Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    12331 S Harlem Ave Palos Heights, IL 60463

    Sponsored
    For Lease
    Contact for pricing

    COMMERCIAL - Palos Heights, IL

    Type:Retail
    Days on Market:
    9
    Last Refresh:
    Jan 20 at 9:06 pm

    Property Features for 12331 S Harlem Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    RTAIL

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Wood

    We can help!

    Listing Contact
    Mark Vaccaro
    Mark Vaccaro

    Century 21 Pro-Team (708) 398-6400 [email protected]

    Listing agent Mark Vaccaro (708) 307-9761

    Listing date Jan 12, 2026

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Retail Space in Palos

    This 1,007 square foot storefront is situated in the heart of the Palos Heights shopping district. Located in a busy strip mall, the unit benefits from a prime location with ample parking available in both the front and rear. The space is 95% wide open, measuring 19x53 feet, and includes a 16x9 office space with ceramic tile flooring, a 16x5 kitchenette with hardwood flooring, and a bathroom. Hardwood flooring extends throughout the main area. The space is in very good condition and features ample overhead lighting. It also has both front and rear customer entrances. Potential uses include a discount store, clothing store, office, or specialty store.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Diliberto Real Estate ... Real Estate Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palos Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.7961623
    Latitude
    41.6670749

    Nearby Similar for Lease

    • Contact for pricing

      Palos Heights Office Suites For Rent

      Two-story office building with elevator access and smaller suites.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Corner Commercial Condo Unit

      Commercial condo unit ideal for medical, real estate, attorneys.
      6400 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Palos Heights Office Suites Available

      2-Story office building with elevator access, Route 83 location.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Palos Heights Office Suites For Rent

      Two-story office building with elevator access, ideal for medical/dental/office.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Palos Heights Medical/Dental Suite

      Medical or dental suite available for rent in Palos Heights.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Palos Heights Office Suites For Rent

      Two-story office building with elevator access, perfect for medical/dental/office.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • Contact for pricing

      Palos Heights Office Suites For Rent

      Two-story office building with elevator access, suitable for medical/dental/office.
      7350 W College Dr, Palos Heights, IL 60463
      View Details
    • $16 SF/Yr
      23,300 SF

      Westgate Valley Commons Retail Space

      Thriving shopping center; high-traffic location; immediate occupancy.
      13407 Ridgeland Ave, Palos Heights, IL 60463
      View Details
    • $16 SF/Yr
      12,437 SF

      Executive Office Space in Palos Heights

      1,684 SF Available - Cook County
      11950 Harlem Ave, Palos Heights, IL 60463
      View Details
    • Contact for pricing
      44,392 SF

      Office or Medical Space Available

      Office or medical space for lease near Palos Hospital.
      7600 W College Dr, Palos Heights, IL 60463
      View Details
    • $16 SF/Yr
      1,200 SF

      Former Restaurant Space For Lease

      Adaptable retail space with ample parking and excellent visibility.
      13400-13419 S Ridgeland Ave, Palos Heights, IL 60463
      View Details
    • $21 SF/Yr
      1,000 SF

      Retail Space Near Harlem Intersection

      1,000 SF retail space with high visibility and ample parking.
      7202 W College Dr, Palos Heights, IL 60463
      View Details

    FAQs

    What type of property is this?
    Strip mall - Storefront in busy shopping district with ample parking.
    Where is this strip mall located?
    The property is located at 12331 S Harlem Ave Palos Heights, IL.
    What are key features of this property?
    This property features: - Prime location in the heart of the Palos Heights shopping district.; - Ample parking available in both front and rear of the property.; - Versatile 1007 sq ft storefront suitable for various business types.
    (708) 307-9761
    Request Owner's contact information
    12331 S Harlem Ave Palos Heights, IL 60463
    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.
    12331 S Harlem Ave
    Palos Heights, IL 60463
    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
    12331 S Harlem Ave Palos Heights, IL 60463
    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

    We can help!
    Listing Contact
    Mark Vaccaro
    Mark Vaccaro
    Real Estate License ID: 471021485
    (708) 307-9761
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.