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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    728 May St Chicago, IL 60607-3990

    • Residential income homes
    • 3,393 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2805374
    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 728 May St

    Year built
    1913
    Construction
    FRAME
    Lot size
    0.04 lot acres
    Property size
    3,393 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    17-17-409-027
    APU
    1717409027

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $777,000
      Market price range: $777k - $1.41M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6556
    Latitude
    41.8721
    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
    $11,557
    $6,930
    $49,070
    $56,000
    -
    $69,300
    $490,700
    $560,000

    Comparable in this City

    • Value Estimation
      $715,000
      4,089 SF

      1101 Racine Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,089 SF
      1101 Racine Ave, Chicago, IL 60607-4839
      View Details
    • Value Estimation
      $1,050,000
      4,500 SF

      1111 Randolph St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,500 SF
      1111 Randolph St, Chicago, IL 60607-1607
      View Details
    • Value Estimation
      $575,000
      3,132 SF

      1113 Racine Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,132 SF
      1113 Racine Ave, Chicago, IL 60607-5013
      View Details
    • Value Estimation
      $620,000
      3,224 SF

      1021 Racine Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,224 SF
      1021 Racine Ave, Chicago, IL 60607-4854
      View Details
    • Value Estimation
      $605,000
      3,420 SF

      1029 Racine Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,420 SF
      1029 Racine Ave, Chicago, IL 60607-4963
      View Details
    • Value Estimation
      $835,000
      4,232 SF

      820 Morgan St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,232 SF
      820 Morgan St, Chicago, IL 60607-4201
      View Details

    Similar Nearby for Sale

    • $525,000

      Renovated West Loop Timber Loft

      Recently renovated 3 bed, 2 bath condo in West Loop.
      411 S Sangamon St, Chicago, IL 60607
      View Details
    • $349,000
      800 SF

      Updated Condo in Vibrant Neighborhood

      South-facing, updated one-bedroom condo in Chicago's vibrant West Loop.
      125 S Green St, Chicago, IL 60607
      View Details
    • $879,000

      West Loop Penthouse Condo

      One-level penthouse with private terrace in a gated community.
      16 N May St, Chicago, IL 60607
      View Details
    • New
      $1,245,500
      0.06 Acres

      Mixed-Use Property with Restaurant & Apartments

      Mixed-use property with restaurant and apartments near university and hospitals.
      1517 W Taylor St, Chicago, IL 60607
      View Details
    • $499,900

      West Loop Updated Condo

      Updated 2 bed/2 bath condo with 2 deeded garage spots.
      111 S Morgan St, Chicago, IL 60607
      View Details

    Similar Nearby for Lease

    • $4,000 /Mo

      West Loop Condo with Skyline Views

      2-bed, 2-bath condo in Chicago's West Loop with balcony.
      1200 W Monroe St, Chicago, IL 60607
      View Details
    • $2,100 /Mo

      Medical District Apartment with Laundry

      Two-bedroom apartment near UIC Medical Center, available October 1st.
      1412 W Flournoy St, Chicago, IL 60607
      View Details
    • $6,000 /Mo

      Furnished Loft in Nabisco Building

      Renovated, fully furnished 2 bed, 2 bath loft in West Loop.
      1000 W Washington Blvd, Chicago, IL 60607
      View Details
    • $4,200 /Mo

      West Loop Apartment with Terrace

      Two-bedroom apartment in West Loop with den, terrace, and balcony.
      841 W Monroe St, Chicago, IL 60607
      View Details
    • $3,050 /Mo
      1,215 SF

      Luxury Condo with Lake Views

      Stunning 2-bedroom condo with city convenience and luxury comfort.
      701 S Wells St, Chicago, IL 60607
      View Details
    • $5,000 /Mo

      Spacious Duplex in Little Italy

      Stylish 4BD/2.5BA duplex with modern amenities and convenient location.
      1347 W Fillmore St, Chicago, IL 60607
      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.
    728 May St
    Chicago, IL 60607-3990
    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.