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    1641 S Harlem Ave Berwyn, IL 60402

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    1641 S Harlem Ave Berwyn, IL 60402

    View on Map
    • Apartment buildings
    • 4,000 SF
    Off-Market
    Property ID
    US28-5335505
    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 1641 S Harlem Ave

    Year built
    1959
    Property size
    4,000 SF
    Property type
    Apartment buildings

    Description

    Well-maintained 5-unit apartment building located in Berwyn. All two-bedroom units with the potential to add a 3rd bedroom to the garden level unit. Building features on-site laundry facilities and parking to accommodate 8 cars. Located near North Riverside Mall, Forest Park Plaza, and numerous othe ... r retail and dining options. Convenient access to downtown Chicago via Route 43 and Interstate 290. Located in a strong rental market with potential upside in rents. Berwyn pre-sale inspection report available upon request.

    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
    Berwyn
    County
    Cook
    State
    Illinois
    Longitude
    -87.803546
    Latitude
    41.856367

    Comparable in this City

    • New
      $1,499,000
      0.09 Acres

      Berwyn Mixed-Use Investment Property

      Remodeled Berwyn mixed-use property with apartments and commercial units.
      3239 Grove Ave, Berwyn, IL 60402
      View Details
    • New
      $549,900

      Berwyn Multifamily Property Near Train

      Two-unit property with vintage details, close to transportation.
      3109 Clarence Ave, Berwyn, IL 60402
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    • New
      $459,000

      Berwyn Investment Two-Flat with Updates

      Updated Berwyn two-flat with tenants, near Amtrak and Mac Neal.
      3213 Cuyler Ave, Berwyn, IL 60402
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    • $314,500
      Pending

      Berwyn Brick Two-Unit Building

      Two-unit building near parks, schools, and transportation.
      3019 Wesley Ave, Berwyn, IL 60402
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    • New
      $500,000

      Berwyn Multi-Family Tudor Opportunity

      Legal 3-flat in Berwyn's Gold Coast, move-in ready.
      1835 Home Ave, Berwyn, IL 60402
      View Details
    • New
      $550,000
      Pending

      Berwyn Multi-Unit Investment Opportunity

      Well-maintained 3-unit building in Berwyn, ideal for investors.
      1821 Grove Ave, Berwyn, IL 60402
      View Details

    Similar Nearby for Sale

    • New
      $1,499,000
      0.09 Acres

      Berwyn Mixed-Use Investment Property

      Remodeled Berwyn mixed-use property with apartments and commercial units.
      3239 Grove Ave, Berwyn, IL 60402
      View Details
    • New
      $549,900

      Berwyn Multifamily Property Near Train

      Two-unit property with vintage details, close to transportation.
      3109 Clarence Ave, Berwyn, IL 60402
      View Details
    • New
      $459,000

      Berwyn Investment Two-Flat with Updates

      Updated Berwyn two-flat with tenants, near Amtrak and Mac Neal.
      3213 Cuyler Ave, Berwyn, IL 60402
      View Details
    • $314,500
      Pending

      Berwyn Brick Two-Unit Building

      Two-unit building near parks, schools, and transportation.
      3019 Wesley Ave, Berwyn, IL 60402
      View Details
    • New
      $500,000

      Berwyn Multi-Family Tudor Opportunity

      Legal 3-flat in Berwyn's Gold Coast, move-in ready.
      1835 Home Ave, Berwyn, IL 60402
      View Details
    • New
      $550,000
      Pending

      Berwyn Multi-Unit Investment Opportunity

      Well-maintained 3-unit building in Berwyn, ideal for investors.
      1821 Grove Ave, Berwyn, IL 60402
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,418 SF

      Retail Space on Cermak Road

      Retail space on a major thoroughfare near regional mall.
      7104 Cermak Rd, Berwyn, IL 60402
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    • Contact for pricing
      3,001 SF

      Updated Commercial Space in Berwyn

      Recently updated commercial building suitable for food, beverage, office.
      6737 Roosevelt Rd, Berwyn, IL 60402
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    • $28 SF/Yr

      Berwyn Medical/Office Space Available

      Medical/Office space available for rent in Berwyn, Illinois.
      3302 Grove Ave, Berwyn, IL 60402
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    • Contact for pricing

      Berwyn Medical Office Space Available

      Medical suites with plumbing near Loyola Medicine McNeal Hospital.
      3340 South Oak Park Ave, Berwyn, IL 60402
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    • Contact for pricing

      Prime Berwyn Storefront/Office Space

      4,000 SF commercial space on high-traffic Cermak Road.
      6308 Cermak Ave, Berwyn, IL 60402
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    • Contact for pricing
      1,100 SF

      Retail Space on Cermak Road

      Retail space available on a major thoroughfare near regional mall.
      7046 Cermak Rd, Berwyn, IL 60402
      View Details
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    1641 S Harlem Ave
    Berwyn, IL 60402
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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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