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    623 North Ave Elmhurst, IL 60126

    Sponsored
    For Lease
    $28 SF/Yr

    Prime Elmhurst location, 8,318 SF available

    Lot size:
    26,998 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional retail opportunity, located at 623 W North Avenue in Elmhurst, Illinois, offers 8,318 square feet of vacant space within the Cottage Shoppes of Elmhurst. Built in 2007, this Class B property boasts a total of 26,998 square feet and sits on a 0.53-acre lot. The minimum divisible space is 1,850 square feet, with a maximum contiguous space of 8,318 square feet, providing flexibility for various business needs. The center features ample parking with 174 spaces, ensuring convenient access for customers. Its strategic location at the signalized intersection of North Avenue and Route 83 in Elmhurst, one of the busiest intersections in the western suburbs, provides exceptional visibility and exposure to over 104,000 vehicles per day. The property benefits from its proximity to major highways, including I-290 and I-355, offering easy access to Chicago and surrounding areas. This densely populated area has 114,000 residents within a three-mile radius. The Cottage Shoppes of Elmhurst is anchored by established businesses such as Firewater BBQ, Fry the Coop, and Sarpino's Pizza, among others. The property also enjoys significant frontage along North Avenue, dedicated curb cuts, and pylon signage. Its location near national retailers like Target, Aldi, CVS, and many others, further enhances its appeal and potential for success. This is a remarkable opportunity to establish or expand your business in a thriving and highly visible location. The zip code is 60126, and the property is located in DuPage County.

    Property Features for 623 North Ave

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    26,998 SF
    Class
    B
    Total Rate
    62995.33

    Building Details

    Year Built
    2007

    Unit(s) available at that property

    Space
    623 West North Avenue
    Size
    8,318 SF
    Rate per SF
    $28
    Space
    623 W North Ave
    Size
    0 SF

    We can help!

    Listing Contact
    Matthew Tarshis
    Matthew Tarshis

    Learn more

    HighLights

    • 8,318 SF of vacant retail space available in the Cottage Shoppes of Elmhurst, IL.
    • 2007‑built Class B building with 26,998 SF total, situated on a 0.53‑acre lot. Divisible space from 1,850 SF to 8,318 SF maximum.
    • High‑traffic location at the signalized intersection of North Avenue and Route 83, boasting over 104,000 vehicles per day (VPD).
    • Excellent visibility and accessibility with multiple curb cuts, pylon signage, and monument signage along North Avenue and Route 83.
    • Strong co‑tenancy including national retailers like Target, Aldi, CVS, and many others, plus local anchors like Firewater BBQ, Fry the Coop, and Sarpino's Pizza.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wholesale Porta Potty ... Portable Toilet Supplier Smallcakes: A Cupcakery and Creamery ... Bakery Nearby Storage Units ... Self-Storage Facility Sarpino's Pizzeria Elmhurst Pizza Delivery Fry the Coop (Elmhurst) Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmhurst
    County
    DuPage
    State
    Illinois
    Longitude
    -87.9633529
    Latitude
    41.9060126

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    FAQs

    What type of property is this?
    Individual retail property - Prime Elmhurst location, 8,318 SF available
    Where is this individual retail property located?
    The property is located at 623 North Ave Elmhurst, IL.
    What is the lease rate?
    The lease rate is $0.00-$28 SF/Yr.
    What are key features of this property?
    This property features: 8,318 SF of vacant retail space available in the Cottage Shoppes of Elmhurst, IL.; 2007-built Class B building with 26,998 SF total, situated on a 0.53-acre lot. Divisible space from 1,850 SF to 8,318 SF maximum.; High-traffic location at the signalized intersection of North Avenue and Route 83, boasting over 104,000 vehicles per day (VPD).
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    623 North Ave Elmhurst, IL 60126
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    Elmhurst, IL 60126
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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
    623 North Ave Elmhurst, IL 60126
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    We can help!
    Listing Contact
    Matthew Tarshis
    Matthew Tarshis
    Real Estate License ID: IL 475155035
    Learn more
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