Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    231 W Downer Place Aurora, IL 60506

    View on Map
    Claim this Listing
    For Sale
    $49,000

    LAND - Aurora, IL

    Lot size:
    0.25 Acres
    Added:
    Jun 4, 2025
    Days on Market:
    330
    Last Refresh:
    Apr 29 at 10:06 am

    Property Features for 231 W Downer Place

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1521286011
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    456

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Cesar Estrada
    Cesar Estrada

    Listing agent Cesar Estrada License #475167263

    Listing office Worth Clark Realty 10 N Martingale Rd #4153, Schaumburg, IL

    Listing date Jun 4, 2025

    MLS# 12383669 Listing URL

    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.

    Overview

    Prime Vacant Lot in Aurora

    This vacant lot presents an opportunity for commercial use. The property is located within walking distance of downtown Aurora, providing accessibility to shops, restaurants, entertainment, and public transportation. This lot is positioned as a strategic location for future business endeavors. The lot size is 0.25 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Kane
    State
    Illinois
    Longitude
    -88.32041
    Latitude
    41.75961

    Nearby Similar for Sale

    • $420,000

      Renovated Office Condo For Sale

      Recently renovated office condo in a desirable professional complex.
      1256 Waterford Drive, Aurora, IL 60504
      View Details
    • $710,000

      Versatile Office Property in Aurora

      Office-zoned commercial property with development potential in Aurora's Tanner District.
      442 N Lake Street N, Aurora, IL 60506
      View Details
    • $750,000

      Aurora Office Condos For Sale

      Two office condos for sale, fully built out and rented.
      3845 MCCOY Drive, Aurora, IL 60504
      View Details
    • $340,000

      Well-Maintained Duplex in Aurora

      Tenant-occupied duplex with updated interiors and separate utilities.
      775-785 Gerten Avenue, Aurora, IL 60505
      View Details
    • $430,000

      Commercial Land in High-Demand Corridor

      Prime commercial land with redevelopment potential in Aurora, Illinois.
      1330 E New York Street, Aurora, IL 60505
      View Details
    • $560,000

      Remodeled Six-Unit Multifamily Investment

      Remodeled six-unit building in Aurora, Illinois, with excellent cash flow.
      168 S Lincoln Avenue, Aurora, IL 60505
      View Details
    • $2,400,000

      Aurora Commercial Property For Sale

      Three-parcel property with income potential in Aurora, Illinois.
      610 - 628 N Broadway, Aurora, IL 60505
      View Details
    • $350,000

      Former Union Hall Offices

      Two-story building with meeting hall, new parking, and large lot.
      412 hankes Avenue, Aurora, IL 60505
      View Details
    • $650,000

      Established Auto Repair Business For Sale

      Thriving auto repair shop with real estate included in Aurora.
      1349 E New York Street, Aurora, IL 60505
      View Details
    • $315,000

      Well-Maintained Aurora Two-Unit Property

      Income-producing two-unit property with recent improvements and upside potential.
      544 E New York Street, Aurora, IL 60505
      View Details
    • $280,000

      Downtown Aurora Commercial Building For Sale

      Highly visible building ideal for retail, office, or restaurant.
      209 E Galena Boulevard, Aurora, IL 60505
      View Details
    • $650,000

      Georgian Multifamily Property in Aurora

      Well-maintained Georgian home, potential for multifamily use in Aurora.
      469 N Lake Street, Aurora, IL 60506
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial lot near downtown Aurora with business potential.
    Where is this commercial land located?
    The property is located at 231 W Downer Place Aurora, IL.
    What is the asking price?
    The asking price for this property is $49,000.
    What are key features of this property?
    This property features: Vacant lot suitable for commercial development.; Prime location within walking distance to downtown Aurora.; High accessibility to shops, restaurants, entertainment, and public transportation.
    (800) 991-6092
    We can help!
    Listing Contact
    Cesar Estrada
    Cesar Estrada
    Real Estate License ID: 475167263
    Learn More
    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.
    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!