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    Property profile & analytics

    10296 S 78Th Ave, Unit B Palos Hills, IL 60465

    • Retail space
    • 0.61 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Last Sale
    Oct 05, 2022
    $539,000
    Value Estimations
    $425,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0674174
    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 10296 S 78Th Ave

    Year built
    1988
    Lot size
    0.61 lot acres
    Property type
    Retail space
    APN
    23-12-308-024
    APU
    2312308024

    Description

    Palos Plaza, located at APN 23123080240000, presents a unique investment opportunity in a prime location. This 6,400 square foot building, constructed in 1988, offers three available suites ranging from 1,000 to 3,400 square feet, perfect for a variety of uses. Currently, all 6,400 square feet are vacant, providing a blank canvas for a new tenant or tenants. The property is zoned B1, allowing for retail, office, and restaurant uses. Its strategic location on a high-traffic street near the Cook County Courthouse ensures high visibility and foot traffic. Ample parking is available with 40+ spaces. The building's multiple suite configuration offers flexibility for businesses of various sizes, from small startups to established enterprises. This is an exceptional chance to establish a presence in a bustling area with significant potential for growth. The property's versatility and prime location make it an attractive option for investors seeking a strong return on investment. All three suites are immediately available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $425,000
      ML approach
      $465,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Palos Hills
    County
    Cook
    State
    Illinois
    Longitude
    -87.8129
    Latitude
    41.7045
    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
    $50,576
    $80,010
    $58,590
    $138,600
    -
    $320,040
    $234,360
    $554,400

    Comparable in this City

    • Value Estimation
      $355,000
      0.23 Acres

      11260 Swsw Hwy

      STORE, RETAIL OUTLET • 0.23 Acres
      11260 Swsw Hwy, Palos Hills, IL 60465-2745
      View Details
    • Value Estimation
      $315,000
      0.33 Acres

      11230 Swsw Hwy

      RETAIL STORES (PERSONAL SERVICES) • 0.33 Acres
      11230 Swsw Hwy, Palos Hills, IL 60465-2715
      View Details
    • Value Estimation
      $315,000
      0.40 Acres

      7225 105th St

      RETAIL STORES (PERSONAL SERVICES) • 0.40 Acres
      7225 105th St, Palos Hills, IL 60465-2069
      View Details
    • Value Estimation
      $425,000
      0.73 Acres

      8150 111th St

      STORE, RETAIL OUTLET • 0.73 Acres
      8150 111th St, Palos Hills, IL 60465-2493
      View Details
    • Value Estimation
      $335,000
      0.48 Acres

      10305 Roberts Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.48 Acres
      10305 Roberts Rd, Palos Hills, IL 60465-1929
      View Details
    • Value Estimation
      $325,000
      0.25 Acres

      9728 Roberts Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.25 Acres
      9728 Roberts Rd, Palos Hills, IL 60465-1470
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $30 SF/Yr

      Retail Space Palos Hills

      Retail space available in high traffic area near courthouse.
      10296 S 78Th Ave, Palos Hills, IL 60465
      View Details
    • $30 SF/Yr

      Retail Space in Palos Hills

      Retail space available in high-traffic Palos Hills location.
      10296 S 78Th Ave, Palos Hills, IL 60465
      View Details
    • $25 SF/Yr

      Retail/Office Space For Rent

      Corner lot with high visibility, suitable for retail or office.
      10296 S 78Th Ave, Palos Hills, IL 60465
      View Details
    • $18 SF/Yr
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      Kiswani Shopping Center: Palos Hills Retail

      Prime Palos Hills retail space available. High visibility, strong demographics.
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      Versatile Palos Hills Office Building
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      View Details
    • $1,750 /Mo

      Top-Floor Condo in Riviera Regal

      Bright, well-maintained 2-bedroom condo with modern amenities.
      11126 S 84Th Ave, Palos Hills, IL 60465
      View Details
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    Palos Hills, IL 60465
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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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