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    Renovated Office Space Near Airport Title is generated by Realmo AI

    2400 E Devon Ave, Des Plaines, IL 60018

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    Office, showroom, lab, and medical spaces available for lease.

    Type:Office
    Added:
    Jul 8, 2022
    Days on Market:
    1429
    Last Refresh:
    May 12 at 8:27 pm

    Property Features for 2400 E Devon Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1969

    Spaces For Lease

    at 2400 E Devon Ave Contact us

    101 $14/Mo

    Size
    2,002 SF
    Type
    Office
    Contact us

    265 $19/Mo

    Size
    2,131 SF
    Type
    Office
    Contact us

    157 $19/Mo

    Size
    959 SF
    Type
    Office
    Contact us

    103 $14/Mo

    Size
    3,970 SF
    Type
    Office
    Contact us

    149-151 $19/Mo

    Size
    4,154 SF
    Type
    Office
    Contact us

    266 $19/Mo

    Size
    1,150 SF
    Type
    Office
    Contact us

    104 $18/Mo

    Size
    3,999 SF
    Type
    Office
    Contact us

    356 $19/Mo

    Size
    6,080 SF
    Type
    Office
    Contact us

    256 $19/Mo

    Size
    2,740 SF
    Type
    Office
    Contact us

    380-381 $19/Mo

    Size
    12,791 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 8, 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 Imperial Realty Company

    HighLights

    • Unbeatable location adjacent to O’Hare International Airport and across from Rivers Casino, with high visibility from I‑294.
    • Newly renovated office, showroom, lab, and medical spaces available for lease.
    • Abundant parking and on‑site management.
    • New double‑glass herculite entry doors and high ceilings.
    • Conference and training rooms available.
    • Convenient access to public transportation.

    Overview

    Three professional buildings offer renovated office, showroom, lab, and medical spaces available for lease. The spaces feature new double-glass herculite entry doors and high ceilings. On-site management, abundant parking, conference, and training rooms are available. The property is located between I-294, I-90, and I-190, adjacent to O’Hare International Airport. I-294 sees approximately 170,000 vehicles daily. The City of Des Plaines rezoned the property to C-7 Zoning (High Density Campus Commercial) to encourage the properties evolution due to its proximity across from Rivers Casino and O’Hare International Airport. O’Hare International Airport is the world’s fourth-busiest airport for passenger counts and fifth busiest cargo airport in the U.S. Pace Bus Route #230 services the property, providing access to the Rosemont CTA Blue Line Train Station and the Des Plaines Metra Train Station.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sukgyung AT Industrial Manufacturer Market Xchange Building Hotel & Motel Tiger-Midwest Associates Big Box & Wholesale Store IT Expert System, ... Employment Agency

    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.

    Similar Places Nearby

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    • J H Chapman — 9700 W Higgins Rd, Rosemont, IL 60018, United States
    • Apple Support — 10255 W Zemke Blvd, Chicago, IL 60666

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.8670746
    Latitude
    41.996649

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    FAQs

    What type of property is this?
    Office space - Office, showroom, lab, and medical spaces available for lease.
    Where is this office space located?
    The property is located at 2400 E Devon Ave Des Plaines, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Unbeatable location adjacent to O’Hare International Airport and across from Rivers Casino, with high visibility from I‑294.; Newly renovated office, showroom, lab, and medical spaces available for lease.; Abundant parking and on‑site management.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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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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