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    13407 Ridgeland Ave Palos Heights, IL 60463

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    For Lease
    Contact for pricing

    Thriving shopping center; high-traffic location; immediate occupancy.

    Lot size:
    23,300 SF

    Property Features for 13407 Ridgeland Ave

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    23,300 SF
    Class
    B
    Total Rate
    31066.67

    Building Details

    Year Built/Renovated
    2000/2024
    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 13407 Ridgeland Ave, Palos Heights, IL 60463 Contact us
    Unit Available Space 1

    $16 /Mo

    Size
    2,400 SF
    Contact us

    We can help!

    Listing Contact
    Neil Haleem
    Neil Haleem

    Listing Agency: NETWORK PROPERTY MANAGMENT LLC Listing Agent: Neil Haleem

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Westgate Valley Commons, a Class B shopping center built in 2000 and renovated in 2024, offers 23,300 square feet of retail space across 120 suites. Currently, 2,400 square feet is available for lease, divisible into units ranging from 1,200 to 2,400 contiguous square feet. Located on Ridgeland Avenue, this property boasts excellent visibility and high traffic volume exceeding 19,000 vehicles daily. The center sits on a 2.5-acre lot and features ample parking with 120 spaces. The existing tenant mix includes a diverse range of businesses, such as a high-end restaurant, a dermatologist's office, a salon and spa, and a walk-in clinic with pharmacy. One available space is a "vanilla box" ready for tenant improvements, while another is a former Subway restaurant with existing fixtures including two walk-in coolers, a three-compartment sink, and a deli counter. The single-story building has a modern façade and benefits from a B zoning designation. This is an exceptional opportunity to join a vibrant and established retail community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beans N Boba Cafe & Coffee Shop

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Palos Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.776748791099
    Latitude
    41.648037833447

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    FAQs

    What type of property is this?
    Lifestyle center - Thriving shopping center; high-traffic location; immediate occupancy.
    Where is this lifestyle center located?
    The property is located at 13407 Ridgeland Ave Palos Heights, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Westgate Valley Commons is a 23,300 SF Class B shopping center on a 2.5-acre lot.; The property features 120 suites, with 2,400 SF currently vacant, divisible into spaces ranging from 1,200 SF to 2,400 SF contiguous.; Built in 2000 and renovated in 2024, the single-story building offers 120 parking spaces and high visibility on Ridgeland Avenue, experiencing over 19,000 vehicles per day.
    (708) 927-8000 Call to check price and availability
    Request Owner's contact information
    13407 Ridgeland Ave Palos Heights, IL 60463
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    Palos Heights, IL 60463
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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
    13407 Ridgeland Ave Palos Heights, IL 60463
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    Contact for Pricing
    Please call us for current price
    and status of this listing Neil Haleem
    Neil Haleem
    Real Estate License ID: 37077037778HN
    (708) 927-8000 (708) 873-5540
    Learn more
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