Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    2703 Galilee Ave Zion, IL 60099-4400

    • Residential income homes
    • 3,976 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    May 04, 2021
    $380,000
    Value Estimations
    $430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1868681
    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

    • Residential income homes

    Property Details for 2703 Galilee Ave

    Year built
    1959
    Construction
    FRAME
    Lot size
    0.15 lot acres
    Property size
    3,976 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    04-21-309-001
    APU
    421309001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $435,000
      ML approach
      $460,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $426,000
      Market price range: $329k - $597k
      AI Estimate
      $292,000
      Market price range: $231k - $329k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $445,000
      Current use
      AUTO REPAIR, GARAGE
      $695,000
      Change: +56% Conversion: Difficult
      OFFICE BUILDING
      $480,000
      Change: +8% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $475,000
      Change: +7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Zion
    County
    Lake
    State
    Illinois
    Longitude
    -87.8446
    Latitude
    42.446
    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
    2023
    $5,391
    $9,019
    $48,430
    $57,449
    -
    $27,060
    $145,305
    $172,365

    Comparable in this City

    • Value Estimation
      $455,000
      6,612 SF

      1736 21st St

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,612 SF
      1736 21st St, Zion, IL 60099-1700
      View Details
    • Value Estimation by Request
      5,376 SF

      2105 Elisha Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,376 SF
      2105 Elisha Ave, Zion, IL 60099-2365
      View Details
    • Value Estimation
      $405,000
      5,916 SF

      2111 Elisha Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,916 SF
      2111 Elisha Ave, Zion, IL 60099-2378
      View Details
    • Value Estimation
      $400,000
      5,712 SF

      2117 Elisha Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,712 SF
      2117 Elisha Ave, Zion, IL 60099-2377
      View Details
    • Value Estimation
      $350,000
      5,696 SF

      1720 Joppa Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,696 SF
      1720 Joppa Ave, Zion, IL 60099-1579
      View Details
    • Value Estimation
      $325,000
      5,376 SF

      1508 21st St

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,376 SF
      1508 21st St, Zion, IL 60099-2364
      View Details

    Similar Nearby for Sale

    • New
      $450,000
      0.37 Acres

      Mixed-Use Income Property Opportunity

      Mixed-use property with income potential in high-traffic area.
      2275 Sheridan Rd, Zion, IL 60099
      View Details
    • $180,000

      Zion Two-Flat with Garage

      Two-unit residential property with detached two-car garage in Zion, Illinois.
      2609 Gilboa Ave, Zion, IL 60099
      View Details
    • $240,000

      Brick Duplex in Zion

      Well-maintained brick duplex, great investment opportunity, new roof.
      2311 Elisha Ave, Zion, IL 60099
      View Details
    • $425,000
      0.34 Acres

      Zion Investment Property For Sale

      Turn-key investment property with full occupancy near downtown Zion.
      2103 Galilee Ave, Zion, IL 60099
      View Details
    • $250,000

      Well-Maintained Duplex on Corner Lot

      Solid brick duplex, ideal for investors or owner-occupants.
      3244 Elisha Ave, Zion, IL 60099
      View Details
    • New
      $269,900
      0.20 Acres

      Zion Multifamily Investment Opportunity

      Two-unit property near Illinois Beach State Park and downtown Zion.
      3013 Elim Ave, Zion, IL 60099
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      10,000 SF

      Zion Office Building for Lease

      10,000 SF Office Building, Suites Available
      3115 Lewis Ave, Zion, IL 60099
      View Details
    • Contact for pricing
      1,835 SF

      Retail Space on Sheridan Road

      Freestanding retail space in high-traffic area, drive-thru potential.
      Zion, IL 60099
      View Details
    • Contact for pricing

      New Retail Center in Zion

      New retail center with spaces available in 2025.
      2001 Sheridan Rd, Zion, IL 60099
      View Details
    • Contact for pricing
      7,731 SF

      Zion Retail Strip Center

      High-Visibility Retail Space Available
      3242 Sheridan Rd, Zion, IL 60099
      View Details
    • $13 SF/Yr
      8,520 SF

      Zion Plaza Retail Space

      1,200 SF Salon Space Available
      1301 21 St, Zion, IL 60099
      View Details
    • Contact for pricing
      4,280 SF

      Retail Opportunity on Sheridan Road

      Retail space for lease with drive-thru potential near City of Hope.
      3306 Sheridan Rd, Zion, IL 60099
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2703 Galilee Ave
    Zion, IL 60099-4400
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.