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
    Back to Search
    Property profile & analytics

    2514 Erie St River Grove, IL 60171-3503

    • Residential income homes
    • 1,784 SF
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    May 29, 2024
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    7.1%
    Residential income homes
    Location Intelligence
    Property ID
    US28-2709476
    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 2514 Erie St

    Year built
    1926
    Construction
    FRAME
    Lot size
    0.12 lot acres
    Property size
    1,784 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    12-26-416-039
    APU
    1226416039

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $325,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $385,000
      6.5%
      $355,000
      7%
      $330,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $280,000
      Market price range: $167k - $281k
      AI Estimate
      $244,000
      Market price range: $152k - $249k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $240,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $390,000
      Change: +64% Conversion: Difficult
      RETAIL STORES
      $265,000
      Change: +11% Conversion: Difficult
      OFFICE BUILDING
      $240,000
      Change: -0% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $215,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    River Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.8299
    Latitude
    41.9254
    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
    $8,371
    $5,586
    $20,819
    $26,405
    -
    $55,860
    $208,190
    $264,050

    Comparable in this City

    • Value Estimation
      $435,000
      3,578 SF

      8225 Smith Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,578 SF
      8225 Smith Ln, River Grove, IL 60171-1184
      View Details
    • Value Estimation
      $455,000
      2,860 SF

      2031 19th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,860 SF
      2031 19th Ave, River Grove, IL 60171
      View Details
    • Value Estimation
      $495,000
      4,197 SF

      2410 Thatcher Ave, Unit 3

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,197 SF
      2410 Thatcher Ave, River Grove, IL 60171-1796
      View Details
    • Value Estimation
      $380,000
      2,411 SF

      8820 Cherry Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,411 SF
      8820 Cherry Ave, River Grove, IL 60171-1392
      View Details
    • Value Estimation
      $400,000
      3,225 SF

      8217 Enger Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,225 SF
      8217 Enger Ln, River Grove, IL 60171-1153
      View Details
    • Value Estimation
      $445,000
      4,228 SF

      8210 Enger Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,228 SF
      8210 Enger Ln, River Grove, IL 60171-3342
      View Details

    Similar Nearby for Sale

    • $935,000
      0.13 Acres

      Fully Rented Brick Apartment Building

      Six-unit, fully rented brick building near transportation and stores.
      8233 W Oconnor Dr, River Grove, IL 60171
      View Details
    • $659,900
      0.11 Acres

      River Grove Multifamily Investment Opportunity

      Six-unit building in River Grove with income potential.
      8250 W Grand Ave, River Grove, IL 60171
      View Details
    • $1,834,900

      New Construction Multifamily in River Grove

      New construction multifamily property perfect for investors or generational living.
      2718 Budd St, River Grove, IL 60171
      View Details
    • $419,000
      0.07 Acres

      Commercial Property with Established Business

      Live and work in River Grove, Illinois.
      9011 Grand Ave, River Grove, IL 60171
      View Details
    • $859,900

      Renovated Two-Unit Residence with Garage

      Fully renovated two-unit property with commercial zoning and contractor's garage.
      8211 W Grand Ave, River Grove, IL 60171
      View Details
    • $349,000
      3,700 SF

      Refrigerated Warehouse Space Available

      3,700 SF warehouse with freezers and coolers in place.
      8256 W Grand Ave, Chicago, IL 60171
      View Details

    Similar Nearby for Lease

    • $2,650 /Mo
      1,150 SF

      Spacious Apartment in River Grove

      Three-bedroom, two-bathroom apartment with modern amenities and convenient location.
      2685 N Julian Ter N, River Grove, IL 60171
      View Details
    • $5,000 /Mo

      Luxury Townhome in Gated Community

      New construction townhome with luxury amenities and convenient location.
      3110 Birch Ln, River Grove, IL 60171
      View Details
    • Contact for pricing
      7,600 SF

      River Grove Redevelopment Opportunity

      Restaurant and parking lot parcels near Metra station.
      2628 Thatcher Ave, River Grove, IL 60171
      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.
    2514 Erie St
    River Grove, IL 60171-3503
    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.