Add Listing
    For Sale
    • 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

    331 George Street West Chicago, IL 60185

    View on Map
    For Sale
    $895,000

    COMMERCIAL - West Chicago, IL

    Lot size:
    0.76 Acres
    Added:
    Jun 17, 2025
    Days on Market:
    289
    Last Refresh:
    Apr 1 at 8:06 am

    Property Features for 331 George Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    0409220018
    Lot size
    0.76 Acres

    Taxes and HOA fees

    TaxYear
    2024

    Utilities

    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1965
    Floors in Building
    1

    We can help!

    Listing Contact
    Lance Kammes

    Listing agent Lance Kammes

    Listing office RE/MAX Suburban 1417 N. Main Street, Mount Prospect, IL

    Listing date Jun 17, 2025

    MLS# 12395515

    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

    Versatile Building in West Chicago

    This diverse building in West Chicago, Illinois, presents numerous possibilities. The property is currently zoned R-5 and was originally used as a school for decades. Special use possibilities include a public or private school, daycare center, house of worship, convents or religious retreats, nursing homes, and offices for professionals such as physicians, dentists, attorneys at law, architects, engineers, musicians, artists, teachers, accountants, photographers, insurance agents, and business consultants, with the potential for even more uses. The lot size is 0.76 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    CDI Headstart Social Service Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    West Chicago
    County
    DuPage
    State
    Illinois
    Longitude
    -88.2111635
    Latitude
    41.8798353

    Nearby Similar for Sale

    • $895,000

      Versatile Commercial Building, West Chicago

      Adaptable commercial building suitable for diverse uses in West Chicago.
      331 George Street, West Chicago, IL 60185
      View Details
    • $1,250,000

      Profitable Landscaping Business Opportunity

      Established landscaping business for sale with equipment and client base.
      Confidential Street, West Chicago, IL 60185
      View Details
    • $1,900,000
      4,250 SF

      Commercial Building on 2.3 Acres

      Free-standing commercial building with manufacturing zoning and special use permit.
      2040 W Roosevelt Rd, West Chicago, IL
      View Details
    • $2,761,800
      3,530 SF

      West Chicago Retail NNN Lease

      Corporate leased retail property in Chicago MSA with scheduled rent increases.
      1000 N Neltnor Blvd, West Chicago, IL
      View Details
    • Contact for pricing
      39,584 SF

      West Chicago Industrial Space

      39,584 SF industrial space with office and parking.
      741 Winston St, West Chicago, IL 60185
      View Details
    • Contact for pricing
      6 SF

      Industrial Site with Renovated Office

      6.10-acre site featuring renovated office and maintenance buildings.
      1280 Powis Road, West Chicago, IL, 60185
      View Details
    • Contact for pricing
      4,800 SF

      West Chicago Investment Opportunity

      Income-producing industrial/educational property leased to Ruler CDL School.
      1280 Powis Rd, West Chicago, IL 60185
      View Details

    FAQs

    What type of property is this?
    School - Adaptable building suitable for school, daycare, religious facility, or offices.
    Where is this school located?
    The property is located at 331 George Street West Chicago, IL.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Owner financing available; R‑5 zoning allows for diverse uses, including school, daycare, religious facility, nursing home, or offices; Originally used as a school for decades
    (847) 577-9888
    We can help!
    Listing Contact
    Lance Kammes
    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!