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

    8007 Carpenter St Chicago, IL 60620

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1307211
    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 8007 Carpenter St

    Year built
    1920
    Property type
    Commercial real estate
    APN
    20322110020000

    Description

    This stately three-story brick building, located at 8007 S Carpenter St in Chicago's vibrant Auburn Gresham neighborhood (zip code 60620, Cook County, IL), presents a compelling investment opportunity. Built in 1920, this multifamily property boasts six spacious units, each featuring bright interiors with formal dining and living rooms. The units offer 6-2 bedrooms and include a bonus enclosed porch with closets. A large basement provides ample storage space, potential for laundry facilities, or even the possibility of converting it into an additional unit. Each unit is equipped with its own individual furnace, ensuring efficient heating. The property also includes a four-car brick garage, providing convenient parking for residents. The building is zoned Multi-Family

    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
    -87.6498014
    Latitude
    41.7484777

    Comparable in this City

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      $237,000
      Pending

      Chicago Multifamily Building For Sale

      Multifamily building near 79th St corridor, needs improvements.
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      2,816 SF

      Spacious Multi-Family Home in Chicago

      Two-story multi-family home with 6 bedrooms, ideal for investment.
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      Washington Heights 6-Unit Apartment Building

      Well-maintained, fully occupied 6-unit building in vibrant Washington Heights.
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    Similar Nearby for Sale

    • $480,000
      6,000 SF

      Mixed-Use Building on Corner Lot

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      1656 W 79Th St, Chicago, IL 60620
      View Details
    • $470,000

      12-Unit Investment Opportunity in Chicago

      Turnkey 12-unit building in Chicago's emerging Auburn Gresham area.
      1203 W 78Th Pl, Chicago, IL 60620
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    • New
      $749,000

      Chicago Multifamily Investment Opportunity

      Six-unit building with strong tenant demand and high revenue.
      8937 S Justine St, Chicago, IL 60620
      View Details
    • $550,000
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      Washington Heights 6-Unit Apartment Building

      Well-maintained, fully occupied 6-unit building in vibrant Washington Heights.
      9422-9424 S Laflin St, Chicago, IL 60620
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      $719,900

      Chicago Multifamily Investment Opportunity

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      Winneconna Parkway 9-Unit Investment Opportunity

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    Similar Nearby for Lease

    • Contact for pricing

      Vacant Land on East 85th

      1.30 acre vacant lot with development potential.
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    • $15 SF/Yr
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      Retail Space on 79th Street

      New construction retail space with high visibility and frontage.
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      Auburn Gresham Commercial Space Available

      Prime 1,800 sq.ft. space ideal for retail or office use.
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      20,038 SF

      Retail Space Chicago

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      Chicago Industrial Warehouse Space

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    8007 Carpenter St
    Chicago, IL 60620
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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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