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    Property profile & analytics

    116 Lancaster St Mount Prospect, IL 60056-2255

    • Residential income homes
    • 4,266 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimation
    $345,000
    Location Intelligence
    Property ID
    US28-2488363
    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 116 Lancaster St

    Year built
    1957
    Construction
    FRAME
    Lot size
    0.07 lot acres
    Property size
    4,266 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    03-33-413-014
    APU
    333413014

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $315,000

    • CAP approach

      CAP return
      Estimation
      6%
      $470,000
      6.5%
      $450,000
      7%
      $395,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $435,000
      Geo Method
      $465,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $410,000
      Retail
      $440,000
      Mixed-Use
      $395,000
      Hospitality
      $445,000
      Educational
      $470,000
      Residential Income
      $460,000
      Energy
      $380,000
      Income-Based Land
      $400,000
      Food Service
      $475,000

    Location Insight

    • Map
    • Local Demand
    City
    Mount Prospect
    County
    Cook
    State
    Illinois
    Longitude
    -87.9523
    Latitude
    42.0696
    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
    $5,071
    $3,040
    $17,295
    $20,335
    -
    $30,400
    $172,950
    $203,350

    Comparable in this City

    • Value Estimation by Request
      2,743 SF

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      APARTMENT HOUSE (UNDER 5 UNITS) • 2,743 SF
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      View Details
    • Value Estimation by Request
      2,246 SF

      1103 Ardyce Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,246 SF
      1103 Ardyce Ln, Mount Prospect, IL 60056-2634
      View Details
    • Value Estimation by Request
      3,446 SF

      1004 Ardyce Ln, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,446 SF
      1004 Ardyce Ln, Mount Prospect, IL 60056-2633
      View Details
    • Value Estimation by Request
      2,760 SF

      202 Catino Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,760 SF
      202 Catino Ct, Mount Prospect, IL 60056-2645
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    • Value Estimation by Request
      3,748 SF

      530 Dempster St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,748 SF
      530 Dempster St, Mount Prospect, IL 60056-5389
      View Details
    • Value Estimation by Request
      3,912 SF

      508 Ida Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,912 SF
      508 Ida Ct, Mount Prospect, IL 60056-5381
      View Details

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      Retail spaces available in Kohl's anchored shopping center.
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      Retail space available in a busy Mount Prospect shopping center.
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      View Details
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    116 Lancaster St
    Mount Prospect, IL 60056-2255
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    Realmo Value Estimation

    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.

    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.

    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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