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    Property profile & analytics

    646 Chicago Rd Chicago Heights, IL 60411

    • Retail space
    • 3.23 lot acres
    For Lease
    View listing
    Last Sale
    Jan 06, 2025
    $400,000
    Value Estimations
    $465,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0996392
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Att Operations Inc / Cell Phone Store
    • AT&T Chicago Heights Training Center / Training Centre
    • Namaste Laboratories / Laboratory

    Property Details for 646 Chicago Rd

    Year built
    1959
    Lot size
    3.23 lot acres
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    32-17-302-021
    APU
    3217302021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $465,000
      ML approach
      $545,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.6452
    Latitude
    41.5189
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $176,452
    $274,095
    $5,081
    $279,176
    -
    $1,096,380
    $20,324
    $1,116,704

    Comparable in this City

    • Value Estimation
      $380,000
      1.61 Acres

      1010 Dixie Hwy

      STORE, RETAIL OUTLET • 1.61 Acres
      1010 Dixie Hwy, Chicago Heights, IL 60411-2663
      View Details
    • Value Estimation
      $380,000
      0.10 Acres

      276 14th Pl

      STORE, RETAIL OUTLET • 0.10 Acres
      276 14th Pl, Chicago Heights, IL 60411-3215
      View Details
    • Value Estimation
      $95,000
      3,967 SF

      151 Halsted St

      STORE, RETAIL OUTLET • 3,967 SF
      151 Halsted St, Chicago Heights, IL 60411-1274
      View Details
    • Value Estimation
      $350,000
      0.22 Acres

      405 14th Pl

      STORE, RETAIL OUTLET • 0.22 Acres
      405 14th Pl, Chicago Heights, IL 60411-3118
      View Details
    • Value Estimation
      $375,000
      0.37 Acres

      500 Ashland Ave

      STORE, RETAIL OUTLET • 0.37 Acres
      500 Ashland Ave, Chicago Heights, IL 60411-3091
      View Details
    • Value Estimation
      $370,000
      0.19 Acres

      701 Halsted St

      STORE, RETAIL OUTLET • 0.19 Acres
      701 Halsted St, Chicago Heights, IL 60411-2105
      View Details

    Similar Nearby for Sale

    • New
      $259,999
      3,158 SF

      Retail Building with Restaurant Tenant

      Two-unit retail building with existing tenants, including a restaurant.
      849 S Halsted St, Chicago Heights, IL 60411
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    • $125,000

      Commercial Building on Corner Lot

      Commercial building suitable for day care or storefront with updates.
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    • $325,000
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      Commercial Property on Chicago Road

      Prime commercial property in a growing South Chicago Heights location.
      2923 Chicago Rd, South Chicago Heights, IL 60411
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    • $750,000
      10,200 SF

      Chicago Heights Retail Opportunity

      Retail property with drive-thru and high traffic visibility.
      11 E 14Th St, Chicago Heights, IL 60411
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    • $1,199,000

      Former Bank Building in Chicago Heights

      6,250 SF former bank on 1.5 acres in central business district.
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    • $160,000
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      Mixed-Use Investment Opportunity

      Versatile property with commercial storefronts and apartments in South Chicago Heights.
      3033 Chicago Rd, South Chicago Heights, IL 60411
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      1,200 SF

      Retail Space on Torrence Avenue

      Retail space in a growing community with high traffic.
      19755-19771 Torrence Ave, Lynwood, IL 60411
      View Details
    • $13 SF/Yr
      900 SF

      Retail Space in Chicago Heights

      Retail space available with high visibility and ample parking.
      79-177 West Joe Orr Rd, Chicago Heights, IL 60411
      View Details
    • $11 SF/Yr
      7,600 SF

      Retail Suites Available for Lease

      Two suites available at Sauk Plaza in Sauk Village.
      16-19 E Sauk Trl, Sauk Village, IL 60411
      View Details
    • 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

      Luxury Salon Suites Available

      Multiple salon suites for single or double occupancy.
      19408 Creek Dr N, Lynwood, IL 60411
      View Details
    • $11 SF/Yr
      9,000 SF

      Retail Space Available For Lease

      9,000 SF retail space for lease in Sauk Village.
      1-11 E Sauk Trl, Sauk Village, IL 60411
      View Details
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    646 Chicago Rd
    Chicago Heights, IL 60411
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    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
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