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

    4944 Michigan Ave Chicago, IL 60615-2129

    • Residential income homes
    • 6,537 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Sep 07, 2023
    $618,000
    Value Estimations
    $630,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2605138
    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

    • Residential income homes

    Property Details for 4944 Michigan Ave

    Year built
    1889
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.11 lot acres
    Property size
    6,537 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    20-10-113-033
    APU
    2010113033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $690,000
      ML approach
      $665,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $564,000
      Market price range: $565k - $1.25M
      AI Estimate
      $454,000
      Market price range: $455k - $904k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $955,000
      Current use
      RETAIL STORES
      $950,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $880,000
      Change: -8% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $785,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6232
    Latitude
    41.8043
    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
    $4,452
    $16,800
    $8,200
    $25,000
    -
    $168,000
    $82,000
    $250,000

    Comparable in this City

    • Value Estimation
      $685,000
      4,114 SF

      5125 Dorchester Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,114 SF
      5125 Dorchester Ave, Chicago, IL 60615-4250
      View Details
    • Value Estimation
      $1,185,000
      8,397 SF

      5458 Everett Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,397 SF
      5458 Everett Ave, Chicago, IL 60615-5962
      View Details
    • Value Estimation
      $1,255,000
      8,928 SF

      5211 Greenwood Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,928 SF
      5211 Greenwood Ave, Chicago, IL 60615-4358
      View Details
    • Value Estimation by Request
      3,807 SF

      4815 Langley Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,807 SF
      4815 Langley Ave, Chicago, IL 60615-1515
      View Details
    • Value Estimation by Request
      2,840 SF

      5146 Harper Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,840 SF
      5146 Harper Ave, Chicago, IL 60615-4120
      View Details
    • Value Estimation by Request
      2,000 SF

      5333 Maryland Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,000 SF
      5333 Maryland Ave, Chicago, IL 60615-4903
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Hyde Park Investment Opportunity

      Unit in Renaissance Place, perfect for investors in high-demand area.
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    • New
      $1,199,000
      0.09 Acres

      New Construction Multifamily in Chicago

      New construction 3-flat with 3-bedroom units, 3-car garage.
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      Vintage Condo in Kenwood

      Bright 3BD/2BA condo near Metra, Whole Foods, and schools.
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      Condo with Lake and City Views

      Well-maintained condo featuring lake and city views and many amenities.
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      Hyde Park Multifamily Investment

      Multifamily property in Chicago's Hyde Park neighborhood near University of Chicago.
      5200 S Woodlawn Ave, Chicago, IL 60615
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      Georgian Multi-Family in Hyde Park

      Updated 3-flat near Chicago's lakefront and University of Chicago.
      4836 S Dorchester Ave, Chicago, IL 60615
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    Similar Nearby for Lease

    • Contact for pricing

      Hyde Park Apartment for Rent

      Two-bedroom apartment with park view and updated kitchen.
      5176 S King Dr, Chicago, IL 60615
      View Details
    • Contact for pricing
      1,800 SF

      Luxury Renovated Apartment Near Lake

      Renovated 3-bedroom apartment with lake views, near University of Chicago.
      5000 S Cornell Ave, Chicago, IL 60615
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space Near Downtown Chicago

      Retail space available in high-traffic Chicago shopping center.
      3246-3260 W 55Th St, Chicago, IL 60615
      View Details
    • Contact for pricing
      1,217 SF

      Mixed-Use Building in Hyde Park

      225,000 SF mixed-use building with on-site parking.
      5231 S Harper Ave, Chicago, IL 60615
      View Details
    • $15 SF/Yr

      Retail Building in Business Corridor

      Free-standing retail building in a busy, densely populated area.
      5041 S Prairie Ave, Chicago, IL 60615
      View Details
    • Contact for pricing

      Restaurant or Retail Space Available

      850 SF restaurant/retail space in vibrant Chicago corridor.
      113 E 51St St, Chicago, IL 60615
      View Details
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    4944 Michigan Ave
    Chicago, IL 60615-2129
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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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