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    Salon/Spa Space Near Metra Title is generated by Realmo AI

    112 W Park Ave, Elmhurst, IL 60126

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    For Lease
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    Improved salon/spa space in downtown Elmhurst, across from Metra.

    Type:Restaurant, Retail
    Property size:
    1,661 SF
    Added:
    Jun 5, 2023
    Days on Market:
    1078
    Last Refresh:
    Mar 16 at 10:25 am

    Property Features for 112 W Park Ave

    General Information

    Standard status
    Active
    Size
    1,661 SF
    Property subtype
    Restaurant, Retail

    Spaces For Lease

    at 112 W Park Ave Contact us

    We can help!

    Listing Contact
    Emin Tuluce
    Emin Tuluce

    Listing agent Emin Tuluce License #IL 471013284

    Listing office 7 Hill Real Estate

    Listing date Jun 5, 2023

    Source Crexi

    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 7 Hill Real Estate

    HighLights

    • Prime Location: Directly across from Elmhurst Metra Station and near new condo/apartment developments.
    • High Foot Traffic: Situated in a bustling retail scene with a Walk Score of 91.
    • Desirable Elmhurst Location: Located in a dynamic suburban city with over 45,000 residents and 2,500+ businesses, 16 miles from Chicago.
    • Located in a TIF district, offering potential incentives and low DuPage County taxes.
    • Flexible Use Options: Existing salon/spa space can be adapted for retail or office use.
    • Features a 1,661 sq. ft. space with a shared patio and full basement.

    Overview

    This is a unique opportunity to lease a fully improved 1,661 sq. ft. salon/spa in the heart of downtown Elmhurst. The space is situated directly across from the Elmhurst Metra Station and near new condo and apartment developments. Elmhurst is a dynamic suburban city just 16 miles west of Chicago, with a population of over 45,000 residents and more than 2,500 businesses. The downtown area is a vibrant hub, home to a mix of local and regional retailers. The property has high foot traffic from nearby multi-family developments and a bustling retail scene. It is located across from the Elmhurst Metra Station, with easy access to I-290 and a Walk Score of 91. The property is surrounded by national and regional retailers, Elmhurst University, museums, and the library. Located in a TIF district, the property offers potential incentives and low DuPage County taxes. The existing salon/spa space can also be adapted for retail or office use. Ownership is open to removing salon/spa-specific improvements if necessary. Elmhurst is one of Chicago’s most desirable suburban destinations.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Effigy Salon & Lounge Hair Salon Effigy Lounge Bar & Pub Empire Remodeling & Construction Hardware & Home Improvement

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmhurst
    County
    DuPage
    State
    Illinois
    Longitude
    -87.9407415
    Latitude
    41.8991871

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    FAQs

    What type of property is this?
    Retail space - Improved salon/spa space in downtown Elmhurst, across from Metra.
    Where is this retail space located?
    The property is located at 112 W Park Ave Elmhurst, IL.
    What are key features of this property?
    This property features: Prime Location: Directly across from Elmhurst Metra Station and near new condo/apartment developments.; High Foot Traffic: Situated in a bustling retail scene with a Walk Score of 91.; Desirable Elmhurst Location: Located in a dynamic suburban city with over 45,000 residents and 2,500+ businesses, 16 miles from Chicago.
    (773) 983-8552 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Emin Tuluce
    Emin Tuluce
    Real Estate License ID: IL 471013284
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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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