Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    6557 Minerva Ave Chicago, IL 60637

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5737482
    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

    • Commercial real estate

    Property Details for 6557 Minerva Ave

    Year built
    1903
    Property type
    Commercial real estate
    APN
    20-23-119-021-0000

    Description

    This exceptional investment opportunity presents a three-story, 10-unit apartment building situated at 6557 S Minerva Ave in Chicago's East Woodlawn neighborhood. Boasting 15,000 square feet of net rentable space, this Class B property, built in 1903 and completely renovated in 2004, offers a compelling blend of history and modern amenities. The unit mix comprises five 3-bedroom/2-bathroom and five 2-bedroom/2-bathroom units, each featuring hardwood floors, tile, granite countertops, updated appliances, and in-unit laundry. Upgrades include copper plumbing, updated electrical boxes, and individual hot water tanks. Currently operating at 80% occupancy, the property generates a Net Operating Income (NOI) of $123,381, with a pro-forma NOI of $151,059, reflecting a 7.48% cap rate and a pro-forma cap rate of 9.16%. The asking price is $1,650,000, or $165,000 per unit. The 6,120 square foot lot is zoned RT-4 and includes three parking spaces. This property benefits from its proximity to Jackson Park Golf Course, the University of Chicago, and the future Obama Presidential Library, promising long-term investment stability and potential for rental rate increases. The property's location within Cook County, Illinois, and its APN is 20-23-119-021-0000. This is a stabilized investment with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.597338684259
    Latitude
    41.775085659018

    Comparable in this City

    • $1,200,000
      9,375 SF

      Washington Park Multifamily Investment Opportunity

      Eight-unit multifamily property in Chicago's Washington Park neighborhood.
      5833 South Michigan Ave, Chicago, IL 60637
      View Details
    • $650,000

      Renovated Multifamily in West Woodlawn

      Turnkey investment property near Washington Park and future Obama Library.
      6415 S Evans Ave, Chicago, IL 60637
      View Details
    • $1,225,000

      Woodlawn Multifamily Investment Opportunity

      Multifamily property near University of Chicago and cultural landmarks.
      1521 E 65Th St, Chicago, IL 60637
      View Details
    • New
      $550,000

      Chicago Multifamily Property with Parking

      Five-unit building with updated systems, in-unit laundry, and parking.
      6741-43 S Eberhart Ave, Chicago, IL 60637
      View Details
    • $8,240,000
      91,510 SF

      Stony Southside Portfolio: 103 Units

      Chicago Multifamily Investment: High Cap Rate
      5825 Michigan Ave, Chicago, IL 60637
      View Details
    • $689,900
      0.09 Acres

      Greystone 3-Flat in Washington Park

      Residential income property in Chicago's Washington Park neighborhood.
      5943 S Indiana Ave, Chicago, IL 60637
      View Details

    Similar Nearby for Sale

    • $1,200,000
      9,375 SF

      Washington Park Multifamily Investment Opportunity

      Eight-unit multifamily property in Chicago's Washington Park neighborhood.
      5833 South Michigan Ave, Chicago, IL 60637
      View Details
    • $210,000

      South Shore Condo with Deck

      Spacious 3 bed, 2 bath condo in South Shore.
      1423 E 68Th St, Chicago, IL 60637
      View Details
    • $165,000

      Bright Condo in Hyde Park

      Sun-filled 2-bedroom condo with amenities in vibrant Hyde Park.
      1450 E 55Th Pl, 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
    • $600,000

      Washington Park Development Opportunity

      Development opportunity near Washington Park, Chicago.
      5930 S King Dr, Chicago, IL 60637
      View Details
    • $8,240,000
      91,510 SF

      Stony Southside Portfolio: 103 Units

      Chicago Multifamily Investment: High Cap Rate
      5825 Michigan Ave, Chicago, IL 60637
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo

      Hyde Park Condo with Lake Views

      Spacious 2-bedroom condo in Hyde Park with stunning views.
      1700 E 56Th St, Chicago, IL 60637
      View Details
    • $2,200 /Mo
      1,200 SF

      East Woodlawn Condo with Balcony

      Spacious 3-bedroom condo near University of Chicago and lakefront.
      6220 S Kenwood Ave, Chicago, IL 60637
      View Details
    • $1,300 /Mo

      Spacious Apartment Near University of Chicago

      Two-bedroom apartment near transportation, shopping, and the University of Chicago.
      6529 S Kimbark Ave, Chicago, IL 60637
      View Details
    • $27 SF/Yr
      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
      1,857 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
      3,695 SF

      Retail Space Near Obama Center

      Retail space in Chicago's Woodlawn neighborhood, near University of Chicago.
      1500-1528 E 63Rd St, 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.
    6557 Minerva Ave
    Chicago, IL 60637
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.