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Property profile & analytics
OFF-MARKET
Estimated value
$38,040,000
Motels
640 Erie St, Chicago, IL 60611
Entity Owned
11-yr Hold
~
Est. High Equity
Property ID
US28-5714239
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1985
Total area
344,100 SF
Lot
0.51 ac (22,350 SF)
APN
17-10-113-007
UPID
US28-5714239
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$39.83M
Comparable Approach
Comparable
$33.19M
Blend (final)
Blend
$38.04M
Owner & transaction history
Gic 101 Erie LLC · 11 yrs held
Gic 101 Erie LLC
since 2014
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
$43,150,000
6.5%
$39,830,000
7%
$36,985,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$59,275,000
Current use
APARTMENT HOUSE (5+ UNITS)
$59,190,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$38.04M
Range $34.24M – $41.84M · ±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
$111 / 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
$1,738,684
Tax year 2022
Assessed value
$8,453,250
Assessed 2022
Previous assessed
$2,794,191
+202.5% YoY
Effective rate
20.57%
On assessed value
Assessed land
$326,030
Assessed improvement
$8,127,220
Land market value
$1,304,120
Improvement market value
$32,508,880
Total market value
$33,813,000
Applied tax rate
74,004.0000
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
Motels
Use group
MOTEL
Status
Off-Market
Year built
1985
Heating
NONE
Stories
21
Total area
344,100 SF
Lot
0.51 ac (22,350 SF)
APN
17-10-113-007
UPID
US28-5714239
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
HOTEL/MOTEL Current
Est. value
$59.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$59.2M
HOTEL/MOTEL Current
APARTMENT HOUSE (5+ UNITS)
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
1985
Heating
NONE
Stories
21
Lot
0.51 ac
Current owner
From public records · entity-resolved
Gic 101 Erie LLC
Entity
Mailing address
150 N RIVERSIDE PLZ STE #1810, CHICAGO, IL 60606-1598
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 1, 2018
—
Gic 101 Erie LLC
—
Loan Modification
related
$70,000,000 · Miscellaneous Ins Co
Jan 3, 2018
—
Gic 101 Erie LLC
—
Loan Modification
related
$70,000,000 · Miscellaneous Ins Co
Nov 26, 2014
$34,150,000
Gic 101 Erie LLC
Lexington Lion Chicago LP
Grant Deed
$70,000,000 · Miscellaneous Ins Co
Aug 14, 2009
—
Clark Of Taylor LLC
Commuter Rail Division Of Regiona
Quit Claim Deed
related
—
Sep 21, 2007
—
Roosevelt Collection Retail Ow
City Of Chicago
Quit Claim Deed
related
—
May 30, 2007
$6,366,667
Collection Resid I O Roosevelt
Clark Of Taylor LLC
Grant Deed
$25,200,000 · Lasalle National Bank
May 30, 2007
$5,517,666
Roosevelt Collection Resid III
Clark Of Taylor LLC
Grant Deed
—
Jul 5, 2006
—
Lennar 139 Polk LLC
Allright Corp
Quit Claim Deed
related
—
Nov 24, 2004
$33,133,333
Lexington Lion Chicago
Trust 107491
Grant Deed
—
—
—
Bullseye Partners LLC
—
Deed Of Trust
related
$12,000,000 · Istar Fm Loans LLC
—
—
Lexington Lion Chicago
—
Deed Of Trust
related
$29,900,000 · J P Morgan Chase 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.
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