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    Property profile & analytics

    6229 Whipple St, Unit 2 Chicago, IL 60659-1475

    • Residential income homes
    • 4,990 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Jun 14, 2024
    Value Estimations
    $690,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1414233
    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 6229 Whipple St

    Year built
    1965
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    4,990 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    13-01-111-010
    APU
    1301111010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $702,000
      Market price range: $702k - $1.03M
      AI Estimate
      $458,000
      Market price range: $458k - $674k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $855,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7053
    Latitude
    41.9948
    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
    $10,047
    $12,280
    $42,724
    $55,004
    -
    $122,800
    $427,240
    $550,040

    Comparable in this City

    • Value Estimation
      $520,000
      3,162 SF

      5911 Artesian Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,162 SF
      5911 Artesian Ave, Chicago, IL 60659-5034
      View Details
    • Value Estimation
      $540,000
      3,080 SF

      5836 Artesian Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,080 SF
      5836 Artesian Ave, Chicago, IL 60659-5033
      View Details
    • Value Estimation by Request
      2,398 SF

      6248 Artesian Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,398 SF
      6248 Artesian Ave, Chicago, IL 60659-2829
      View Details
    • Value Estimation
      $590,000
      3,780 SF

      5615 Artesian Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,780 SF
      5615 Artesian Ave, Chicago, IL 60659-5121
      View Details
    • Value Estimation
      $545,000
      3,126 SF

      5933 Artesian Ave, Unit 2

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,126 SF
      5933 Artesian Ave, Chicago, IL 60659-5034
      View Details
    • Value Estimation
      $770,000
      5,205 SF

      5637 Christiana Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,205 SF
      5637 Christiana Ave, Chicago, IL 60659-4535
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      8,975 SF

      Mixed-Use Building in Rogers Park

      Three-story, seven-unit mixed-use building in a vibrant location.
      2944 W Devon Ave, Chicago, IL 60659
      View Details
    • $1,149,000
      0.22 Acres

      Mixed-Use Investment Opportunity in Chicago

      Fully occupied three-lot property with C1-2 zoning and high traffic.
      5620 N Western Ave, Chicago, IL 60659
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    • New
      $650,000

      Chicago Multifamily Investment Opportunity

      Three-unit residential income property in Chicago's West Ridge neighborhood.
      6104 N Oakley Ave, Chicago, IL 60659
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    • $999,000

      Legal 5-Unit Multifamily Property

      Five-unit property in Chicago with income and upside potential.
      6235 N Mozart St, Chicago, IL 60659
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      35,282 SF

      Chicago Multifamily Investment Opportunity

      Multifamily property with high occupancy and redevelopment potential.
      5875 N Lincoln Ave, Chicago, IL 60659
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    • Contact for pricing
      8,000 SF

      Three-Lot Mixed-Use Property

      Fully occupied three-lot property with redevelopment potential in Arcadia Terrace.
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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Busy Center

      Retail space in a busy shopping center with ample parking.
      6253 N Mccormick Blvd, Chicago, IL 60659
      View Details
    • $950 /Mo
      650 SF

      Professional Office Space Available

      First-floor office space in a professional building for rent.
      2726 W Peterson Ave, Chicago, IL 60659
      View Details
    • $9 SF/Yr
      5,000 SF

      Prime Chicago Office Space

      Versatile Suites, West Rogers Park
      2945 Peterson Ave, Chicago, IL 60659
      View Details
    • Contact for pricing

      Chicago Office and Medical Building

      Office and medical building for lease in Peterson Park.
      3500 W Peterson Ave, Chicago, IL 60659
      View Details
    • Contact for pricing

      West Rogers Park Office Building

      Professionally managed office building in Chicago's West Rogers Park.
      5875 N Lincoln Ave, Chicago, IL 60659
      View Details
    • Contact for pricing
      7,248 SF

      Prime Commercial Space in Chicago

      Retail space in North Park business corridor with high visibility.
      3301-3305 W Bryn Mawr Ave, Chicago, IL 60659
      View Details
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    6229 Whipple St, Unit 2
    Chicago, IL 60659-1475
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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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