2240 Armitage AveChicago, IL 60647

Property Details for 2240 Armitage Ave

Year built

1997

Lot size

0.28 AC

Property type

Office properties

APN

14-31-137-047-1014

APU

14311370471014

Description

This exceptional office condo at 2240 W Armitage Ave in Chicago's vibrant Bucktown/Wicker Park neighborhood offers multiple leasing options. The property, built in 2001, boasts a total of 48,000 square feet and sits on a sizable 12-acre lot in Cook County. Currently, 7,506 square feet of space is available, divisible into units as small as 1,500 square feet, with a maximum contiguous space of 3,753 square feet. Three spaces are currently available, ranging from 1,500 to 4,500 square feet. One first-floor unit features 2,253 square feet and includes two rear parking spaces. A garden-level unit offers 1,500 square feet. The building benefits from a highly convenient location, just one block from the CTA Blue Line Western stop and less than a mile from the 90/94 expressway and Metra North train. The property is fully furnished with brand-new amenities and furniture, making it ideal for executives and teams of various sizes. 2018 property taxes (paid in 2019) for a commercial space and two parking spaces totaled $13,009.17. Common area maintenance (CAM) and taxes are $8.88 per square foot, based on a 2,253-square-foot space. This is a rare opportunity to secure prime office space in a highly desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,856,458

  6.5%

  $3,559,808

  7%

  $3,305,536

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,563,000

  Geo Method

  $1,563,000

• Alternative Use

  Use

  Valuation

  Residential

  $4,414,161

  Hospitality

  $4,043,348

  Educational

  $3,364,018

  Medical

  $3,479,712

  Retail

  $5,232,917

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9179

Longitude

-87.684

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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