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    15431 Ashland Ave Harvey, IL 60426
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    15431 Ashland Ave Harvey, IL 60426

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    • Apartment buildings
    Off-Market
    Property ID
    US28-2229932
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 15431 Ashland Ave

    Year built
    1927
    Property type
    Apartment buildings

    Description

    Brick 6 unit building in the heart of Harvey close to all public transportation building features New Roof and New porch in 2020 radiator heat units consist of (2) Studio Apts (4) 1 Bedroom units with bath Building is fully occupied nestled in the mist of a beautiful block of single family ... homes near the post office , hospital, schools and Metra all in walking distance. sold AS IS don't miss this money making opportunity !!!! ALL offers considered lets make a deal Motivated Seller !!!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Harvey
    County
    Cook
    State
    Illinois
    Longitude
    -87.6557629
    Latitude
    41.6085948

    Comparable in this City

    • Contact for pricing
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    • $395,000

      Mixed-Use Property in Downtown Harvey

      Mixed-use property with retail and multi-family units in Harvey, Illinois.
      169-171 Center Ave, Harvey, IL 60426
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      8,600 SF

      Seven-Unit Multifamily Investment Property

      Seven units, investor-ready, priced to sell with upside potential.
      15633 Lexington Ave, Harvey, IL 60426
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    • $260,000
      Pending

      Harvey Multifamily Investment Opportunity

      Four-unit building with potential to convert to six units.
      272 E 148Th St, Harvey, IL 60426
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    • New
      $40,000

      Corner Lot Multi-Unit Opportunity

      Two-unit property with basement and attic on oversized corner lot.
      122 W 150Th St, Harvey, IL 60426
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    • $180,000

      Harvey Income Property With Garage

      Four-unit income property with a two-car garage and side lot.
      15736 Lathrop Ave, Harvey, IL 60426
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    Similar Nearby for Sale

    • Contact for pricing
      8,400 SF

      Phoenix, IL 16-Unit Apartment Complex

      16-unit apartment complex with remodeled units and management in place.
      611 E 151St St, Phoenix, IL 60426
      View Details
    • $395,000

      Mixed-Use Property in Downtown Harvey

      Mixed-use property with retail and multi-family units in Harvey, Illinois.
      169-171 Center Ave, Harvey, IL 60426
      View Details
    • Contact for pricing
      8,600 SF

      Seven-Unit Multifamily Investment Property

      Seven units, investor-ready, priced to sell with upside potential.
      15633 Lexington Ave, Harvey, IL 60426
      View Details
    • $260,000
      Pending

      Harvey Multifamily Investment Opportunity

      Four-unit building with potential to convert to six units.
      272 E 148Th St, Harvey, IL 60426
      View Details
    • New
      $40,000

      Corner Lot Multi-Unit Opportunity

      Two-unit property with basement and attic on oversized corner lot.
      122 W 150Th St, Harvey, IL 60426
      View Details
    • $180,000

      Harvey Income Property With Garage

      Four-unit income property with a two-car garage and side lot.
      15736 Lathrop Ave, Harvey, IL 60426
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Professional Office Building For Lease

      Two-story office building near Harvey Metra train station.
      174 E 154Th St, Harvey, IL 60426
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      18,000 SF Shop For Rent

      18,000± SF shop available for rent.
      16059 Crawford Ave, Markham, IL 60426
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    • $8 SF/Yr
      39,400 SF

      Crane and Rail Served Facility

      39,400 SF industrial facility with crane and rail access.
      2151 S Robey Ave, Dixmoor, IL 60426
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    15431 Ashland Ave
    Harvey, IL 60426
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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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