Add Listing
    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

    1585 Ellinwood Avenue Des Plaines, IL 60016

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $25 SF/Yr

    Office building near Metra station and downtown Des Plaines.

    Type:Commercial
    Added:
    Aug 27, 2024
    Days on Market:
    603
    Last Refresh:
    Apr 5 at 11:36 pm

    Property Features for 1585 Ellinwood Avenue

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1964

    We can help!

    Listing Contact
    ALEXIS RAMIREZ

    Listing agent ALEXIS RAMIREZ License #475208082

    Listing office TROY REALTY LTD

    Listing date Aug 27, 2024

    Source Corcoran

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

    All listing content including descriptions, pricing, images are the copyrighted material of TROY REALTY LTD

    Overview

    Des Plaines Office Space For Rent

    Located in the heart of Des Plaines, at 1585 Ellinwood Avenue, this office building is situated steps away from the Metra train station and near the vibrant downtown area. The location provides convenient access to a variety of shopping and dining options. This property is suitable for businesses or office operators seeking a dynamic environment with excellent accessibility and a thriving local community. Multiple spaces are available for rent at a rate of $25.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.8845
    Latitude
    42.0392

    Nearby Similar for Lease

    • Contact for pricing

      Professional Office Space Available

      Well-maintained office space in Des Plaines for professional service businesses.
      917 E Oakton Street, Des Plaines, IL 60018
      View Details
    • Contact for pricing

      Professional Office Space Available

      Well-maintained office space in Des Plaines, ideal for professional services.
      917 E Oakton Street, Des Plaines, IL 60018
      View Details
    • Contact for pricing

      Des Plaines Prime Office Space

      Convenient office space near downtown Des Plaines with ample parking.
      19 N Broadway Street, Des Plaines, IL 60016
      View Details
    • Sponsored
      Contact for pricing

      IL, Des Plaines - River Rd

      2340 River Rd, Des Plaines, IL 60018
      View Details
    • Contact for pricing

      Des Plaines Commercial Space Available

      Versatile commercial space with high visibility and flexible zoning.
      110 S Des Plaines River Road, Des Plaines, IL 60016
      View Details
    • Contact for pricing

      Des Plaines Commercial Space Available

      Office/warehouse space with high visibility and flexible zoning.
      110 S Des Plaines River Road, Des Plaines, IL 60016
      View Details
    • $8/mo

      Des Plaines Flex Space Available

      Flex space near O’Hare Airport with drive-in doors.
      100-180 Touhy Court, Des Plaines, IL 60018
      View Details
    • Contact for pricing

      Des Plaines Commercial Space Available

      Office, retail, or medical space near Metra and downtown.
      770 Lee Street, Des Plaines, IL 60016
      View Details
    • $24/mo

      Rand Road Commercial Space Available

      High-visibility commercial space for lease on Rand Road.
      1585 Rand Road #C, Des Plaines, IL 60016
      View Details
    • $20/mo

      Des Plaines Office/Medical Space

      Office or medical space in a dynamic Des Plaines community.
      9301 Golf Road, Des Plaines, IL 60016
      View Details
    • $22/mo

      Versatile Flex Space on Golf Road

      5,000 sq ft flex space with high visibility.
      1200 E Golf Road, Des Plaines, IL 60016
      View Details
    • $25/mo

      Renovated Medical Office Space

      Newly renovated medical office suites with convenient highway access.
      9301 W Golf Rd, Des Plaines, IL
      View Details

    FAQs

    What type of property is this?
    Office building - Office building near Metra station and downtown Des Plaines.
    Where is this office building located?
    The property is located at 1585 Ellinwood Avenue Des Plaines, IL.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Steps away from Metra train station for easy commuting.; Located in the heart of Des Plaines.; Near vibrant downtown area.
    (773) 792-3000
    We can help!
    Listing Contact
    ALEXIS RAMIREZ
    Real Estate License ID: 475208082
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!