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    Property profile & analytics

    1501 Main St Wheaton, IL 60187-3583

    • Retail space
    • 14,458 SF
    • 0.59 lot acres
    OFF-MARKET
    Value Estimations
    $1,480,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1872263
    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 1501 Main St

    Year built
    1956
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.59 lot acres
    Property size
    14,458 SF
    Zone code
    C
    Property type
    Retail space
    APN
    05-09-301-002
    APU
    509301002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,744,000
      Market price range: $1.62M - $5.45M

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheaton
    County
    Dupage
    State
    Illinois
    Longitude
    -88.1064
    Latitude
    41.8803
    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
    $26,266
    $93,230
    $295,430
    $388,660
    -
    $279,690
    $886,290
    $1,165,980

    Comparable in this City

    • Value Estimation by Request
      0.10 Acres

      1601 Main St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      1601 Main St, Wheaton, IL 60187-3144
      View Details
    • Value Estimation
      $2,270,000
      24,057 SF

      312 Frnt St

      RETAIL STORES (PERSONAL SERVICES) • 24,057 SF
      312 Frnt St, Wheaton, IL 60187-5016
      View Details
    • Value Estimation
      $1,435,000
      2,520 SF

      111 Frnt St, Unit 15

      RETAIL STORES (PERSONAL SERVICES) • 2,520 SF
      111 Frnt St, Wheaton, IL 60187-5319
      View Details
    • Value Estimation
      $705,000
      9,480 SF

      216 Gables Blvd, Unit 38

      RETAIL STORES (PERSONAL SERVICES) • 9,480 SF
      216 Gables Blvd, Wheaton, IL 60187-4819
      View Details
    • Value Estimation
      $3,075,000
      9,966 SF

      1915 Gary Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,966 SF
      1915 Gary Ave, Wheaton, IL 60187-3056
      View Details
    • Value Estimation
      $7,880,000
      10,836 SF

      1400 Roosevelt Rd

      RETAIL STORES (PERSONAL SERVICES) • 10,836 SF
      1400 Roosevelt Rd, Wheaton, IL 60187-6804
      View Details

    Similar Nearby for Sale

    • $679,000
      0.11 Acres

      Wheaton Mixed-Use Investment Opportunity

      Two-unit property with commercial and residential spaces near Metra.
      175 N Washington St, Wheaton, IL 60187
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    • $825,000
      0.19 Acres

      Downtown Wheaton Retail and Office

      Retail and office space in downtown Wheaton with parking.
      117 W Wesley St, Wheaton, IL 60187
      View Details
    • Contact for pricing
      14,630 SF

      Leased Retail Strip For Sale

      Fully leased retail strip with investment grade anchor tenant.
      820 E Roosevelt Rd, Wheaton, IL 60187
      View Details
    • Contact for pricing
      0.59 Acres

      Wheaton Retail Pad Opportunity

      High-traffic location, flexible options.
      2031 Gary Ave, Wheaton, IL 60187
      View Details
    • $2,600,000
      8,850 SF

      Wheaton Retail Investment Opportunity

      Class A Retail Space, High Traffic Area
      1000 Geneva Rd, Wheaton, IL 60187
      View Details
    • $850,000
      0.19 Acres

      Wheaton Retail District Commercial Property

      Commercial property in Wheaton's retail district with parking lot.
      121 W Wesley St, Wheaton, IL 60187
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Downtown Wheaton

      Prime retail space with high visibility and strong foot traffic.
      210 N Main St, Wheaton, IL 60187
      View Details
    • $22 SF/Yr
      600 SF

      Downtown Wheaton Retail Space Available

      Retail suites available in downtown Wheaton, close to transportation.
      103-104 E Front St, Wheaton, IL 60187
      View Details
    • Contact for pricing
      1,634 SF

      Retail Space on Main Street

      Charming retail space with parking in front and rear.
      1501-1525 N Main St, Wheaton, IL 60187
      View Details
    • $20 SF/Yr
      14,458 SF

      Retail Space on Main Street

      Retail space available in a charming Main Street location.
      1501-1525 Hawthorne Blvd, Wheaton, IL 60187
      View Details
    • $22 SF/Yr

      Retail Space in Wheaton, Illinois

      Retail space available for lease in Wheaton, Illinois.
      101-103 Front St, Wheaton, IL 60187
      View Details
    • Contact for pricing
      5,135 SF

      Retail Opportunity on County Farm

      Retail space available for lease with high traffic volume.
      625 S County Farm Rd, Wheaton, IL 60187
      View Details
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    1501 Main St
    Wheaton, IL 60187-3583
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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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