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    533 North Ave Elmhurst, IL 60126
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    Property profile & analytics

    533 North Ave Elmhurst, IL 60126

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    • Office Spaces
    • 26,562 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Merwick and Associates / Medical Clinic
    • Dohse Anthony DDS / Dental Office
    • Dr. Blake Garrett / Dental Office
    • Dr. Patrick Omeara / Physician
    • Patchwork Therapy / Foster Care Service / Social Service Agency

    Property Details for 533 North Ave

    Year built
    1970
    Property size
    26,562 SF
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    This two-story, 26,562 square foot office building in Elmhurst, Illinois, offers a variety of spaces ideal for medical, executive, or traditional office uses. Located at 533 W North Ave, this property features 14 executive suites ranging from 196 to 8,641 square feet, with a minimum divisible space of 515 square feet and a maximum contiguous space of 5,460 square feet. Built in 1970 and renovated in 1991, the building sits on a 0.74-acre lot and includes an elevator, 80 parking spaces, and monumental signage. The property is zoned O-1 and boasts convenient access to Interstates 290 and 294, approximately 11 miles from Elmhurst Hospital. Tenant incentives are available, including rent abatement for qualified tenants based on lease term length. A full first floor is currently available. The building's excellent condition and prime location make it an attractive opportunity for businesses seeking flexible and well-maintained office space in the thriving Elmhurst market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elmhurst
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9592
    Latitude
    41.9059

    Comparable in this City

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      26,562 SF

      533 North Ave

      Medical Office Space • 26,562 SF
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      74,000 SF

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      1,440 SF

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      2,470 SF

      277 York St

      MEDICAL BUILDING • 2,470 SF
      277 York St, Elmhurst, IL 60126-2726
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    • Value Estimation
      $3,225,000
      19,464 SF

      850 Riverside Dr

      MEDICAL BUILDING • 19,464 SF
      850 Riverside Dr, Elmhurst, IL 60126-4940
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    • Value Estimation by Request
      0.16 Acres

      127 Vallette St, Unit 29

      MEDICAL BUILDING • 0.16 Acres
      127 Vallette St, Elmhurst, IL 60126-4474
      View Details

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      Elmhurst Professional Office Building

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      26,562 SF office building with executive suites for sale.
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      Modern Office Building For Sale

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      Medical Office Space For Lease

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      Haven Professional Building Office Space

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      Retail, Office, Flex Space Center

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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
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