Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    7004 Cullom Ave Norridge, IL 60706

    Sponsored
    For Sale
    $660,000

    Large building, ideal owner-user or investor.

    Property size:
    14,169 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    347
    This expansive 14,169 square foot building in Norridge, Illinois, presents a unique opportunity for both owner-users and investors. The property features a substantial warehouse space with skylights, offering ample natural light. A significant portion of the building, approximately 1,450 square feet, is dedicated to office space, providing a functional area for administrative needs. Adding to its versatility, a three-bedroom apartment occupies the second floor, complete with a private entrance, central air conditioning and heating, two bathrooms, and a convenient laundry room. Further enhancing the property's utility is an additional 1,220 square foot storage/office area located on the second floor in the rear of the building. The building's history includes use as a former aquatics center, hinting at the potential for adaptive reuse. A small detached structure (DID) is also situated at the rear of the property. The property is zoned M1, offering flexibility for various commercial uses. While the building requires some renovations, the asking price of $660,000 reflects this need, making it an attractive proposition for those seeking a value-add investment or a substantial space to operate their own business. The property is located at 7004 W Cullom Avenue, Norridge, IL. Boiler heat is currently in place.

    Property Features for 7004 Cullom Ave

    General Information

    Property type
    Investment properties
    Square Feet
    14,169 SF

    Building Details

    Year Built
    1977
    Property Profile Location Intelligence

    Current Use by Public Records

    Aquatics Inc Wholesaler

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Norridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.8031
    Latitude
    41.95818

    Nearby Comparable

    • $4,000,000
      26,200 SF

      Norridge Food Processing Facility

      Prime location, expansive industrial space.
      7020 Cullom Ave, Norridge, IL 60706
      View Details
    • Contact for pricing

      Corner Land Parcel on Harlem

      7,162 SF land parcel with high-traffic location.
      4435 N Harlem Ave, Norridge, IL 60706
      View Details
    • $790,000

      Norridge Commercial Land - $790K

      Prime Norridge corner lot, high traffic.
      4435 Harlem Ave, Norridge, IL 60706
      View Details
    • $1,100,000
      9,000 SF

      Refrigerated Food Production Facility

      9,000 SF Chicago facility for refrigerated and frozen food production.
      6851-6853 W Irving Park Rd, Chicago, IL 60634
      View Details
    • $399,900
      0.07 Acres

      Irving Dunning Commercial Opportunity

      Retail, medical, or entertainment space with apartment for additional income.
      7409 W Irving Park Rd, Chicago, IL 60634
      View Details
    • $3,250,000
      7,500 SF

      Prime Harwood Heights Restaurant

      7,500 SF Restaurant w/ Parking
      7319 Lawrence Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing
      84,000 SF

      Harwood Heights Industrial Buildings For Sale

      Two industrial buildings with ample parking available for purchase.
      7401-7447 W Lawrence Ave, Harwood Heights, IL 60640
      View Details
    • $750,000

      Auto Repair Shop For Sale

      Turn-key auto repair shop in prime Chicago location.
      7539 W Irving Park Rd, Chicago, IL 60634
      View Details
    • $750,000

      Mixed-Use Building Near Harlem Plaza

      Mixed-use building with long-term tenants and a large garage.
      7543 W Irving Park Rd, Chicago, IL 60634
      View Details
    • $899,900
      4,646 SF

      Harwood Heights Multifamily Investment

      3-Unit Building, High Potential
      6520 Gunnison St, Harwood Heights, IL 60706
      View Details

    Nearby Similar for Sale

    • $4,900,000
      1.94 Acres

      Norridge Mixed-Use Investment Opportunity

      Mixed-use property featuring apartments, retail, and a large retail building.
      7701-7757 W Lawrence Ave, Norridge, IL 60706
      View Details
    • $149,500
      13.77 Acres

      Profitable Salon/Spa Business Opportunity

      Modern salon/spa business for sale in Norridge, IL.
      4701 N Cumberland Ave, Norridge, IL 60706
      View Details
    • $4,000,000
      26,200 SF

      Norridge Food Processing Facility

      Prime location, expansive industrial space.
      7020 Cullom Ave, Norridge, IL 60706
      View Details
    • $4,900,000
      47,792 SF

      Norridge Mixed-Use Investment

      High-yield, fully occupied multifamily & retail
      7757 Lawrence Ave, Norridge, IL 60706
      View Details
    • $4,900,000
      47,792 SF

      7701-7757 Lawrence Ave, Norridge, IL 60706

      Commercial real estate • 47,792 SF
      7701-7757 Lawrence Ave, Norridge, IL 60706
      View Details

    FAQs

    What type of property is this?
    Investment property - Large building, ideal owner-user or investor.
    Where is this investment property located?
    The property is located at 7004 Cullom Ave Norridge, IL.
    What is the asking price?
    The asking price for this property is $660,000.
    (847) 301-3100
    Request Owner's contact information
    7004 Cullom Ave Norridge, IL 60706
    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.
    7004 Cullom Ave
    Norridge, IL 60706
    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
    7004 Cullom Ave Norridge, IL 60706
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.