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    Convenient Office Space Near Highway Title is generated by Realmo AI

    1550 N Northwest Hwy, Park Ridge, IL 60068

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    Office park with amenities near I-294 and Advocate Lutheran Hospital.

    Type:Office
    Added:
    Jul 29, 2021
    Days on Market:
    1774
    Last Refresh:
    May 13 at 8:01 pm

    Property Features for 1550 N Northwest Hwy

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 1550 N Northwest Hwy Contact us

    1E $9/Mo

    Size
    49 SF
    Type
    Office
    Contact us

    1F $9/Mo

    Size
    53 SF
    Type
    Office
    Contact us

    400 $16/Mo

    Size
    2,995 SF
    Type
    Office
    Contact us

    4A $9/Mo

    Size
    94 SF
    Type
    Office
    Contact us

    106 $12/Mo

    Size
    890 SF
    Type
    Office
    Contact us

    1D $9/Mo

    Size
    84 SF
    Type
    Office
    Contact us

    1AA $9/Mo

    Size
    57 SF
    Type
    Office
    Contact us

    1C $9/Mo

    Size
    90 SF
    Type
    Office
    Contact us

    4C $9/Mo

    Size
    80 SF
    Type
    Office
    Contact us

    1GG $9/Mo

    Size
    57 SF
    Type
    Office
    Contact us

    410 $16/Mo

    Size
    673 SF
    Type
    Office
    Contact us

    202A $16/Mo

    Size
    661 SF
    Type
    Office
    Contact us

    333 $15/Mo

    Size
    394 SF
    Type
    Office
    Contact us

    210 $16/Mo

    Size
    2,707 SF
    Type
    Office
    Contact us

    404 $16/Mo

    Size
    3,996 SF
    Type
    Office
    Contact us

    114 $12/Mo

    Size
    722 SF
    Type
    Office
    Contact us

    1B $9/Mo

    Size
    76 SF
    Type
    Office
    Contact us

    104 $12/Mo

    Size
    1,343 SF
    Type
    Office
    Contact us

    345 $16/Mo

    Size
    1,510 SF
    Type
    Office
    Contact us

    1A $9/Mo

    Size
    76 SF
    Type
    Office
    Contact us

    117 $12/Mo

    Size
    6,633 SF
    Type
    Office
    Contact us

    202 $15/Mo

    Size
    1,323 SF
    Type
    Office
    Contact us

    101 $12/Mo

    Size
    592 SF
    Type
    Office
    Contact us

    103 $12/Mo

    Size
    680 SF
    Type
    Office
    Contact us

    100 $12/Mo

    Size
    993 SF
    Type
    Office
    Contact us

    340 $16/Mo

    Size
    831 SF
    Type
    Office
    Contact us

    339 $16/Mo

    Size
    1,494 SF
    Type
    Office
    Contact us

    342 $16/Mo

    Size
    648 SF
    Type
    Office
    Contact us

    105 $12/Mo

    Size
    1,312 SF
    Type
    Office
    Contact us

    311 $16/Mo

    Size
    1,877 SF
    Type
    Office
    Contact us

    352 $16/Mo

    Size
    834 SF
    Type
    Office
    Contact us

    412 $15/Mo

    Size
    251 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    William Klairmont
    William Klairmont

    Listing agent William Klairmont License #IL475.168859

    Listing office Imperial Realty Company

    Listing date Jul 29, 2021

    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

    • Convenient location near I‑294, Route 14, Northwest Highway and Rand Road interchange, providing easy access.
    • Close proximity (1.3 miles) to Advocate Lutheran General Hospital.
    • Affordable rental rates in the O’Hare market area.
    • Ample parking: Interior garage parking and surface parking for visitors.
    • On‑site amenities: Conference rooms, loading docks, restaurant, on‑site storage, and on‑site management.
    • HVAC and Janitorial services included in lease.

    Overview

    Renaissance Office Park, located just off I-294 (Tri-State Tollway), Route 14 (Dempster Street), Northwest Highway and Rand Road interchange, houses numerous medical, office, and service businesses. The office park is situated 1.3 miles west of Advocate Lutheran General Hospital and is accessible via Pace Bus Route 209, which serves the Des Plaines Metra Station and the Harlem CTA Station. This easily identifiable location offers affordable rental rates and convenient proximity to the greater O’Hare market. The properties feature conference rooms, loading docks, a restaurant, on-site storage, on-site management, interior garage parking, private outdoor balconies, and ample surface parking for visitors. HVAC and janitorial service are included with the lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    Safeguard -Business Printing ... (Bike/Boat/Book/etc) Store Park Ridge Medical ... Construction Company Safeguard Business Systems Business Management Consultant Infinite Business Management Consultant S. K. Accounting ... Accounting Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Park Ridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.866105
    Latitude
    42.03498

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    FAQs

    What type of property is this?
    Office units - Office park with amenities near I-294 and Advocate Lutheran Hospital.
    Where is this office units located?
    The property is located at 1550 N Northwest Hwy Park Ridge, IL.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: Convenient location near I‑294, Route 14, Northwest Highway and Rand Road interchange, providing easy access.; Close proximity (1.3 miles) to Advocate Lutheran General Hospital.; Affordable rental rates in the O’Hare market area.
    (773) 736-6461 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing William Klairmont
    William Klairmont
    Real Estate License ID: IL475.168859
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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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