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    Property profile & analytics

    15962 Park Ave South Holland, IL 60473-1507

    • Residential income homes
    • 2,037 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Mar 08, 2024
    $230,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2307405
    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 15962 Park Ave

    Year built
    1888
    Construction
    FRAME
    Lot size
    0.36 lot acres
    Property size
    2,037 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    29-15-301-016
    APU
    2915301016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    South Holland
    County
    Cook
    State
    Illinois
    Longitude
    -87.6077
    Latitude
    41.6046
    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
    $8,737
    $7,047
    $7,528
    $14,575
    -
    $70,470
    $75,280
    $145,750

    Comparable in this City

    • Value Estimation
      $580,000
      4,192 SF

      15800 Suntone Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,192 SF
      15800 Suntone Dr, South Holland, IL 60473-1238
      View Details
    • Value Estimation
      $690,000
      4,520 SF

      16249 Van Dm Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,520 SF
      16249 Van Dm Rd, South Holland, IL 60473-2646
      View Details
    • Value Estimation by Request
      1,376 SF

      15810 Park Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,376 SF
      15810 Park Ave, South Holland, IL 60473-1505
      View Details
    • Value Estimation by Request
      3,286 SF

      137 154th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,286 SF
      137 154th St, South Holland, IL 60473-1006
      View Details
    • Value Estimation by Request
      1,422 SF

      456 164th Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,422 SF
      456 164th Pl, South Holland, IL 60473-2205
      View Details
    • Value Estimation by Request
      1,427 SF

      16534 Cottage Grv Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,427 SF
      16534 Cottage Grv Ave, South Holland, IL 60473-2316
      View Details

    Similar Nearby for Sale

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      6,500 SF

      Auto Shop on Busy Highway

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    • $3,850,000
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      Industrial Building For Sale

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      Residential Lot in South Holland

      Vacant lot for building in an established South Holland community.
      15025 Riverside Dr, South Holland, IL 60473
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    • $349,900
      0.51 Acres

      Remodeled Commercial Building on Busy Corner

      Remodeled commercial building with four bays on a busy corner.
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      3,725 SF

      Prime Commercial Land Opportunity

      1.26 acre commercial land near I-294 and Halsted St.
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      6,148 SF

      Restaurant Conversion Opportunity

      Restaurant conversion opportunity in South Holland with incentives.
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    Similar Nearby for Lease

    • Contact for pricing

      South Holland Office Space Available

      Office building with upgraded features and high ceilings for rent.
      475 E 162Nd St, South Holland, IL 60473
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    • $9 SF/Yr
      16,599 SF

      Industrial Warehouse Near CN Intermodal

      Industrial warehouse with easy access to major interstates and intermodal.
      17005 Wallace St, South Holland, IL 60473
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    • Contact for pricing

      South Holland Land Available

      1.2 acres of land for rent in South Holland.
      South Holland, IL 60473
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    • Contact for pricing

      South Holland Industrial Space Available

      Industrial space available for rent in South Holland, Illinois.
      410-470 W 169Th St, South Holland, IL 60473
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    • Contact for pricing

      Commercial Space Available For Lease

      Commercial property available for lease.
      17045 S Wallace St, South Holland, IL 60473
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    • Contact for pricing
      1,200 SF

      South Holland Office Space Available

      Office space available for lease in South Holland, Illinois.
      401 E 162Nd St, South Holland, IL 60473
      View Details
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    15962 Park Ave
    South Holland, IL 60473-1507
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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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