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    1500 Lee St Des Plaines, IL 60018
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    1500 Lee St Des Plaines, IL 60018

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    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ATM / Atm
    • higi / Medical Clinic
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Jewel-Osco Deli / Food Market / Restaurant
    • FedEx OnSite / Postal Service / Courier Service

    Property Details for 1500 Lee St

    Property type
    Retail properties & Spaces

    Description

    Oak Leaf Commons presents a prime retail opportunity in Cook County's vibrant Oakton/Mannheim/Lee retail district. This grocery-anchored center boasts excellent visibility, situated just north of the bustling intersection of Lee Street and Oakton Street. Two retail spaces are currently available, ranging in size from 1,200 to 2,400 square feet, providing flexibility for various business needs. The property benefits from its location within a thriving retail area, surrounded by numerous national retailers, ensuring high foot traffic and strong brand recognition potential. The center is strategically positioned to capitalize on the robust demographics of the surrounding neighborhood. This is an exceptional chance to establish or expand a business in a high-demand, well-established retail environment. The property's prime location and strong tenant mix make it an attractive investment for businesses seeking a successful retail presence. The available spaces offer the ideal platform for businesses to thrive in a bustling commercial hub. Interested parties are encouraged to inquire for further details and leasing information. The property is a multiple-tenancy retail center, specifically a grocery-anchored center, offering a stable and attractive environment for potential tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.8947
    Latitude
    42.0264

    Comparable in this City

    • Value Estimation by Request
      137,880 SF

      1515 Lee St

      Retail properties & Spaces • 137,880 SF
      1515 Lee St, Des Plaines, IL 60018
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    • Value Estimation by Request
      0.63 Acres

      1855-1881 Oakton St

      Automotive properties • 1,500 SF
      1855-1881 Oakton St, Des Plaines, IL 60018
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    • Value Estimation by Request

      1982-1992 River Rd

      Lifestyle centers
      1982-1992 River Rd, Des Plaines, IL 60018
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    • Value Estimation by Request
      137,880 SF

      1515 Lee St

      Lifestyle centers • 137,880 SF
      1515 Lee St, Des Plaines, IL 60018
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    • Value Estimation by Request
      10,005 SF

      1926-1992 River Rd

      Strip malls • 10,005 SF
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    • Value Estimation by Request
      40,000 SF

      & 1-294 Balmoral Ave

      Restaurants • 40,000 SF
      & 1-294 Balmoral Ave, Rosemont, IL 60018
      View Details

    Similar Nearby for Sale

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      2,818 SF

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      Retail Property in Des Plaines

      Retail property available for sale in Des Plaines, Illinois.
      1617 E Oakton St, Des Plaines, IL 60018
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      Des Plaines Land For Sale

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      Auto Repair Facility For Sale

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    Similar Nearby for Lease

    • $17 SF/Yr
      21,345 SF

      Office and Retail Space Available

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      Restaurant Space with Drive-Thru

      Restaurant space with drive-thru, built in 2022.
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      1,504 SF

      Retail Space Near Highway 294

      Highly visible retail center with ample parking and pylon sign.
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      Parkway Bank Park Entertainment Project

      300,000 square foot entertainment project in Rosemont, Illinois.
      & I-294 Balmoral Ave, Rosemont, IL 60018
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      2,250 SF

      Retail Space in Community Center

      Retail space available in a high-traffic community center.
      1521-1565 Lee St, Des Plaines, IL 60018
      View Details
    • Contact for pricing
      32,595 SF

      Community Center Retail Space

      Retail space in a major community center with high traffic.
      1515 Lee St, Des Plaines, IL 60018
      View Details
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    Des Plaines, IL 60018
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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.

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