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    6955 111Th St Worth, IL 60482
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    6955 111Th St, Worth, IL 60482

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    • Retail properties & Spaces
    • 17,059 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Weekend Closet / Discount Store

    Property Details for 6955 111Th St

    Year built
    1967
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional estate sale presents a unique opportunity to acquire a seven-unit, 17,059-square-foot retail property located at 6955-6969 W. 111th Street in Worth, Illinois. The property, built in 1967, boasts 100% occupancy as of June 7, 2024, with long-term tenants on modified-term leases. Currently operating at below-market rates, this presents a significant value-add opportunity for investors. The asking price is $1,660,000, reflecting a 6.11% cap rate based on a net operating income (NOI) of $101,371. The property features 40 parking spaces and sits on a 30,544-square-foot lot, zoned B1. Its prime location on the southeast corner of 111th Street and Worth Avenue, one block from the Metra station, ensures high visibility and traffic. The surrounding area includes numerous established retailers, further enhancing its appeal. This single-story building is part of a three-property portfolio available for sale individually or as a package. The property's assessed value supports the asking price. This is a distressed sale, offering a compelling investment opportunity for those seeking a value-add project with strong potential for increased returns. The property's address is 6955 W 111th St, Worth, IL 60482, with APN numbers 24-19-105-002-0000, 24-19-105-026-0000, 24-19-105-027-0000, and 24-19-106-006-0000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Worth
    County
    Cook
    State
    Illinois
    Longitude
    -87.793
    Latitude
    41.6901

    Comparable in this City

    • Value Estimation by Request
      4,500 SF

      11403 Harlem Ave

      Restaurants
      11403 Harlem Ave, Worth, IL 60482
      View Details
    • Value Estimation
      $935,000
      0.49 Acres

      7000 111th St

      STORE, RETAIL OUTLET
      7000 111th St, Worth, IL 60482-1851
      View Details
    • Value Estimation by Request
      0.10 Acres

      6825 111th St

      STORE, RETAIL OUTLET
      6825 111th St, Worth, IL 60482-1800
      View Details
    • Value Estimation
      $2,385,000
      0.33 Acres

      11425 Harlem Ave

      STORE, RETAIL OUTLET
      11425 Harlem Ave, Worth, IL 60482-2062
      View Details
    • Value Estimation by Request
      0.43 Acres

      6825 111th St

      STORE, RETAIL OUTLET
      6825 111th St, Worth, IL 60482-1800
      View Details
    • Value Estimation by Request
      0.10 Acres

      6825 111th St

      STORE, RETAIL OUTLET
      6825 111th St, Worth, IL 60482-1800
      View Details

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      Corner lot with high traffic, development potential.
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      Retail Space on Harlem Avenue

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    Worth, IL 60482
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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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