Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    8005 Phillips Ave, Unit 1 Chicago, IL 60617-7607
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8005 Phillips Ave, Unit 1 Chicago, IL 60617-7607

    View on Map
    • Residential income homes
    • 4,464 SF
    • 0.10 lot acres
    Off-Market
    Last Sale Dec 18, 2023
    Property ID
    US28-2396851
    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.
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 8005 Phillips Ave

    Year built
    1927
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    4,464 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    21-31-109-043
    APU
    2131109043

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $456,000
      Market price range: $223k - $537k
      AI Estimate
      $620,000
      Market price range: $398k - $675k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $395,000
      Current use
      OFFICE BUILDING
      $600,000
      Change: +52% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $535,000
      Change: +35% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.5646
    Latitude
    41.7496
    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
    $3,616
    $4,340
    $16,660
    $21,000
    -
    $43,400
    $166,600
    $210,000

    Comparable in this City

    • Value Estimation by Request
      1,556 SF

      10225 Ave N Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,556 SF
      10225 Ave N Ave, Chicago, IL 60617-5933
      View Details
    • Value Estimation by Request
      1,628 SF

      10820 Calhoun Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,628 SF
      10820 Calhoun Ave, Chicago, IL 60617-6420
      View Details
    • Value Estimation by Request
      2,002 SF

      8527 Burnham Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,002 SF
      8527 Burnham Ave, Chicago, IL 60617-3103
      View Details
    • Value Estimation by Request
      2,310 SF

      8729 Buffalo Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,310 SF
      8729 Buffalo Ave, Chicago, IL 60617-3375
      View Details
    • Value Estimation by Request
      1,620 SF

      10725 Buffalo Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,620 SF
      10725 Buffalo Ave, Chicago, IL 60617-6515
      View Details
    • Value Estimation by Request
      1,814 SF

      10731 Buffalo Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,814 SF
      10731 Buffalo Ave, Chicago, IL 60617-6515
      View Details

    Similar Nearby for Sale

    • $340,000
      2,557 SF

      Renovated Three-Flat Near I-90/I-94

      Three updated units near transportation, ideal for investors or owner-occupants.
      9739 S Escanaba Ave, Chicago, IL 60617
      View Details
    • Contact for pricing

      Yellow Brick Octagon Apartment Building

      Six-unit building with expansion potential near parks and transportation.
      8035 S Essex Ave, Chicago, IL 60617
      View Details
    • $525,000
      0.84 Acres

      Fully Occupied 6-Unit Building

      Well-maintained, cash-flowing 6-unit property with a 6-car garage.
      7935 S Essex Ave, Chicago, IL 60617
      View Details
    • $899,000
      0.14 Acres

      Six-Unit Building with Expansion Potential

      Six-unit building in Chicago with expansion and duplexing potential.
      8035 S Essex Ave, Chicago, IL 60617
      View Details
    • $499,900

      Chicago Multifamily Renovation Opportunity

      12-unit building ready for construction with completed architectural plans.
      8103 S Clyde Ave, Chicago, IL 60617
      View Details
    • $739,900
      0.17 Acres

      Chicago Multifamily Investment Opportunity

      17-unit building near upcoming development and transportation.
      7951 S Muskegon Ave, Chicago, IL 60617
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Modern Office Space Available

      Prime Chicago office space with conference room and natural light.
      9226 S Commercial Ave, Chicago, IL 60617
      View Details
    • Contact for pricing

      Retail Endcap Space Available

      Retail space with high traffic, co-tenancy, and ample parking.
      8721 S Stony Island Ave, Chicago, IL 60617
      View Details
    • $9,500 /Mo

      Commercial Space in South Chicago

      Turnkey 5,500 SF commercial space suitable for school or daycare.
      9139 South Commercial Ave, Chicago, IL 60617
      View Details
    • $15 SF/Yr

      Retail Space in Anchored Center

      Retail space available in East Side Shopping Center.
      3454 E 118Th St, Chicago, IL 60617
      View Details
    • Contact for pricing

      Chicago Retail Storefront For Lease

      1,100 SF move-in ready retail space in South Chicago.
      8714 South Commercial Ave, Chicago, IL 60617
      View Details
    • Contact for pricing
      13,486 SF

      Move-in Ready Chicago Retail Space

      Prime retail space in established commercial corridor with high visibility.
      8546 S Stony Island Ave, Chicago, IL 60617
      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.
    8005 Phillips Ave, Unit 1
    Chicago, IL 60617-7607
    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.
    Sign Up Successful!
    You now have access to more from Realmo!