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    8608 Carmen Ave Norridge, IL 60706-2801

    • Residential income homes
    • 3,936 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Feb 25, 2021
    $560,000
    Value Estimations
    $740,000
    Show details
    Cap Rate Potential
    9.7%
    Residential income homes
    Location Intelligence
    Property ID
    US28-1335335
    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 8608 Carmen Ave

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.14 lot acres
    Property size
    3,936 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    12-11-321-021
    APU
    1211321021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $675,000
      ML approach
      $680,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,095,000
      6.5%
      $1,010,000
      7%
      $935,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $704,000
      Market price range: $634k - $934k
      AI Estimate
      $453,000
      Market price range: $376k - $609k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $770,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $940,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.842
    Latitude
    41.9718
    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
    $13,908
    $7,861
    $50,138
    $57,999
    -
    $78,610
    $501,380
    $579,990

    Comparable in this City

    • Value Estimation
      $370,000
      3,018 SF

      8648 Carmen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,018 SF
      8648 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $375,000
      3,050 SF

      8628 Carmen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,050 SF
      8628 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $375,000
      3,078 SF

      8616 Carmen Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,078 SF
      8616 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $370,000
      3,605 SF

      4644 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,605 SF
      4644 Sayre Ave, Harwood Heights, IL 60706-4924
      View Details
    • Value Estimation
      $355,000
      3,360 SF

      4728 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,360 SF
      4728 Sayre Ave, Harwood Heights, IL 60706-3930
      View Details
    • Value Estimation
      $350,000
      4,032 SF

      4633 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,032 SF
      4633 Sayre Ave, Harwood Heights, IL 60706-4847
      View Details

    Similar Nearby for Sale

    • $899,900
      4,646 SF

      Harwood Heights Multifamily Investment

      3-Unit Building, High Potential
      6520 Gunnison St, Harwood Heights, IL 60706
      View Details
    • $4,900,000
      1.94 Acres

      Norridge Mixed-Use Investment Opportunity

      Mixed-use property featuring apartments, retail, and a large retail building.
      7701-7757 W Lawrence Ave, Norridge, IL 60706
      View Details
    • $4,900,000
      47,792 SF

      Norridge Mixed-Use Investment

      High-yield, fully occupied multifamily & retail
      7757 Lawrence Ave, Norridge, IL 60706
      View Details
    • $660,000
      14,169 SF

      Norridge Business Opportunity: Huge Potential

      Large building, ideal owner-user or investor.
      7004 Cullom Ave, Norridge, IL 60706
      View Details
    • $790,000

      Norridge Commercial Land - $790K

      Prime Norridge corner lot, high traffic.
      4435 Harlem Ave, Norridge, IL 60706
      View Details
    • Contact for pricing

      Corner Land Parcel on Harlem

      7,162 SF land parcel with high-traffic location.
      4435 N Harlem Ave, Norridge, IL 60706
      View Details

    Similar Nearby for Lease

    • $1,650 /Mo

      Harwood Heights 2-Bed Condo Apartment

      Two-bedroom apartment in Harwood Heights featuring hardwood floors, updated kitchen, and included heat and cooking gas.
      4916 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing
      25,406 SF

      Norridge Retail Space For Lease

      Retail spaces available in Norridge Commons shopping center.
      4103-4137 N Harlem Ave, Norridge, IL 60706
      View Details
    • $22 SF/Yr
      3,726 SF

      Norridge Retail Space: Prime Location

      3,726 SF Retail/Office, High Visibility
      7723 Lawrence Ave, Norridge, IL 60706
      View Details
    • Contact for pricing
      1,863 SF

      Harwood Heights Office Space Available

      Office space for rent near Harlem-Irving Plaza.
      4600-4634 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • $24 SF/Yr
      70,345 SF

      Holiday Plaza Retail Space Available

      Harwood Heights, IL Strip Center - 70,345 SF
      4747 Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing

      Retail Space and Outlot Available

      Retail space and outlot available in high-traffic Norridge location.
      4533 Nottingham Ave, Norridge, IL 60706
      View Details
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    8608 Carmen Ave
    Norridge, IL 60706-2801
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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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