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    95th St & Ridgeland Ave Chicago Ridge, IL 60453
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    95th St & Ridgeland Ave Chicago Ridge, IL 60453

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    • Retail properties & Spaces
    • 32,358 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 95th St & Ridgeland Ave

    Property size
    32,358 SF
    Property type
    Retail properties & Spaces

    Description

    Highly visible retail spaces are available for lease at the Oak Lawn Promenade, situated at the intersection of 95th Street and Ridgeland Avenue in Chicago Ridge, Illinois, 60453. This Cook County property offers multiple tenancy options within a 32,358 square foot building. Individual spaces range from a minimum of 1,007 square feet to a maximum contiguous space of 1,973 square feet, with 4,069 square feet currently vacant. The center enjoys a prime location, kitty-corner to the Chicago Ridge Mall, providing excellent exposure to a high volume of traffic exceeding 51,000 vehicles per day. Dual-sided signage at the signalized intersection ensures maximum visibility for tenants. The property benefits from its proximity to Oak Lawn High School (less than one mile east) and Interstate 294 (less than one mile west). Strong co-tenancy includes Subway, Hertz, T-Mobile, Wings Top, Vitamin Shoppe, and OSF Urgent Care, among others. The area boasts a robust retail environment with nearby establishments such as Walgreens, Office Depot, Home Depot, Old Navy, Kohl's, Aldi, Bed Bath & Beyond, Dollar Tree, Pier 1 Imports, X-Sport Fitness, Chipotle, McDonald's, Panda Express, Chick-fil-A, Chili's, Taco Bell, Starbucks, and Dunkin'. This presents a unique opportunity for businesses seeking high-traffic exposure in a thriving retail corridor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Ridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.7799
    Latitude
    41.7197

    Comparable in this City

    • Value Estimation by Request
      17,659 SF

      5251-5273 95Th St

      Retail properties & Spaces • 17,659 SF
      5251-5273 95Th St, Oak Lawn, IL 60453
      View Details
    • Value Estimation by Request

      6762 95Th St

      Retail properties & Spaces
      6762 95Th St, Oak Lawn, IL 60453
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    • Value Estimation by Request
      49,882 SF

      95th 95Th St

      Retail properties & Spaces • 49,882 SF
      95th 95Th St, Oak Lawn, IL 60453
      View Details
    • Value Estimation by Request
      6,500 SF

      999 Confidential

      Restaurants • 6,500 SF
      999 Confidential, Oak Lawn, IL 60453
      View Details
    • Value Estimation by Request

      4815 95Th St

      Land
      4815 95Th St, Oak Lawn, IL 60453
      View Details
    • Value Estimation by Request
      137,843 SF

      8707-8855 Ridgeland Ave

      Office Spaces • 137,843 SF
      8707-8855 Ridgeland Ave, Oak Lawn, IL 60453
      View Details

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    Chicago Ridge, IL 60453
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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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    95th St & Ridgeland Ave, Chicago Ridge, IL, 60453
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