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    Property profile & analytics

    8850 Austin Ave Morton Grove, IL 60053-2403

    • Retail space
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    May 15, 2023
    $410,000
    Value Estimations
    $385,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0813284
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 8850 Austin Ave

    Year built
    1971
    Lot size
    0.08 lot acres
    Property type
    Retail space
    APN
    10-17-315-031
    APU
    1017315031

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $385,000
      ML approach
      $390,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Morton Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.7802
    Latitude
    42.0412
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $7,321
    $20,508
    $6,095
    $26,603
    -
    $82,032
    $24,380
    $106,412

    Comparable in this City

    • Value Estimation
      $295,000
      0.21 Acres

      9530 Waukegan Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.21 Acres
      9530 Waukegan Rd, Morton Grove, IL 60053-1354
      View Details
    • Value Estimation
      $300,000
      0.07 Acres

      5641 Dempster St

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5641 Dempster St, Morton Grove, IL 60053-3109
      View Details
    • Value Estimation
      $275,000
      0.07 Acres

      5831 Dempster St

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5831 Dempster St, Morton Grove, IL 60053-3028
      View Details
    • Value Estimation
      $275,000
      0.17 Acres

      6327 Dempster St

      RETAIL STORES (PERSONAL SERVICES) • 0.17 Acres
      6327 Dempster St, Morton Grove, IL 60053-2849
      View Details
    • Value Estimation
      $390,000
      0.09 Acres

      5628 Dempster St

      STORE, RETAIL OUTLET • 0.09 Acres
      5628 Dempster St, Morton Grove, IL 60053-3110
      View Details
    • Value Estimation
      $250,000
      0.07 Acres

      5835 Dempster St

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      5835 Dempster St, Morton Grove, IL 60053-3028
      View Details

    Similar Nearby for Sale

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      0.63 Acres

      Morton Grove Commercial Redevelopment Opportunity

      High-traffic location with redevelopment potential and existing income.
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      14,510 SF

      Retail Property on Dempster Street

      Retail space for sale in thriving Near North neighborhood.
      5804 Dempster St, Morton Grove, IL 60053
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    • $199,000

      Retail Space in Morton Grove

      Retail space in high-traffic Morton Grove commercial district.
      7182 Dempster St, Morton Grove, IL 60053
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    • $2,590,000
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      Dempster Street Retail and Multifamily

      24,494 SF property in a thriving commercial corridor.
      5800-5814 Dempster St, Morton Grove, IL 60053
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      120,000 SF

      Morton Grove Industrial Facility

      Recently constructed industrial facility with heavy duty features and parking.
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      Immaculately kept 2 bed, 2 bath apartment with western exposure.
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    Similar Nearby for Lease

    • Contact for pricing
      9,443 SF

      Morton Grove Retail Spaces Available

      High-visibility retail spaces, 1,130-4,078 sq ft.
      7172 Dempster St, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      1,130 SF

      Retail Space on Dempster Street

      Retail space available on heavily trafficked Dempster Street.
      7132 Dempster St, Morton Grove, IL 60053
      View Details
    • $22 SF/Yr
      800 SF

      Retail Space on Waukegan Road

      Retail spaces available on busy Waukegan Road, ample parking.
      9428-9438 Waukegan Rd, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Beckwith Center

      Retail space available in a busy, accessible neighborhood center.
      9225 Waukegan Rd, Morton Grove, IL 60053
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    • Contact for pricing

      Morton Grove Commercial Space Available

      Prime commercial space for lease in a neighborhood plaza.
      9232 Waukegan Rd, Morton Grove, IL 60053
      View Details
    • $11 SF/Yr
      4,400 SF

      Column-Free Retail Space Available

      4400 SF retail/office space near Edens Expressway.
      6000-6014 Dempster St, Morton Grove, IL 60053
      View Details
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    8850 Austin Ave
    Morton Grove, IL 60053-2403
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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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