Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Renovated Office/Medical Spaces Available Title is generated by Realmo AI

    1645 W Irving Park Rd, Hanover Park, IL 60133

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Recently renovated office and medical spaces for lease.

    Type:Office
    Property size:
    1,000 SF
    Added:
    May 23, 2022
    Days on Market:
    1475
    Last Refresh:
    May 12 at 11:36 pm

    Property Features for 1645 W Irving Park Rd

    General Information

    Standard status
    Active
    Size
    1,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1971

    Spaces For Lease

    at 1645 W Irving Park Rd Contact us

    $8/Mo

    Size
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Tim Binning

    Listing agent Tim Binning License #IL 471.006235

    Listing office RE/MAX All Pro

    Listing date May 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 RE/MAX All Pro

    HighLights

    • Recently renovated units available for lease.
    • High‑traffic location with 24,600 cars passing daily.
    • All utilities included in lease.
    • Flexible use: Suitable for office or medical space.
    • Existing office furniture available for use.
    • Additional storage space available (60 sq ft for $200/month).

    Overview

    Four recently renovated units are available for lease. The first unit offers 1,000 square feet, while the second provides 800 square feet. These spaces are suitable for office or medical use. The third space measures 350 square feet. The location benefits from high traffic, with approximately 24,600 cars passing by daily. Units 101 and 102 feature new LVP flooring. The landlord offers an additional 60-square-foot storage space in the same building for $200 per month, with all utilities included. Existing office furniture is available for use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Leczszynski Agata Dental Office All About Personnel Employment Agency Centro De Informacion Social Service Agency

    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
    Hanover Park
    County
    Cook
    State
    Illinois
    Longitude
    -88.1466457
    Latitude
    42.0053883

    Nearby Similar for Lease

    • Contact for pricing
      1,100 SF

      Renovated Office Space Available

      Recently renovated office/medical space with included utilities in high-traffic area.
      1645 Irving Park Road, Hanover Park, IL 60133
      View Details
    • Contact for pricing
      900 SF

      Renovated Office Space For Rent

      Recently renovated office/medical space with kitchen, bathroom, and storage.
      1645 Irving Park Road, Hanover Park, IL 60133
      View Details
    • Contact for pricing
      46,559 SF

      Hanover Park Industrial Sublease

      46,559 SF industrial building for sublease through 4/30/2028.
      865 Muirfield Drive Hanover, Park, IL 60133
      View Details
    • Contact for pricing
      6,300 SF

      Retail Space in Hanover Park

      Retail space available in a highly trafficked shopping area.
      7580 Barrington Road, Hanover Park, IL, 60133
      View Details
    • Contact for pricing

      Office Space in Hanover Park

      Office space for lease with basement storage in Hanover Park.
      1255 Bamberg Court, Hanover Park, IL 60133
      View Details
    • Contact for pricing

      Office Space in Hanover Park

      Office space with basement storage in convenient Hanover Park location.
      1255 Bamberg Court, Hanover Park, IL 60133
      View Details
    • $20 SF/Yr
      2,265 SF

      Retail Space in Hanover Park

      Retail space available for lease in Hanover Park, Illinois.
      1190-1250 E Lake St, Hanover Park, IL
      View Details
    • Contact for pricing
      18,495 SF

      Crane Building for Lease

      18,495 SF crane building with expansion potential.
      Hanover Park, IL 60133
      View Details
    • Contact for pricing
      18,495 SF

      Industrial Property with Crane and Land

      Industrial property featuring a crane, ample power, and expansion potential.
      900 Muirfield Dr, Hanover Park, IL
      View Details
    • Contact for pricing
      2,600 SF

      QSR End Cap with Drive-Thru

      First generation restaurant space with drive-thru, connected to Thorntons.
      823 W Lake St, Hanover Park, IL
      View Details
    • Contact for pricing
      166,573 SF

      New Industrial Building in Bartlett

      166,573 SF industrial building divisible to 50,000 SF.
      2305-2325 Kenyon Rd., Bartlett, IL 60103
      View Details
    • Contact for pricing
      2,537 SF

      Retail Spaces Available For Lease

      Retail spaces available in busy shopping center.
      799-891 S Illinois Route 59, Bartlett, IL, 60103
      View Details

    FAQs

    What type of property is this?
    Office units - Recently renovated office and medical spaces for lease.
    Where is this office units located?
    The property is located at 1645 W Irving Park Rd Hanover Park, IL.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Recently renovated units available for lease.; High‑traffic location with 24,600 cars passing daily.; All utilities included in lease.
    (630) 339-4029 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tim Binning
    Real Estate License ID: IL 471.006235
    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
    1645 W Irving Park Rd, Hanover Park, IL 60133
    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!