop Lofts.

    4348 W Lake Street #101, Chicago, IL 60624
    View Listing
    Property ID
    US28-2640871
    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

    • MikSpaces Chicago / Photography Service / (Bike/Boat/Book/etc) Store
    • Dylan Martin Furniture / Production Facility / Furniture & Home Goods
    • Chicago Cannabis Co. / Industrial Manufacturer / Production Facility
    • Connect Event Services / Marketing & Advertising / Event Planning
    • Space Haus / Architecture Firm

    Property Details for 4348 W Lake St

    Year built
    1927
    Lot size
    0.64 lot acres
    Property type
    Industrial properties
    APN
    16-10-404-029
    APU
    1610404029

    Description

    This exceptional three-story building at 4348 W. Lake St in Chicago, IL offers a unique blend of creative office and flex space, perfect for a variety of businesses. The property boasts a total of 78,000 square feet, with 22,953 square feet currently available for lease. Multiple suites are available, ranging from a minimum of 2,635 square feet to a maximum contiguous space of 8,102 square feet. The building features high ceilings ranging from 12 to 14 feet, creating a spacious and inspiring work environment. Renovated in 2020, the property includes one loading dock, ample parking with 100 spaces, and a freight elevator. Power is robust, with 3,200 AMPS/480 Volt, 3-Phase service. The building is zoned PMD-9 and is located in Cook County, with the APN 16-10-404-029-0000. This prime location in Chicago offers easy access to transportation and amenities. The building consists of four total suites, providing flexibility for various business needs. This is a rare opportunity to secure high-quality, adaptable space in a vibrant Chicago neighborhood. Inquire today to learn more about leasing options and explore the possibilities this exceptional property offers.

    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
    -87.7352
    Latitude
    41.8863
    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
    $118,559
    $43,782
    $532,635
    $576,417
    -
    $175,128
    $2,130,540
    $2,305,668

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    • $799,900

      Industrial Building Near Transportation

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      Chicago Industrial Building with Updates

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    Similar Nearby for Lease

    • $10 SF/Yr

      Loft Office/Flex/Warehouse Space Available

      Loft office/flex/warehouse space for lease near Garfield Park Conservatory.
      4348 W Lake St, Chicago, IL 60624
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    • $10 SF/Yr

      Renovated Loft/Creative Spaces Available

      Newly renovated creative spaces for lease with ample parking.
      4348 W Lake St, Chicago, IL 60624
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      Kinzie Industrial Building Space Available

      7,500 Sq. Ft. industrial space for rent.
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    • $10 SF/Yr

      Renovated Flex Space Near Conservatory

      Warehouse/flex/loft office space in renovated Sloan Valve Workshop Lofts.
      4348 W Lake St, Chicago, IL 60624
      View Details
    • $10 SF/Yr

      Renovated Loft/Office Space Available

      Renovated loft/office space in fully-renovated building with parking.
      4348 W Lake St, Chicago, IL 60624
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    • $13 SF/Yr

      Loft Office Space Available

      Move-in ready loft office space with industrial character.
      4348 W Lake St, Chicago, IL 60624
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    View Listing
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    Chicago, IL 60624
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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.

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