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    13029 Ashland Ave Calumet Park, IL 60827

    • Retail properties
    • 19,570 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rainbow Shops / Plus Size Clothing Store / Shoe Store

    Property Details for 13029 Ashland Ave

    Property size
    19,570 SF
    Property type
    Retail properties

    Description

    Raceway Park, located at 13029 Ashland Ave in Calumet Park, Illinois (zip code 60827), offers a prime retail redevelopment opportunity. This Aldi-anchored community center boasts exceptional visibility from I-57, ensuring high traffic and exposure for your business. The property features a total of 19,570 square feet of retail space, currently entirely vacant and available for lease. Multiple tenancy options are available, with spaces ranging from a minimum of 3,600 square feet to a maximum contiguous space of 11,970 square feet. The center is already home to established businesses such as Planet Fitness and Rainbow, creating a strong and diverse tenant mix. Situated in Cook County, this location provides easy access to major transportation routes and a thriving local community. This is an exceptional chance to establish or expand your retail presence in a high-traffic, well-established shopping center. The property is ideal for businesses seeking significant visibility and a strong anchor tenant. Contact us today to learn more about this exciting opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Calumet Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.6597
    Latitude
    41.6579

    Comparable in this City

    • Value Estimation by Request
      3,600 SF

      12854 Ashland Ave

      Individual retail properties • 3,600 SF
      12854 Ashland Ave, Calumet Park, IL 60827
      View Details
    • Value Estimation by Request
      5,000 SF

      14401 Halsted St

      Automotive properties • 5,000 SF
      14401 Halsted St, Riverdale, IL 60827
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    • Value Estimation by Request
      31,540 SF

      13053-13081 Ashland Ave

      Lifestyle centers • 31,540 SF
      13053-13081 Ashland Ave, Calumet Park, IL 60827
      View Details
    • Value Estimation
      $325,000
      0.38 Acres

      12700 Page St

      RETAIL STORES (PERSONAL SERVICES) • 0.38 Acres
      12700 Page St, Calumet Park, IL 60827
      View Details
    • Value Estimation
      $300,000
      0.09 Acres

      12328 Racine Ave

      RESIDENTIAL PARKING GARAGE • 0.09 Acres
      12328 Racine Ave, Calumet Park, IL 60827-5816
      View Details
    • Value Estimation
      $295,000
      0.08 Acres

      14508 State St

      AUTO REPAIR, GARAGE • 0.08 Acres
      14508 State St, Riverdale, IL 60827-2838
      View Details

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    • $4,493,000
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      Walgreens Net Lease Investment

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    Similar Nearby for Lease

    • $10 SF/Yr
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      Raceway Park Retail Center - Calumet Park

      High-visibility retail space, Cook County, IL.
      13001 Ashland Ave, Calumet Park, IL 60827
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      Calumet Park Retail Space Available

      8,000 SF retail space for rent in Calumet Park.
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    • $10 SF/Yr
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      Raceway Park Shopping Center Opportunity

      Calumet Park Retail Space Available
      13053-13081 Ashland Ave, Calumet Park, IL 60827
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    • $20 SF/Yr
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      Retail Space Near I-57

      Retail space in a densely populated business and shopping district.
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    • $3,900 /Mo

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    • Contact for pricing
      105,370 SF

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    13029 Ashland Ave
    Calumet Park, IL 60827
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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
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