Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1531 Balmoral Ave Westchester, IL 60154-3674

    • Residential income homes
    • 5,211 SF
    • 0.32 lot acres
    OFF-MARKET
    Value Estimations
    $695,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0951393
    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 1531 Balmoral Ave

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.32 lot acres
    Property size
    5,211 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    15-21-101-187
    APU
    1521101187

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $769,000
      Market price range: $551k - $850k
      AI Estimate
      $628,000
      Market price range: $489k - $672k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $710,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,145,000
      Change: +61% Conversion: Difficult
      RETAIL STORES
      $775,000
      Change: +9% Conversion: Difficult
      OFFICE BUILDING
      $695,000
      Change: -2% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $630,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Westchester
    County
    Cook
    State
    Illinois
    Longitude
    -87.8785
    Latitude
    41.8572
    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
    $15,940
    $8,460
    $43,788
    $52,248
    -
    $84,600
    $437,880
    $522,480

    Comparable in this City

    • Value Estimation
      $535,000
      3,627 SF

      10350 Elizabeth St, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,627 SF
      10350 Elizabeth St, Westchester, IL 60154-3500
      View Details
    • Value Estimation
      $695,000
      5,166 SF

      1521 Balmoral Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,166 SF
      1521 Balmoral Ave, Westchester, IL 60154-3675
      View Details
    • Value Estimation
      $550,000
      4,023 SF

      10317 Canterbury St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,023 SF
      10317 Canterbury St, Westchester, IL 60154-3503
      View Details
    • Value Estimation
      $855,000
      6,794 SF

      10434 Cermak Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,794 SF
      10434 Cermak Rd, Westchester, IL 60154-5241
      View Details
    • Value Estimation by Request
      3,340 SF

      10264 Chaucer St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,340 SF
      10264 Chaucer St, Westchester, IL 60154-3918
      View Details
    • Value Estimation by Request
      3,306 SF

      10309 Chaucer St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,306 SF
      10309 Chaucer St, Westchester, IL 60154-3507
      View Details

    Similar Nearby for Sale

    • $625,000
      0.15 Acres

      Well-Maintained Brick Multi-Family Property

      Updated 2-flat in Westchester, ideal for investors or families.
      3036 Downing Ave, Westchester, IL 60154
      View Details
    • $1,200,000

      Westchester Retail Building Investment

      Prime Retail Space, High Traffic Area
      10001 Derby Ln, Westchester, IL 60154
      View Details
    • Contact for pricing
      27,405 SF

      Westchester Commercial Development Land

      Prime 27,405 SF Redevelopment Site
      10245 Roosevelt Rd, Westchester, IL 60154
      View Details
    • $750,000
      12,000 SF

      Westchester Retail Building - $750K

      12,000 SF Retail Space, High Visibility
      9999 Roosevelt Rd, Westchester, IL 60154
      View Details
    • $1,000,000
      4,500 SF

      Westchester Commercial Duo - High Traffic

      Two prime storefronts, high-traffic location.
      2138 Mannheim Rd, Westchester, IL 60154
      View Details
    • $179,000
      2,000 SF

      9870 Derby Ln, Westchester, IL 60154

      Commercial real estate • 2,000 SF
      9870 Derby Ln, Westchester, IL 60154
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      15,821 SF

      1 Westbrook Corporate Ctr

      Office space • 15,821 SF
      0 1 Westbrook Corporate Ctr, Westchester, IL 60154
      View Details
    • $19 SF/Yr
      21,000 SF

      Westchester Office Space Available

      Prime West Suburban Office Suites, 1,700-4,569 SF
      2205-2255 Enterprise Dr, Westchester, IL 60154
      View Details
    • Contact for pricing
      27,405 SF

      Westchester Commercial Land Opportunity

      Prime 27,405 SF Vacant Land Plot
      10245 Roosevelt Rd, Westchester, IL 60154
      View Details
    • $20 SF/Yr

      Professional Building on Cermak Road

      Professional building with flexible office space for rent.
      10439 W Cermak Rd, Westchester, IL 60154
      View Details
    • Contact for pricing

      Office Space in Westchester, IL

      Office space available for rent in Westchester, Illinois.
      9825 W Roosevelt Rd, Westchester, IL 60154
      View Details
    • $12 SF/Yr
      12,000 SF

      Westchester Multi-Use Commercial Space

      12,000 SF, 3 Suites Available, West Suburbs
      9909 Roosevelt Rd, Westchester, IL 60154
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1531 Balmoral Ave
    Westchester, IL 60154-3674
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.