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    Property profile & analytics

    6943 Western Ave Chicago, IL 60645-4710

    • Auto shops
    • 1,227 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $230,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2013353
    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

    • All Automotive Repair / Auto Repair Shop

    Property Details for 6943 Western Ave

    Year built
    1895
    Lot size
    0.23 lot acres
    Property size
    1,227 SF
    Property type
    Auto shops
    APN
    11-31-113-015
    APU
    1131113015

    Description

    This exceptional 9,975 square foot commercial property at 6943 N. Western Ave., Chicago, IL 60645, presents a compelling value-add investment opportunity. Situated on a 0.23-acre lot in Cook County's vibrant West District, this property boasts C1-2 zoning, allowing for diverse commercial development. The asking price is $1,800,000, with a pro-forma cap rate of 3.42% and a pro-forma NOI of $61,596. A significant advantage is the existing cell tower lease, generating a current annual rent of $39,675, with a guaranteed increase to $45,626 in June 2028 and a remaining term of 20 years. This long-term lease provides a stable and predictable income stream, significantly enhancing the property's overall return. The property's location within a bustling commercial corridor ensures high visibility and accessibility, attracting a steady flow of potential customers. The blend of residential and commercial spaces in the surrounding neighborhood further contributes to its strong investment potential. This property offers a unique combination of immediate income and significant redevelopment potential, making it an attractive proposition for discerning investors seeking a high return on investment in a dynamic Chicago location. The property's APN is 11-31-113-015-0000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $260,000
      Market price range: $64.4k - $260k
      AI Estimate
      $162,000
      Market price range: $43.6k - $162k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6897
    Latitude
    42.0076
    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
    $6,693
    $17,737
    $14,804
    $32,541
    -
    $70,948
    $59,216
    $130,164

    Comparable in this City

    • Value Estimation
      $300,000
      7,800 SF

      6442 Western Ave

      AUTO REPAIR, GARAGE • 7,800 SF
      6442 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $200,000
      4,500 SF

      6644 Western Ave

      AUTO REPAIR, GARAGE • 4,500 SF
      6644 Western Ave, Chicago, IL 60645-5024
      View Details
    • Value Estimation
      $190,000
      3,400 SF

      6650 Western Ave

      AUTO REPAIR, GARAGE • 3,400 SF
      6650 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $355,000
      4,600 SF

      7501 Western Ave

      AUTO REPAIR, GARAGE • 4,600 SF
      7501 Western Ave, Chicago, IL 60645-1510
      View Details
    • Value Estimation
      $220,000
      7,800 SF

      6438 Western Ave

      AUTO REPAIR, GARAGE • 7,800 SF
      6438 Western Ave, Chicago, IL 60645
      View Details
    • Value Estimation
      $310,000
      6,700 SF

      2255 Howard St

      AUTO REPAIR, GARAGE • 6,700 SF
      2255 Howard St, Chicago, IL 60645-1922
      View Details

    Similar Nearby for Sale

    • $1,999,000
      5,000 SF

      Chicago Auto Shop - $1.99M

      Prime location, vacant auto shop, high traffic.
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    • $1,999,000
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      Auto Building on Western Avenue

      Free-standing auto building with showroom and parking in Chicago.
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    • $1,800,000
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    • $699,000
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      Versatile 4,100 SF commercial space in Chicago's West Ridge.
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    • $1,500,000
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      Chicago Retail/Office Space Available

      8,500+ sq ft in high-traffic West Ridge/Rodgers Park.
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    Similar Nearby for Lease

    • $24 SF/Yr

      Versatile Commercial Space on Western

      1,000 sq ft commercial space suitable for various business types.
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    • $30 SF/Yr
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      Retail Space with On-Site Parking

      Retail space featuring high ceilings, on-site parking, and signage.
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    • $17 SF/Yr
      11,974 SF

      Retail Space in High-Traffic Area

      7,134 SF retail space with excellent visibility and access.
      2341 W Howard St, Chicago, IL 60645
      View Details
    • $24 SF/Yr

      Versatile Commercial Space on Western

      1,000 sq ft commercial space in high-traffic location.
      7111 N Western Ave, Chicago, IL 60645
      View Details
    • $2,400 /Mo

      Remodeled Apartment Near Indian Boundary

      Spacious, remodeled 3-bed, 1.5-bath apartment near Indian Boundary Park.
      2611 W Fitch Ave, Chicago, IL 60645
      View Details
    • $2,150 /Mo
      1,200 SF

      Rogers Park Penthouse Apartment

      Spacious 3 bed, 2 bath penthouse available 09/15 in Rogers Park.
      2061 W Fargo Ave, Chicago, IL 60645
      View Details
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    6943 Western Ave
    Chicago, IL 60645-4710
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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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