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    Class-A Office Near O'Hare Airport Title is generated by Realmo AI

    1300 W Higgins Rd, Park Ridge, IL 60068

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    Class-A office and medical building near O'Hare and public transit.

    Type:Office
    Added:
    Sep 5, 2024
    Days on Market:
    639
    Last Refresh:
    May 12 at 8:16 pm

    Property Features for 1300 W Higgins Rd

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1987

    Spaces For Lease

    at 1300 W Higgins Rd Contact us

    2nd Floor, Ste 220 $14/Mo

    Size
    5,475 SF
    Type
    Office
    Contact us

    2nd Floor, Ste 214 $16/Mo

    Size
    1,507 SF
    Type
    Office
    Contact us

    2nd Floor, Ste 209 $15/Mo

    Size
    3,650 SF
    Type
    Office
    Contact us

    3rd Floor, Ste 302 $14/Mo

    Size
    9,660 SF
    Type
    Office
    Contact us

    1st Floor, Ste 103 $14/Mo

    Size
    5,111 SF
    Type
    Office
    Contact us

    3rd Floor, Ste 301 $14/Mo

    Size
    9,806 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Sep 5, 2024

    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 Imperial Realty Company

    HighLights

    • Class‑A office and medical building in O'Hare Corporate Centre
    • Excellent transportation access: close to Cumberland Blue Line, I‑90, and bus routes
    • Proximity to O'Hare Airport (five minutes)
    • Amenities include a three‑story atrium, underground heated garage, and oversized conference center
    • Located near Mariano's grocery store and Marriott Chicago O'Hare
    • Onsite building management

    Overview

    The O'Hare Corporate Centre is a Class-A office and medical building located at 1300 W Higgins Road in Park Ridge. The building is situated two blocks west of the Cumberland (Blue line train) and I-90 interchange. Bus Routes #209 (Des Plaines Metra, Cumberland CTA) and #241 (CTA Blue Line, Park Ridge Metra, Golf Mill Mall) provide service to the property. The Marriott Chicago O'Hare is located across the street, and a Mariano's grocery store is immediately east. The O'Hare Corporate Center features a three-story atrium, an underground heated garage, an oversized conference center, a break room, coffee service, a multi-tenant pylon sign, and on-site building management. The population within a 2-mile radius is 71,969, and 429,351 within a 5-mile radius, with average household incomes of $117,441 and $104,717 respectively. Daytime employment within a 2-mile radius is 66,608, and 225,291 within a 5-mile radius. Traffic volume on I-90 exceeds 205,000 vehicles per day. O'Hare Airport is five minutes to the west and handled nearly 74 million passengers in 2023, up 8.1% from 2022.
    Property Profile Location Intelligence

    Current Use by Public Records

    Koch Foods Inc Corporate Office First American Title ... Title Company Mantas Law, LLC Law Firm Edward Jones - Financial ... Financial Advisor Hamilton Law Firm Law Firm

    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
    Park Ridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.8424113
    Latitude
    41.9878479

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    FAQs

    What type of property is this?
    Office building - Class-A office and medical building near O'Hare and public transit.
    Where is this office building located?
    The property is located at 1300 W Higgins Rd Park Ridge, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Class‑A office and medical building in O'Hare Corporate Centre; Excellent transportation access: close to Cumberland Blue Line, I‑90, and bus routes; Proximity to O'Hare Airport (five minutes)
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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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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