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    18322 Governors Hwy Homewood, IL 60430

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    Three-tenant retail property within CherryCreek Shopping Center, Homewood, Illinois.

    Property size:
    4,925 SF
    Lot size:
    0.88 Acres

    Property Features for 18322 Governors Hwy

    General Information

    Standard status
    Active
    Zoning
    B-3
    Size
    4,925 SF
    Lot size
    0.88 Acres

    Building Details

    Year built
    2000

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    Listing Contact
    Coulter Greenwell
    Source: Crexi

    Listing Agency: Marcus & Millichap - Chicago Downtown Listing Agent: Coulter Greenwell

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

    Learn more

    Overview

    Retail Outparcel in CherryCreek Center

    This retail property is a three-tenant outparcel located within the CherryCreek Shopping Center in Homewood, Illinois. The property is shadow anchored by Walgreens, Ace Hardware, and medical tenants such as Franciscan Health, who recently invested over $10,000,000 into their space. The retail center is leased to Pop’s Italian Beef, Forever Yogurt, and Home-Slice Pizza Shop. All three tenants operate on NNN leases and have signed numerous renewal options since their initial occupancy, with over 10 years of tenure at this property. The tenants are paying rents in the ~$20/SF range. There is potential for near-term rental upside achievable through the enforcement of administrative fee clauses in the leases. Forever Yogurt has a significant rent increase coming in 2028. The property features brick construction that has been maintained, with a new roof installed in 2020, and one of the HVAC units was replaced last year. Homewood is located roughly 20 miles south of downtown Chicago, within the greater Chicago MSA. The surrounding area has over 80,000 people and an average household income of $104,000 within a 3-mile radius. The property is located in a sought-after neighborhood with an overall rating of “A” on Niche.com.
    Location Intelligence

    Current Use by Public Records

    Home-Slice Pizza Shop ... Restaurant

    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
    Homewood
    County
    Cook
    State
    Illinois
    Longitude
    -87.6817888
    Latitude
    41.5563094

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    FAQs

    What type of property is this?
    Strip mall - Three-tenant retail property within CherryCreek Shopping Center, Homewood, Illinois.
    Where is this strip mall located?
    The property is located at 18322 Governors Hwy Homewood, IL.
    What are key features of this property?
    This property features: - Located within the Cherry Creek Shopping Center, shadow-anchored by Walgreens and other retailers.; - Tenants operate on NNN leases with over 10 years of tenure and have signed numerous renewal options.; - Near-term rental upside achievable through enforcement of administrative fee clauses.
    Request Owner's contact information
    18322 Governors Hwy Homewood, IL 60430
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    Homewood, IL 60430
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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
    18322 Governors Hwy Homewood, IL 60430
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    Listing Contact
    Coulter Greenwell
    Real Estate License ID: 475207174
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