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

    5215 Irving Park Rd Chicago, IL 60641-2505

    • Retail space
    • 7,100 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $375,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2661479
    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

    • Michella Terrace Banquet Rooms / Night Club / Banquet Hall
    • Michella Dance Club / Dance School
    • Salsa Dance Spot / Driving School

    Property Details for 5215 Irving Park Rd

    Year built
    1936
    Lot size
    0.07 lot acres
    Property size
    7,100 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    13-21-103-016
    APU
    1321103016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $461,000
      Market price range: $462k - $1.41M
      AI Estimate
      $287,000
      Market price range: $288k - $907k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7579
    Latitude
    41.953
    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
    $10,683
    $13,837
    $38,102
    $51,939
    -
    $55,348
    $152,408
    $207,756

    Comparable in this City

    • Value Estimation
      $435,000
      2.28 Acres

      4901 Irving Park Rd

      STORE, RETAIL OUTLET • 2.28 Acres
      4901 Irving Park Rd, Chicago, IL 60641-4088
      View Details
    • Value Estimation
      $360,000
      1,800 SF

      4500 Montrose Ave

      STORE, RETAIL OUTLET • 1,800 SF
      4500 Montrose Ave, Chicago, IL 60641
      View Details
    • Value Estimation by Request
      8,500 SF

      4350 Milwaukee Ave

      Individual retail properties • 8,500 SF
      4350 Milwaukee Ave, Chicago, IL 60641
      View Details
    • Value Estimation
      $770,000
      21,400 SF

      4006 Milwaukee Ave

      STORE, RETAIL OUTLET • 21,400 SF
      4006 Milwaukee Ave, Chicago, IL 60641-1886
      View Details
    • Value Estimation
      $13,525,000
      3.61 Acres

      4670 Irving Park Rd

      STORE, RETAIL OUTLET • 3.61 Acres
      4670 Irving Park Rd, Chicago, IL 60641
      View Details
    • Value Estimation
      $435,000
      0.43 Acres

      3809 Keeler Ave

      STORE, RETAIL OUTLET • 0.43 Acres
      3809 Keeler Ave, Chicago, IL 60641-3007
      View Details

    Similar Nearby for Sale

    • $725,000

      Retail Building Near Portage Park

      Single-story retail building with three spaces near Portage Park.
      5535 W Montrose Ave, Chicago, IL 60641
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    • $599,999
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      Fortini Garden Supply Opportunity

      Iconic property with high visibility and development potential.
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    • $599,999
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      Iconic Chicago Property For Sale

      Rare opportunity to own a piece of Chicago history.
      4025 W Montrose Ave, Chicago, IL 60641
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    • $608,800
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      Chicago Commercial Building For Sale

      Fully rented commercial building near Six Corners development.
      5052 W Irving Park Rd, Chicago, IL 60641
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    • $3,595,000

      Freestanding Building on Milwaukee Avenue

      24,800 SF building on 0.87 acres in Chicago.
      3500 N Milwaukee Ave, Chicago, IL 60641
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    • $599,999
      0.14 Acres

      Iconic Chicago Garden Supply Property

      Family-owned garden supply property with high visibility and traffic.
      4387 N Elston Ave, Chicago, IL 60641
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr

      Storefront at Busy Intersection

      Storefront with flexible space in a high-traffic location.
      3248 N Pulaski Rd, Chicago, IL 60641
      View Details
    • $15 SF/Yr

      High Visibility Storefront Near Blue Line

      Rehabbed storefront near Irving Park Blue Line stop and I-90.
      4023 W Irving Park Rd, Chicago, IL 60641
      View Details
    • $18 SF/Yr

      Highly Visible Storefront on Irving

      Storefront for lease near Irving Park Blue Line stop.
      4021 W Irving Park Rd, Chicago, IL 60641
      View Details
    • $19 SF/Yr

      Updated Storefront Near Grayland Metra

      Recently updated storefront near Grayland Metra stop, suitable for office.
      3922 N Milwaukee Ave, Chicago, IL 60641
      View Details
    • $19 SF/Yr

      Updated Storefront Near Grayland Metra

      Recently updated storefront near Grayland Metra stop, suitable for office.
      3922 N Milwaukee Ave, Chicago, IL 60641
      View Details
    • $23 SF/Yr

      Neighborhood Storefront Available For Lease

      Storefront for lease, currently a hair salon, can convert to office.
      5554 W Belmont Ave, Chicago, IL 60641
      View Details
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    5215 Irving Park Rd
    Chicago, IL 60641-2505
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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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