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Property profile & analytics
OFF-MARKET
Estimated value
$16,435,000
Motels
640 Wabash Ave Chicago, IL 60611-2726
Entity Owned
~
Est. High Equity
Property ID
US28-1352757
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1929
Total area
66,300 SF
Lot
0.11 ac (4,900 SF)
APN
17-10-111-007
UPID
US28-1352757
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
-
Hotel Cass Hotel & Motel
-
Bounce Luggage Storage - 24/7 River North Storage Facility
-
Holiday Inn Express Chicago - Magnificent Mile, an IHG Hotel Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$16.44M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$14.98M
Blend (final)
Blend
$16.44M
Owner & transaction history
Wabash Opco Hotels LLC
Wabash Opco Hotels LLC
since 2025
Last sale
$16.4M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$15.9M
+38.8%
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
$16,435,000
ML approach
$16,435,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$11,420,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$15,850,000
Change: +39% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$11,405,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$16.44M
Range $14.79M – $18.08M · ±10% · vs last sale $16.43M (Jun 5 2024)
Last sale anchor
$16.43M
Jun 5 2024
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
$248 / 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
$309,552
Tax year 2022
Assessed value
$1,505,000
Assessed 2022
Previous assessed
$1,505,000
+0.0% YoY
Effective rate
20.57%
On assessed value
Assessed land
$336,875
Assessed improvement
$1,168,125
Land market value
$1,347,500
Improvement market value
$4,672,500
Total market value
$6,020,000
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
1929
Heating
NONE
Stories
15
Total area
66,300 SF
Lot
0.11 ac (4,900 SF)
APN
17-10-111-007
UPID
US28-1352757
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
$11.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$15.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$11.4M
HOTEL/MOTEL Current
NEIGHBORHOOD: SHOPPING CENTER
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
1929
Heating
NONE
Stories
15
Lot
0.11 ac
Current owner
From public records · entity-resolved
Wabash Opco Hotels LLC
Entity
Mailing address
16 ARCADIAN WAY, PARAMUS, NJ 07652-1291
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 5, 2025
—
Wabash Opco Hotels LLC
640 Wabash LLC
Deed
$16,725,000 · Morgan Stanley Bank NA
Sep 9, 2025
—
Ld Telecom Propco LLC
—
Deed
related
$414,800 · Wilmington Trust NA
Jun 5, 2024
$16,433,000
640 Wabash LLC
Wfrbs 2013 C18 North Wabash Avenue
Special Warranty Deed
—
Mar 5, 2010
—
Hcp Oxford Obg Cass Prop Co Ll
—
Deed Of Trust
related
$24,931,814 · Ge Business Financial Svcs INC
Apr 19, 2006
$1,000,000
Oxford Obg Cass Property C Hcp
Trust 43438
Grant Deed
related
$19,100,000 · Merrill Lynch Capital
—
—
Hcp Oxford Obg Cass Property
—
Deed Of Trust
related
$23,500,000 · Royal Bank Scotland Plc
—
—
Hcp Oxford Obg Cass Prop Co Ll
—
Deed Of Trust
related
$10,548,500 · Ge Business Financial Svcs INC
—
—
Hcp Oxford Obg Cass Prop Co Ll
—
Deed Of Trust
related
$5,831,814 · Merrill Lynch Capital
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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