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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1550 Spring Rd Oak Brook, IL 60523

    • Office buildings
    • 23,616 SF
    • 1.25 lot acres
    For Lease
    View listing
    $19 SF/Yr
    Value Estimations
    $820,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2057419
    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

    • Richard Park / Marriage Or Relationship Counselor
    • Anxiety Treatment Center of Greater Chicago / Psychologist
    • John Fiene, LCSW / Psychotherapist / Social Worker
    • Dilek McCombs, PsyD, PC / Psychologist
    • Schwarz Lewis Design Group / Architect / Architectural Designer

    Property Details for 1550 Spring Rd

    Year built
    1979
    Lot size
    1.25 lot acres
    Property size
    23,616 SF
    Zone code
    C
    Property type
    Office buildings
    APN
    06-23-109-003
    APU
    623109003

    Description

    This exceptional three-story office building, totaling 23,997 square feet, presents a fantastic leasing opportunity in the desirable Oak Brook, Illinois market. Located at 1550 Spring Rd, 60523, within DuPage County, this Class B property boasts a recent 2023 renovation, ensuring modern amenities and a refreshed aesthetic. The building sits on a generous 1.8 acres of land and offers multiple tenancy options, with suites ranging from 847 to 5,463 square feet currently available. The property features convenient amenities including 73 total parking spaces and a passenger elevator. Built in 1984, the building benefits from updated systems and finishes, providing a comfortable and efficient work environment. The property's location in Oak Brook offers easy access to major transportation routes and a wealth of local amenities. Annual property taxes are $1.06 per square foot. This is an ideal location for businesses seeking high-quality office space in a thriving suburban setting. The building's updated infrastructure and convenient features make it an attractive option for a variety of businesses. Contact us today to schedule a viewing and explore the leasing possibilities within this well-maintained and strategically located office building. Don't miss this chance to secure your ideal workspace in Oak Brook.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $735,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $904,000
      Market price range: $259k - $2.35M

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Brook
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9498
    Latitude
    41.8548
    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
    $25,266
    $397,610
    $176,270
    $573,880
    -
    $1,192,830
    $528,810
    $1,721,640

    Comparable in this City

    • Value Estimation
      $1,075,000
      111,306 SF

      2715 Jorie Blvd

      OFFICE BUILDING • 111,306 SF
      2715 Jorie Blvd, Oak Brook, IL 60523-2160
      View Details
    • Value Estimation
      $1,080,000
      142,352 SF

      900 Jorie Blvd

      OFFICE BUILDING • 142,352 SF
      900 Jorie Blvd, Oak Brook, IL 60523-2213
      View Details
    • Value Estimation
      $1,000,000
      442,326 SF

      1415 22nd St

      OFFICE BUILDING • 442,326 SF
      1415 22nd St, Oak Brook, IL 60523-2074
      View Details
    • Value Estimation
      $905,000
      205,536 SF

      800 Jorie Blvd

      OFFICE BUILDING • 205,536 SF
      800 Jorie Blvd, Oak Brook, IL 60523-2296
      View Details
    • Value Estimation
      $470,000
      1,113 SF

      1st Smt Avee-1

      OFFICE BUILDING • 1,113 SF
      1st Smt Avee-1, Oak Brook, IL 60523
      View Details
    • Value Estimation
      $470,000
      1,089 SF

      1st Smt Avee-4

      OFFICE BUILDING • 1,089 SF
      1st Smt Avee-4, Oak Brook, IL 60523
      View Details

    Similar Nearby for Sale

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      Modern Oak Brook office building, 50,564 SF, $5.65M.
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      Oak Brook Premier Office Space

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    Similar Nearby for Lease

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      203,000 SF

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      Premier office building with excellent access and amenities.
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    • $15 SF/Yr
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      Oak Brook Two-Story Office Building

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      View Details
    • $17 SF/Yr
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      Modernist Office Building in Oak Brook

      Unique office building with prominent signage and flexible floorplan.
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    • Contact for pricing
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    • $17 SF/Yr
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      Unique office building with flexible floorplan and prominent signage.
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    • Contact for pricing
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      Oak Brook Commons: Medical & Retail

      Prime Oak Brook space, multiple suites available.
      2150 Mcdonald Dr, Oak Brook, IL 60523
      View Details
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    1550 Spring Rd
    Oak Brook, IL 60523
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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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