Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    6023 Michigan Ave Chicago, IL 60637-2117
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6023 Michigan Ave Chicago, IL 60637-2117

    View on Map
    • Residential income homes
    • 3,070 SF
    • 0.10 lot acres
    Off-Market
    Last Sale Mar 13, 2024
    Property ID
    US28-0710465
    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

    • Residential income homes

    Property Details for 6023 Michigan Ave

    Year built
    1911
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    3,070 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    20-15-308-003
    APU
    2015308003

    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
    -87.6217
    Latitude
    41.7849
    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
    $3,214
    $14,875
    $4,125
    $19,000
    -
    $148,750
    $41,250
    $190,000

    Comparable in this City

    • Value Estimation by Request
      2,572 SF

      6330 Evans Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,572 SF
      6330 Evans Ave, Chicago, IL 60637-6161
      View Details
    • Value Estimation by Request
      2,474 SF

      6721 Pr Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,474 SF
      6721 Pr Ave, Chicago, IL 60637-4032
      View Details
    • Value Estimation by Request
      2,182 SF

      6838 Pr Ave, Unit 2

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,182 SF
      6838 Pr Ave, Chicago, IL 60637-4035
      View Details
    • Value Estimation by Request
      1,324 SF

      6626 Saint Lawrence Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,324 SF
      6626 Saint Lawrence Ave, Chicago, IL 60637-4106
      View Details
    • Value Estimation by Request
      1,557 SF

      7036 Saint Lawrence Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,557 SF
      7036 Saint Lawrence Ave, Chicago, IL 60637-4620
      View Details
    • Value Estimation by Request
      1,351 SF

      6654 Hartwell Ave, Unit 2

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,351 SF
      6654 Hartwell Ave, Chicago, IL 60637-3041
      View Details

    Similar Nearby for Sale

    • $500,000
      0.16 Acres

      Vacant Mixed-Use Redevelopment Opportunity

      Mixed-use property for redevelopment near Jackson Park and Obama Center.
      1471 E 67Th St, Chicago, IL 60637
      View Details
    • $575,000
      8,000 SF

      Washington Park Development Opportunity

      Development opportunity near Washington Park, Chicago.
      5930 S King Dr, Chicago, IL 60637
      View Details
    • $2,250,000

      Renovated 24-Unit Apartment Building

      Solid brick, fully renovated 24-unit apartment building in Chicago.
      6555 S King Dr, Chicago, IL 60637
      View Details
    • $205,000

      South Shore Condo with Deck

      Spacious 3 bed, 2 bath condo in South Shore.
      1423 E 68Th St, Chicago, IL 60637
      View Details
    • Contact for pricing

      Woodlawn Multifamily Portfolio Opportunity

      Four multi-family properties totaling 24 units in Chicago's Woodlawn neighborhood.
      6424 S Drexel Ave, Chicago, IL 60637
      View Details
    • $430,000

      Chicago Three-Flat with Original Details

      Three-flat in Washington Park with original architectural details.
      5729 S Michigan Ave, Chicago, IL 60637
      View Details

    Similar Nearby for Lease

    • $2,100 /Mo
      5,055 SF

      South Shore Commercial Space Available

      5,055 SF commercial space in Chicago's South Shore neighborhood.
      7100 S Shore Dr, Chicago, IL 60637
      View Details
    • Contact for pricing
      1,550 SF

      Retail Space in Woodlawn Center

      Retail spaces available in Woodlawn neighborhood strip center.
      6714-6724 S Stony Island Ave, Chicago, IL 60637
      View Details
    • Contact for pricing

      Retail Space in Woodlawn Neighborhood

      Former restaurant endcap and inline space available for lease.
      6714 S Stony Island Ave, Chicago, IL 60637
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6023 Michigan Ave
    Chicago, IL 60637-2117
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!