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    Skokie Brick Multifamily Property Title is generated by Realmo AI

    8940 Lamon Avenue, Skokie, IL 60077

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    For Sale
    Under Contract
    $675,000

    MULTI_FAMILY - Skokie, IL

    Added:
    Mar 11, 2026
    Days on Market:
    65
    Last Refresh:
    May 14 at 10:06 am

    Property Features for 8940 Lamon Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    5
    Rooms
    Bathroom 4, Bathroom 5, Bathroom 3, Bedroom 7, Basement, Bedroom 6, Laundry Room, Bathroom 1, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Utility Room, Bedroom 1
    Parking
    3
    Parking features
    Assigned, Off Alley, Alley
    Basement
    Partial, Walk-Out Access, Partially Finished
    Standard status
    Active Under Contract
    APN
    10164210310000

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    10501

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas

    Building Details

    Year built
    1960
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Barbara O'Connor
    Barbara O'Connor

    Listing agent Barbara O'Connor License #471016838

    Listing office Baird & Warner 4553 N Lincoln Ave, Chicago, IL

    Listing date Mar 11, 2026

    MLS# 12517903 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.

    HighLights

    • Newer roof (2024) and HVAC (2025 & 2010) offer peace of mind.
    • Two identical units, each with 3 bedrooms and 1.1 baths offer rental income potential.
    • Updated kitchens and bathroom vanities enhance appeal.
    • Non‑conforming basement unit with 1 bedroom, 1 office, full bath and kitchenette offers additional space.
    • Refinished enclosed back porches provide flexible space.
    • Three exterior parking spots via alleyway provide convenient off‑street parking.

    Overview

    This brick multi-family building, located at 8940 Lamon Ave in the West Skokie neighborhood, features two identical units, each with 3 bedrooms and 1.1 bathrooms. The building also includes a non-conforming basement unit, offering opportunities for updates and expansion. Interior features include hardwood flooring, updated kitchens, updated bathroom vanities, fresh paint, over-sized windows, and central air. Enclosed back porches, recently refinished, provide flexible space for an office or storage. The basement contains a non-conforming unit with 1 bedroom, 1 office, a full bath, and a small kitchenette, along with laundry facilities, mechanical systems, and storage space. The property includes three exterior parking spots accessible via the alleyway. Recent updates include a roof replacement in 2024, a water heater installed in 2020, tuckpointing completed in 2020, windows replaced in 2015, HVAC systems installed in 2025 and 2010, and new carpet on the porch stairs in 2026.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.749736
    Latitude
    42.043787

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    FAQs

    What type of property is this?
    Triplex - Well-maintained Skokie multifamily property with updated features and basement unit.
    Where is this triplex located?
    The property is located at 8940 Lamon Avenue Skokie, IL.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: Newer roof (2024) and HVAC (2025 & 2010) offer peace of mind.; Two identical units, each with 3 bedrooms and 1.1 baths offer rental income potential.; Updated kitchens and bathroom vanities enhance appeal.
    (312) 265-8000
    We can help!
    Listing Contact
    Barbara O'Connor
    Barbara O'Connor
    Real Estate License ID: 471016838
    Learn More
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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.

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