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    1001 Lee Street Des Plaines, IL 60016 Des Plaines, IL 60016

    • Residential land & home lots
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gerber Collision & Glass / Auto Repair Shop

    Property Details for 1001 Lee Street Des Plaines, IL 60016

    Property type
    Residential land & home lots
    Property subtype
    Commercial land

    Description

    ±28,840 SF fully fenced, secured & lit site with covered storage available now. Currently utilized for secured vehicle storage – ideal for outside storage or neighborhood retail. Location Description Excellent exposure on Lee Street (8,000 VPD) & proximity to downtown Des Plaines. Zoned C-3.

    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
    State
    Illinois
    Longitude
    -87.8944
    Latitude
    42.0269

    Comparable in this City

    • Value Estimation by Request
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      669-685 Graceland Ave

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      669-685 Graceland Ave, Des Plaines, IL 60016
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    • Value Estimation by Request

      New Development Retail Space at The Ellison

      Lease opportunity for retail space at 1555 Ellinwood Street, Des Plaines, IL
      1555 Ellinwood Street Des Plaines, IL 60016, Des Plaines, IL 60016
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      0.38 Acres

      1811 Rand Rd

      COMMERCIAL (GENERAL) • 0.38 Acres
      1811 Rand Rd, Des Plaines, IL 60016
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    • Value Estimation by Request
      0.21 Acres

      1217 Thacker St

      INDUSTRIAL (GENERAL) • 0.21 Acres
      1217 Thacker St, Des Plaines, IL 60016-6412
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    • Value Estimation by Request
      0.19 Acres

      1217 Thacker St

      INDUSTRIAL (GENERAL) • 0.19 Acres
      1217 Thacker St, Des Plaines, IL 60016-6412
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    • Value Estimation by Request
      0.22 Acres

      40 Thacker St

      COMMERCIAL (GENERAL) • 0.22 Acres
      40 Thacker St, Des Plaines, IL 60016-2964
      View Details

    Similar Nearby for Sale

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    • New
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      Residential Land in Des Plaines

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      Prime Development Site in Des Plaines

      4.36 acre development site near downtown Des Plaines.
      1217 E Thacker St, Des Plaines, IL 60016
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      Secured Storage Site For Sale

      Fenced and lit site with covered storage, ideal for retail.
      1000 Lee St, Des Plaines, IL 60016
      View Details
    • $95,000

      Des Plaines Land For Sale

      Land available for sale in Des Plaines, Illinois.
      85 Bender Rd, Des Plaines, IL 60016
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    Similar Nearby for Lease

    • $13 SF/Yr
      10,600 SF

      Des Plaines Retail Center Opportunity

      High-traffic retail space available.
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      Des Plaines Office Building for Lease

      Prime Des Plaines Office Space: Multiple Suites Available
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      2,384 SF

      Des Plaines Warehouse/Flex Space Available

      Multi-tenant warehouse/flex buildings near O’Hare Airport, I-90 & I-294.
      1245-1265 Rand Rd, Des Plaines, IL 60016
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      Des Plaines Prime Office Space

      Convenient office space near downtown Des Plaines with ample parking.
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    • $24 SF/Yr
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      Des Plaines Office/Retail Gem

      Prime Des Plaines location, flexible space.
      682 Lee St, Des Plaines, IL 60016
      View Details
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    Des Plaines, IL 60016
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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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