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    Property profile & analytics

    13407 Ridgeland Ave Palos Heights, IL 60463

    • Lifestyle centers
    • 23,300 SF
    • 2.50 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Beans N Boba / Cafe & Coffee Shop

    Property Details for 13407 Ridgeland Ave

    Year built
    2000
    Lot size
    2.50 lot acres
    Property size
    23,300 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Westgate Valley Commons, a Class B shopping center built in 2000 and renovated in 2024, offers 23,300 square feet of retail space across 120 suites. Currently, 2,400 square feet is available for lease, divisible into units ranging from 1,200 to 2,400 contiguous square feet. Located on Ridgeland Avenue, this property boasts excellent visibility and high traffic volume exceeding 19,000 vehicles daily. The center sits on a 2.5-acre lot and features ample parking with 120 spaces. The existing tenant mix includes a diverse range of businesses, such as a high-end restaurant, a dermatologist's office, a salon and spa, and a walk-in clinic with pharmacy. One available space is a "vanilla box" ready for tenant improvements, while another is a former Subway restaurant with existing fixtures including two walk-in coolers, a three-compartment sink, and a deli counter. The single-story building has a modern façade and benefits from a B zoning designation. This is an exceptional opportunity to join a vibrant and established retail community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Palos Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.7767
    Latitude
    41.648

    Comparable in this City

    • Value Estimation by Request
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      57,685 SF

      12803 Harlem Ave

      Lifestyle centers • 57,685 SF
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      4,500 SF

      12349-12357 Harlem Ave

      Restaurants • 4,500 SF
      12349-12357 Harlem Ave, Palos Heights, IL 60463
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    • Value Estimation by Request
      23,231 SF

      13401 Ridgeland Ave

      Restaurants • 23,231 SF
      13401 Ridgeland Ave, Palos Heights, IL 60463
      View Details
    • Value Estimation
      $4,015,000
      1.10 Acres

      7226 College Dr

      MINI-MALL • 1.10 Acres
      7226 College Dr, Palos Heights, IL 60463-1145
      View Details
    • Value Estimation
      $4,000,000
      0.66 Acres

      7206 College Dr

      MINI-MALL • 0.66 Acres
      7206 College Dr, Palos Heights, IL 60463-1975
      View Details

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    Similar Nearby for Lease

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      Westgate Valley Commons Retail Space

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    13407 Ridgeland Ave
    Palos Heights, IL 60463
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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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