Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    4956 Warren St Skokie, IL 60077

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Commercial/residential development site near CTA Yellow Line and shopping.

    Type:Land
    Lot size:
    0.62 Acres
    Added:
    Apr 23, 2022
    Days on Market:
    1476
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 4956 Warren St

    General Information

    Standard status
    Active
    Lot size
    0.62 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Mike Levin

    Listing agent Mike Levin License #IL

    Listing office @properties Commercial

    Listing date Apr 23, 2022

    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 @properties Commercial

    HighLights

    • Prime infill development site ideal for commercial/residential mixed‑use development in Skokie.
    • Excellent location close to CTA Yellow Line, bus routes, and shopping areas.
    • High‑traffic area located near Warren and Elmwood and Warren and Niles Ave, with strong demographics and nearby retailers.
    • Sizeable 27,036 sq ft lot (135.18 X 200) with 200 sq ft of frontage on Warren.
    • Zoned CX - Core Mixed Use, allowing for a variety of development opportunities.
    • Includes 5 residential properties and 4 garages.

    Overview

    Skokie Development Site on Warren

    This infill commercial/residential development site is located on Warren Street in Skokie, near the intersections of Warren and Elmwood, and Warren and Niles Avenue. The site, which includes 4956-5006 Warren, features 200 square feet of frontage on Warren Street. The lot is improved with five residential properties: a two-flat and four single-family homes, along with four garages. The existing structures include a frame two-flat at 4956 Warren, frame single-family homes at 4958, 4960, and 5000 Warren, and a masonry Georgian at 5006 Warren. The lot measures 135.18 x 200, totaling 27,036 square feet. Zoned CX - Core Mixed Use, the site is suitable for commercial mixed-use apartment building construction. It is within walking distance of the CTA Yellow Line, bus routes, and shopping areas. Nearby retailers include Walgreens, Aldi, and Skokie Market Place on Oakton. The well-positioned developmental site offers a variety of opportunities. The final price is dependent on entitlements developers receive from the Village of Skokie.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.7520969
    Latitude
    42.0275121

    Nearby Similar for Sale

    • $799,000

      Skokie Retail Plaza Opportunity

      Six-unit retail plaza with upside potential in Skokie, Illinois.
      3718-3724 Dempster Street, Skokie, IL 60076
      View Details
    • $799,000

      Skokie Commercial Building For Sale

      Corner single-story building suitable for retail, office, showroom, medical use.
      4123-4125 Oakton Street, Skokie, IL 60076
      View Details
    • $624,000

      Skokie Commercial Light Manufacturing/Warehouse Property

      Versatile commercial property in Skokie's industrial corridor, suitable for various uses.
      8030 Lawndale Avenue, Skokie, IL 60076
      View Details
    • $849,000
      3,964 SF

      Skokie Commercial Property For Sale

      Commercial property in Skokie's business corridor, includes business and real estate.
      3654-3656 Oakton Street, Skokie, IL 60076
      View Details
    • $1,249,000

      Skokie Retail Building For Sale

      Prime retail space in a thriving commercial area.
      8301 Skokie Boulevard, Skokie, IL 60077
      View Details
    • $129,000

      Skokie Restaurant Opportunity For Sale

      Closed pizza restaurant on Oakton St. entertainment corridor.
      4849 W Oakton Street, Skokie, IL 60077
      View Details
    • $999,000
      7,404 SF

      Skokie Commercial Property For Sale

      Two-building commercial property in Skokie's business corridor.
      3650-3656 Oakton Street, Skokie, IL 60076
      View Details
    • $859,900

      Skokie Turn-Key Investment Opportunity

      Fully occupied Skokie 4-unit property with cash-flow potential.
      4956 LOUISE Street, Skokie, IL 60077
      View Details
    • $599,000

      Skokie Commercial Property with Business

      Commercial property with established business in Skokie, Illinois.
      3650 Oakton Street, Skokie, IL 60076
      View Details
    • $675,000

      Skokie Brick Multifamily Property

      Well-maintained Skokie multifamily property with updated features and basement unit.
      8940 Lamon Avenue, Skokie, IL 60077
      View Details
    • $1,750,000

      Skokie Multifamily Apartment Building

      Well-maintained six-unit building near transportation and amenities.
      4950 Greenwood Street, Skokie, IL 60077
      View Details
    • $550,000

      Skokie Mixed-Use Brick Building

      Two-unit brick building in Skokie with potential for various uses.
      8260 McCormick Boulevard, Skokie, IL 60076
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial/residential development site near CTA Yellow Line and shopping.
    Where is this commercial land located?
    The property is located at 4956 Warren St Skokie, IL.
    What is the asking price?
    The asking price for this property is $3,995,000.
    What are key features of this property?
    This property features: Prime infill development site ideal for commercial/residential mixed‑use development in Skokie.; Excellent location close to CTA Yellow Line, bus routes, and shopping areas.; High‑traffic area located near Warren and Elmwood and Warren and Niles Ave, with strong demographics and nearby retailers.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mike Levin
    Real Estate License ID: IL
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    4956 Warren St, Skokie, IL 60077
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!