Add Listing
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

    8941 Western Ave Chicago, IL 60643-6432

    • Retail space
    • 2,000 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Feb 05, 2025
    $221,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0112437
    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

    • Darrell M. Snyder, PHD / Physician / Medical Clinic
    • Partnerships In Behavioral Health, Ltd. / Physician / Medical Clinic
    • Psychodiagnostics Limited / Physician / Medical Clinic
    • Crystal Y. Williams, LCPC / Mental Health Service / Counselor
    • Sandra J. Kendrick, LCPC / Counselor / Doctor

    Property Details for 8941 Western Ave

    Year built
    1956
    Lot size
    0.08 lot acres
    Property size
    2,000 SF
    Property type
    Retail space
    APN
    25-06-108-004
    APU
    2506108004

    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
    -87.682
    Latitude
    41.7307
    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
    $6,476
    $12,718
    $18,674
    $31,392
    -
    $50,872
    $74,696
    $125,568

    Comparable in this City

    • Value Estimation by Request
      0.07 Acres

      2119 95th St

      STORE, RETAIL OUTLET • 0.07 Acres
      2119 95th St, Chicago, IL 60643
      View Details
    • Value Estimation by Request

      10435 Western Ave

      RETAIL STORES (PERSONAL SERVICES)
      10435 Western Ave, Chicago, IL 60643
      View Details
    • Value Estimation by Request

      9460 Vanderpoel Ave

      RETAIL STORES (PERSONAL SERVICES)
      9460 Vanderpoel Ave, Chicago, IL 60643
      View Details
    • Value Estimation by Request
      0.09 Acres

      2133 95th St

      RETAIL STORES (PERSONAL SERVICES) • 0.09 Acres
      2133 95th St, Chicago, IL 60643-1018
      View Details
    • Value Estimation
      $2,230,000
      21,000 SF

      9401 Western Ave

      STORE, RETAIL OUTLET • 21,000 SF
      9401 Western Ave, Chicago, IL 60643
      View Details
    • Value Estimation
      $565,000
      9,300 SF

      2134 95th St

      STORE, RETAIL OUTLET • 9,300 SF
      2134 95th St, Chicago, IL 60643-1019
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Multi-Tenant Retail Property For Sale

      Value-add retail property in Chicago's Beverly Neighborhood.
      2301-2323 W 95Th St, Chicago, IL 60643
      View Details
    • Contact for pricing
      3,996 SF

      Beverly Retail Property on Western

      Highly visible retail property in Chicago's Beverly neighborhood.
      10350 S Western Ave, Chicago, IL 60643
      View Details
    • $4,810,000
      24,800 SF

      Chicago Retail Opportunity For Sale

      24,800 SqFt retail space available in Chicago, Illinois.
      9255 S Western Ave, Chicago, IL 60643
      View Details
    • $649,900

      Mixed-Use Investment Property on Western

      Mixed-use property with residential units and versatile commercial space.
      10835 S Western Ave, Chicago, IL 60643
      View Details
    • $400,000
      0.17 Acres

      Historical Building with Event Space Approval

      Unique commercial space with event space approval in Chicago.
      11057-11059 S Homewood Ave, Chicago, IL 60643
      View Details
    • Contact for pricing
      7,200 SF

      Citibank Property in Chicago MSA

      7,200 SF bank on 0.60-acre parcel in Chicago.
      9449 S Western Ave, Chicago, IL 60643
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,450 SF

      Prime Retail Space Available

      Commercial space with high visibility and convenient access.
      11820-11838 S Western Ave, Chicago, IL 60643
      View Details
    • $25 SF/Yr

      Restaurant Space in Beverly Hills

      1350 SF former Quiznos with existing restaurant infrastructure.
      10648 S Western Ave, Chicago, IL 60643
      View Details
    • $25 SF/Yr

      Beverly Hills Retail/Office Space

      Contiguous retail/office space in Chicago's Beverly Hills retail corridor.
      10648 S Western Ave, Chicago, IL 60643
      View Details
    • $20 SF/Yr

      Versatile Retail/Office/Medical Space Available

      5,667 sqft space with parking, high traffic, new HVAC.
      2255 W 95Th St, Chicago, IL 60643
      View Details
    • $25 SF/Yr

      Beverly Hills Retail/Office Space

      Contiguous retail/office space in Chicago's Beverly Hills retail corridor.
      10648 S Western Ave, Chicago, IL 60643
      View Details
    • Contact for pricing

      Office and Retail Space Available

      2,300 SqFt single tenant office or retail space for rent.
      10237 S Western Ave, Chicago, IL 60643
      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.
    8941 Western Ave
    Chicago, IL 60643-6432
    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!