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Property profile & analytics
FOR LEASE
Retail space
515 N Dearborn St, Chicago, IL 60654
Entity Owned
15-yr Hold
~
Est. High Equity
Property ID
US28-0325639
For Lease
1 / 2
$29 SF/Yr
515 N Dearborn St, Chicago, IL 60654
View Listing →
Property profile
Verified
Property type
Retail space
Use group
STORE, RETAIL OUTLET
Year built
1988
Total area
11,000 SF
Lot
0.07 ac (3,157 SF)
APN
17-16-246-014
UPID
US28-0325639
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
-
Famous Corey's Food Processing Plant
-
Illinois Medical Directors Association Charitable Organization Social Service Agency
-
Corey's NYC Bagel Deli (Bike/Boat/Book/etc) Store Bakery
-
Chicago Medical Society Charitable Organization Social Service Agency
-
Chicago Gynecological Society Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.25M
Owner & transaction history
Medha Teja LLC-41 W Congress P · 15 yrs held
Medha Teja LLC-41 W Congress P
since 2010
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.9M
+18.2%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$1,600,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,890,000
Change: +18% · Conversion: Difficult
OFFICE BUILDING
$1,480,000
Change: -7% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,320,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$1.25M
Range $1.12M – $1.37M · ±10%
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
$113 / 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
$112,855
Tax year 2022
Assessed value
$548,688
Assessed 2022
Previous assessed
$530,132
+3.5% YoY
Effective rate
20.57%
On assessed value
Assessed land
$177,581
Assessed improvement
$371,107
Land market value
$710,324
Improvement market value
$1,484,428
Total market value
$2,194,752
Applied tax rate
76,098.0000
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
Retail space
Use group
STORE, RETAIL OUTLET
Status
For Lease
Year built
1988
Heating
NONE
Stories
3
Total area
11,000 SF
Lot
0.07 ac (3,157 SF)
APN
17-16-246-014
UPID
US28-0325639
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
RETAIL STORES Current
Est. value
$1.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.9M
OFFICE BUILDING
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.3M
RETAIL STORES Current
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1988
Heating
NONE
Stories
3
Lot
0.07 ac
Current owner
From public records · entity-resolved
Medha Teja LLC-41 W Congress P
Entity
Mailing address
6408 N NEWARK AVE, CHICAGO, IL 60631-1743
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 6, 2010
$1,150,000
Medha Teja LLC-41 W Congress P
Scherston Real Estate Invs LLC
Grant Deed
$1,050,000 · American Chartered Bank
Jul 6, 2010
—
Scherston Real Estate Invs LLC
Judicial Sales Corp
Trustees Deed
related
—
—
—
Trust 8452
—
Deed Of Trust
related
$1,800,000 · American Chartered Bank
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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