Add Listing
    For Sale
    • 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

    35 S Prospect Ave Park Ridge, IL 60068

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $1,500,000

    Multi-use building in prime Uptown Park Ridge location.

    Property Features for 35 S Prospect Ave

    General Information

    Standard status
    Contract

    Building Details

    Year built
    1908

    We can help!

    Listing Contact
    Courtney Huddleston
    Source: Corcoran

    Listing Agency: @PROPERTIES CHRISTIES INTERNATIONAL REAL ESTATE Listing Agent: Courtney Huddleston

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

    Learn more

    Overview

    Uptown Park Ridge Multi-Use Building

    Located at 35 S Prospect Ave in Uptown Park Ridge, this multi-use building is available for purchase. The property offers access to dining, shopping, and businesses, and is near the Pickwick Theatre and the Metra station. The building includes three units with a combined total of 5,463 square feet, and features a new roof. Two ground-floor units are currently leased. The available second-floor unit measures 1,475 square feet and presents an opportunity for conversion to a luxury condo or for lease to businesses. The property has 25 feet of road frontage on Prospect Ave, a depth of 194 feet, and an estimated lot size of 4,800 square feet.
    Location Intelligence

    Current Use by Public Records

    Park Ridge Dentistry: ... Dental Office Accurate Personnel LLC Employment Agency Neta Sushi Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness 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
    -87.8301755
    Latitude
    42.009956

    Nearby Similar for Sale

    • New
      $294,500
      2,100 SF

      Park Ridge Office Condominium

      Versatile office condo in high-traffic Park Ridge location.
      828 N Busse Hwy, Park Ridge, IL 60068
      View Details
    • New
      $1,450,000
      0.15 Acres

      Park Ridge Commercial Building For Sale

      Multi-tenant commercial property on high-traffic Devon Avenue.
      701 Devon Ave, Park Ridge, IL 60068
      View Details
    • $185,000

      Park Ridge Restaurant Opportunity

      Turn-key Mexican restaurant for sale in downtown Park Ridge.
      9999 Confidential Ave, Park Ridge, IL 60068
      View Details
    • New
      $729,900
      0.23 Acres

      Park Ridge Two-Flat Investment

      Two-unit property in prime location with investment and appreciation potential.
      863 N Northwest Hwy, Park Ridge, IL 60068
      View Details
    • $999,900

      Park Ridge Multifamily Development Opportunity

      Five-unit building on a large lot, potential for redevelopment.
      320 Grant Pl, Park Ridge, IL 60068
      View Details
    • $3,000,000
      60,780 SF

      Park Ridge Office Redevelopment Opportunity

      60,780 SF office building on 3.49 acres for sale.
      1400 Renaissance Dr, Park Ridge, IL 60068
      View Details
    • Contact for pricing
      54,570 SF

      Park Ridge Office Value-Add

      49% Leased, High-Growth Potential
      1420 Renaissance Dr, Park Ridge, IL 60068
      View Details
    • $1,675,000
      12,000 SF

      Park Ridge Investment Property

      Fully occupied commercial property in Park Ridge with high traffic.
      630-642 Busse Hwy, Park Ridge, IL 60068
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Multi-use building in prime Uptown Park Ridge location.
    Where is this mixed-use property located?
    The property is located at 35 S Prospect Ave Park Ridge, IL.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: - Prime location in the heart of Uptown Park Ridge, steps from dining, shopping, businesses, the Pickwick Theatre, and the Metra station.; - Multi-use building with three units totaling 5,463 square feet, offering diverse income or development potential.; - Available 1,475 square foot second-floor unit suitable for conversion to a luxury condo or commercial lease.
    (847) 657-7000
    Request Owner's contact information
    35 S Prospect Ave Park Ridge, IL 60068
    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.
    35 S Prospect Ave
    Park Ridge, IL 60068
    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
    35 S Prospect Ave Park Ridge, IL 60068
    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

    We can help!
    Listing Contact
    Courtney Huddleston
    (847) 657-7000 (847) 692-5522
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!