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    4747 Harlem Ave Harwood Heights, IL 60706

    Sponsored
    For Lease
    $24 SF/Yr

    Harwood Heights, IL Strip Center - 70,345 SF

    Lot size:
    70,345 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    Holiday Plaza Shopping Center, located at 4747 N Harlem Avenue in Harwood Heights, Illinois (zip code 60706), offers exceptional retail space for lease. This 70,345 square foot strip center, built in 1988 and situated in Cook County, boasts a prime location with excellent visibility to nearly 48,000 vehicles per day. The property features two suites, with a minimum divisible space of 1,600 square feet and a maximum contiguous space of 5,445 square feet. Currently, 7,045 square feet are vacant, presenting a unique opportunity for businesses seeking high-traffic exposure. The center has undergone recent renovations and offers ample parking, convenient access to Harlem Avenue, and excellent signage potential at the intersection of Harlem and Lawrence Avenues. Its strategic location provides easy access to I-90, less than one mile away. Holiday Plaza enjoys strong co-tenancy with established businesses such as BioLife, Orange Theory Fitness, Starbucks, Mariano's, Aldi, Jewel-Osco, Marshalls, Burlington Coat Factory, Zip Fitness, McDonald's, Denny's, GameStop, and American Mattress, among others. This property presents a compelling investment opportunity for businesses seeking a vibrant and well-established retail environment.

    Property Features for 4747 Harlem Ave

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    70,345 SF
    Total Rate
    140690

    Building Details

    Year Built
    1988

    Unit(s) available at that property

    Space
    4747 N Harlem Ave
    Size
    1,600 SF
    Rate per SF
    $24
    Space
    4747 N Harlem Ave
    Size
    5,445 SF
    Rate per SF
    $24

    HighLights

    • Monument signage at Harlem & Lawrence Aves intersection, providing visibility to ~48,000 vehicles daily.
    • Located within 1 mile of I‑90, near numerous national retailers.
    • Strong co‑tenancy with BioLife, Orange Theory Fitness, Starbucks, and other major brands.
    • Ample on‑site parking.
    • Easy ingress/egress from Harlem Avenue.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beata B. Binski, ... Nurse Practitioner Orangetheory Fitness Gym Vanessa Sohn, MD Doctor Laurie Peercy, NP Nurse Practitioner Oak Street Health ... Medical Clinic

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Harwood Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.8058612
    Latitude
    41.9670622

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    Nearby Similar for Lease

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      Harwood Heights 2-Bed Condo Apartment

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      Harwood Heights Office Space Available

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      Harlem Irving Trade Area Retail

      Retail opportunity in Harlem Irving trade area.
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      Harwood Heights Commercial Property Available

      38,000 sqft commercial space with ample parking.
      7447 W Lawrence Ave, Harwood Heights, IL 60640
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      40,000 SF

      Retail Space in Harwood Heights

      Retail space available in high-traffic Harwood Heights location.
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      Harwood Heights Warehouse Space Available

      46,000 SF warehouse with ample parking in Harwood Heights.
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    FAQs

    What type of property is this?
    Neighborhood center - Harwood Heights, IL Strip Center - 70,345 SF
    Where is this neighborhood center located?
    The property is located at 4747 Harlem Ave Harwood Heights, IL.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: Monument signage at Harlem & Lawrence Aves intersection, providing visibility to ~48,000 vehicles daily.; Located within 1 mile of I-90, near numerous national retailers.; Strong co-tenancy with BioLife, Orange Theory Fitness, Starbucks, and other major brands.
    Request Owner's contact information
    4747 Harlem Ave Harwood Heights, IL 60706
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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
    4747 Harlem Ave Harwood Heights, IL 60706
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