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
    The Largest CRE Database in the US with Over 1 Million Listings

    500 Ashland Ave, Unit 1 Chicago Heights, IL 60411

    Sponsored
    For Lease
    Contact for pricing

    COMMERCIAL - Chicago Heights, IL

    Type:Office
    Days on Market:
    26
    Last Refresh:
    Feb 2 at 8:06 am

    Property Features for 500 Ashland Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Zoning
    COMMR

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1965
    Floors in Building
    2
    Building materials
    Brick

    We can help!

    Listing Contact
    Denise Raines
    Denise Raines

    Keller Williams Preferred Realty (708) 798-1111

    Listing agent Denise Raines (312) 953-5780

    Listing date Jan 8, 2026

    MLS# 12322324

    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

    Medical Office in Chicago Heights

    This commercial space in Chicago Heights, Illinois, is suitable for medical office use. The layout includes a reception area, waiting room, three exam rooms, a kitchen/break room, and one private office. The tenant is responsible for heat and electric utilities, which are separately metered. Ample parking is available in front and rear lots, with a total of 60 spaces. The property is situated on heavily traveled Ashland Avenue, offering significant visibility and exposure for businesses. The zoning is classified as COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Michael J. Mintz, ... Endodontist Illiana Endodontics, Inc. Endodontist Dr. Joseph W. ... Dentist Ashland Dental & Wellness ... Dentist Noetzel Orthodontics Orthodontist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.6554697
    Latitude
    41.5219671

    Nearby Similar for Lease

    • Contact for pricing
      275,735 SF

      Versatile Commercial Building in Chicago Heights

      53,621 SF building on 4.92 acres, ideal for various uses.
      646 Chicago Rd, Chicago Heights, IL 60411
      View Details
    • Contact for pricing

      Chicago Heights Commercial Space Available

      Well-equipped office space suitable for medical or professional uses.
      500 Ashland Ave, Chicago Heights, IL 60411
      View Details
    • Contact for pricing

      Versatile Office Space Available

      Two-room office space with utilities and ample parking included.
      500 Ashland Ave, Chicago Heights, IL 60411
      View Details
    • Contact for pricing

      Luxury Salon Suites Available

      Multiple salon suites for single or double occupancy.
      19408 Creek Dr N, Lynwood, IL 60411
      View Details
    • $1.00 SF/Yr

      Lynwood Retail/Light Industrial Building

      Retail/light industrial building with showroom space and high traffic exposure.
      21740 Lincoln Hwy, Lynwood, IL 60411
      View Details
    • $20 SF/Yr

      Lynwood Truck Repair Shop Lease

      Truck repair shop with ample parking in a secure, gated yard.
      21740 Lincoln Hwy, Lynwood, IL 60411
      View Details
    • $10 SF/Yr

      Renovated Office Spaces Available

      Meticulously renovated office spaces in Chicago Heights for rent.
      222 Vollmer Rd, Chicago Heights, IL 60411
      View Details
    • $18 SF/Yr

      Renovated Office Spaces For Rent

      Meticulously renovated office spaces with modern design and strategic location.
      222 Vollmer Rd, Chicago Heights, IL 60411
      View Details
    • $18 SF/Yr

      Renovated Office Spaces For Rent

      Meticulously renovated office spaces in Chicago Heights, ranging from 866-2,765
      222 Vollmer Rd, Chicago Heights, IL 60411
      View Details
    • $5 SF/Yr
      106,320 SF

      Chicago Heights Industrial Building For Rent

      106,320 SF multi-tenant industrial building near major highways.
      1300 Hilltop Ave, Chicago Heights, IL 60411
      View Details
    • $2,700 /Mo
      10,950 SF

      Union Avenue Retail/Office Space

      Mixed-use building with retail/office space for lease in Steger, Illinois.
      3201 Union Ave, Steger, IL 60475
      View Details
    • $11 SF/Yr
      18,326 SF

      Sauk Village Retail Center Space

      Prime Retail Space, Flexible Layout, High Visibility
      2561 Sauk Trl, Sauk Village, IL 60411
      View Details

    FAQs

    What type of property is this?
    Medical office - Affordable medical office space with ample parking and high visibility.
    Where is this medical office located?
    The property is located at 500 Ashland Ave, Unit 1 Chicago Heights, IL.
    What are key features of this property?
    This property features: - Prime location on heavily traveled Ashland Avenue provides outstanding visibility and exposure.; - Ample parking with 60 spaces in front and rear lots.; - Functional layout includes reception area, waiting room, 3 exam rooms, kitchen/break room, and 1 private office.
    (312) 953-5780
    Request Owner's contact information
    500 Ashland Ave, Unit 1 Chicago Heights, IL 60411
    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.
    500 Ashland Ave, Unit 1
    Chicago Heights, IL 60411
    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
    500 Ashland Ave, Unit 1 Chicago Heights, IL 60411
    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
    Denise Raines
    Denise Raines
    Real Estate License ID: 471018566
    (312) 953-5780
    Learn more
    Google sign-in failed. Please try again or use another login method.