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    Prime Retail Space in Palos Title is generated by Realmo AI

    12331 S Harlem Avenue, Palos Heights, IL 60463

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    COMMERCIAL - Palos Heights, IL

    Type:Retail
    Added:
    Jul 18, 2025
    Days on Market:
    303
    Last Refresh:
    May 16 at 1:06 am

    Property Features for 12331 S Harlem Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    RTAIL
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    21387

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Wood

    We can help!

    Listing Contact
    Mark Vaccaro
    Mark Vaccaro

    Listing agent Mark Vaccaro License #471021485

    Listing office Century 21 Circle 15812 S. Wolf Road, Oak Lawn, IL

    Listing date Jul 18, 2025

    MLS# 12423581

    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

    • Prime location in the heart of the Palos Heights shopping district.
    • Ample parking available in both front and rear of the property.
    • Versatile 1007 sq ft storefront suitable for various business types.
    • Open layout (19x53) with hardwood flooring throughout the main area.
    • Includes a 16x9 office space, 16x5 kitchenette, and bathroom.
    • Front and rear customer entrances.

    Overview

    This 1,007 square foot storefront is situated in the heart of the Palos Heights shopping district. Located in a busy strip mall, the unit benefits from a prime location with ample parking available in both the front and rear. The space is 95% wide open, measuring 19x53 feet, and includes a 16x9 office space with ceramic tile flooring, a 16x5 kitchenette with hardwood flooring, and a bathroom. Hardwood flooring extends throughout the main area. The space is in very good condition and features ample overhead lighting. It also has both front and rear customer entrances. Potential uses include a discount store, clothing store, office, or specialty store.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Diliberto Real Estate ... Real Estate Agency

    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
    -87.7961623
    Latitude
    41.6670749

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    FAQs

    What type of property is this?
    Strip mall - Storefront in busy shopping district with ample parking.
    Where is this strip mall located?
    The property is located at 12331 S Harlem Avenue Palos Heights, IL.
    What are key features of this property?
    This property features: Prime location in the heart of the Palos Heights shopping district.; Ample parking available in both front and rear of the property.; Versatile 1007 sq ft storefront suitable for various business types.
    (708) 398-6400
    We can help!
    Listing Contact
    Mark Vaccaro
    Mark Vaccaro
    Real Estate License ID: 471021485
    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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