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    Oversized Park-Front Corner Lot Title is generated by Realmo AI

    6601 Palma Lane, Morton Grove, IL 60053

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $399,900

    LAND - Morton Grove, IL

    Added:
    May 29, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 6601 Palma Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    SINGL
    Standard status
    Active Under Contract
    APN
    10182010530000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2351

    Utilities

    Utilities
    Cable Available

    We can help!

    Listing Contact
    Almas Khan

    Listing agent Almas Khan

    Listing office Real 1 Realty 100 W. Higgins Rd.,H-55, South Barrington, IL

    Listing date May 29, 2026

    MLS# 12662619 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Oversized 12,486 sq ft park‑front corner lot.
    • Located directly across from Palma Lane Park with open green space and baseball field views.
    • Ideal setting for a luxury custom home in a desirable residential area.
    • Premium frontage, generous depth, and excellent curb appeal potential.
    • Utilities to site.
    • Convenient access to parks, schools, shopping, dining, expressways, and Metra.

    Overview

    This 12,486 sq ft corner lot is situated directly across from Palma Lane Park, offering open green space and baseball field views. The parcel, approximately 89 x 142, provides an ideal setting for a custom home. Surrounded by established homes and newer construction, the property features premium frontage and generous depth. The corner location offers curb appeal potential, natural light, and architectural flexibility for a future residence. This lot is perfect for a builder, investor, or end user looking to create a dream home. Utilities are available to the site. The quiet residential location provides convenient access to parks, schools, shopping, dining, expressways, and Metra. Architectural plans and renderings for a custom luxury residence designed for the lot are available separately for purchase. It is located in Morton Grove.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sowa Joseph a DVM Veterinary Clinic

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Morton Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.790866
    Latitude
    42.054166

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    FAQs

    What type of property is this?
    Land - Desirable 12,486 sq ft lot in Morton Grove.
    Where is this land located?
    The property is located at 6601 Palma Lane Morton Grove, IL.
    What is the asking price?
    The asking price for this property is $399,900.
    What are key features of this property?
    This property features: Oversized 12,486 sq ft park‑front corner lot.; Located directly across from Palma Lane Park with open green space and baseball field views.; Ideal setting for a luxury custom home in a desirable residential area.
    (847) 809-0054
    We can help!
    Listing Contact
    Almas Khan
    Request Owner's contact information
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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
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