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    Property profile & analytics

    1508 16th Ave Melrose Park, IL 60160-2142

    • Parking lots & garages
    • 0.07 lot acres
    OFF-MARKET
    Value Estimation
    $195,000
    Last Sale
    Apr 07, 2022
    $199,000
    Location Intelligence
    Property ID
    US28-2701646
    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

    • Parking lots & garages

    Property Details for 1508 16th Ave

    Lot size
    0.07 lot acres
    Property type
    Parking lots & garages
    APN
    15-03-208-028
    APU
    1503208028

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Melrose Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8537
    Latitude
    41.901
    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
    $985
    $2,306
    $892
    $3,198
    -
    $23,060
    $8,920
    $31,980

    Comparable in this City

    • Value Estimation by Request
      1.85 Acres

      1700 Riverwoods Dr, Unit P-5

      RESIDENTIAL PARKING GARAGE • 1.85 Acres
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    • Value Estimation by Request
      1.85 Acres

      1700 Riverwoods Dr, Unit P-3

      RESIDENTIAL PARKING GARAGE • 1.85 Acres
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      View Details
    • Value Estimation by Request
      1.85 Acres

      1700 Riverwoods Dr, Unit P-10

      RESIDENTIAL PARKING GARAGE • 1.85 Acres
      1700 Riverwoods Dr, Melrose Park, IL 60160-1613
      View Details
    • Value Estimation by Request
      1.16 Acres

      1650 Riverwoods Dr, Unit P-70

      RESIDENTIAL PARKING GARAGE • 1.16 Acres
      1650 Riverwoods Dr, Melrose Park, IL 60160-1654
      View Details
    • Value Estimation by Request
      0.08 Acres

      915 14th Ave

      RESIDENTIAL PARKING GARAGE • 0.08 Acres
      915 14th Ave, Melrose Park, IL 60160-3944
      View Details
    • Value Estimation by Request
      0.08 Acres

      146 20th Ave

      RESIDENTIAL PARKING GARAGE • 0.08 Acres
      146 20th Ave, Melrose Park, IL 60160-3757
      View Details

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    1508 16th Ave
    Melrose Park, IL 60160-2142
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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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