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

    187 189th N Marion St Oak Park, IL 60301

    • Residential income homes
    • 4,826 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Feb 03, 2020
    $550,000
    Value Estimations
    $675,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0724917
    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

    • Sessions Music Studio / Studio
    • Encore! by Little Gem / Restaurant / Bar
    • PTF Financial Corporation / Real Estate Agency / Commercial Real Estate Agency

    Property Details for 187 189th N Marion St

    Year built
    1928
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.05 lot acres
    Property size
    4,826 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    16-07-118-015
    APU
    1607118015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $590,000
      ML approach
      $590,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,045,000
      6.5%
      $965,000
      7%
      $895,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $653,000
      Market price range: $654k - $1.07M
      AI Estimate
      $467,000
      Market price range: $468k - $738k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $845,000
      Current use
      RETAIL STORES
      $720,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8029
    Latitude
    41.8902
    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
    $17,255
    $3,112
    $39,863
    $42,975
    -
    $31,120
    $398,630
    $429,750

    Comparable in this City

    • Value Estimation
      $415,000
      4,938 SF

      195 Marion St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,938 SF
      195 Marion St, Oak Park, IL 60301-1093
      View Details
    • Value Estimation
      $390,000
      4,642 SF

      120 Marion St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,642 SF
      120 Marion St, Oak Park, IL 60301-1100
      View Details
    • Value Estimation
      $585,000
      3,319 SF

      189 Marion St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,319 SF
      189 Marion St, Oak Park, IL 60301-1518
      View Details
    • Value Estimation
      $425,000
      2,582 SF

      111 Kenilworth Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,582 SF
      111 Kenilworth Ave, Oak Park, IL 60301-1201
      View Details
    • Value Estimation
      $315,000
      3,884 SF

      109 Kenilworth Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,884 SF
      109 Kenilworth Ave, Oak Park, IL 60301-1537
      View Details
    • Value Estimation
      $390,000
      2,650 SF

      102 Kenilworth Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,650 SF
      102 Kenilworth Ave, Oak Park, IL 60301-1540
      View Details

    Similar Nearby for Sale

    • $825,000
      7,135 SF

      Historic Oak Park Commercial Property

      Versatile commercial property in downtown Oak Park, ideal for various uses.
      818 North Blvd, Oak Park, IL 60301
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    • $2,350,000
      9,737 SF

      Oak Park Retail and Office

      9,737 SF retail and office building in downtown Oak Park.
      113-115 N Marion St, Oak Park, IL 60301
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    • Contact for pricing
      5,586 SF

      Oak Park Mixed-Use Investment

      Downtown Oak Park, 5,586 SF, 100% Occupied
      1053 Lake St, Oak Park, IL 60301
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    • Contact for pricing
      9,737 SF

      Downtown Oak Park Mixed-Use Building

      17 Units, 9,737 SF, Value-Add Opportunity
      113 Marion St, Oak Park, IL 60301
      View Details
    • $825,000
      0.13 Acres

      Oak Park Leased Investment Opportunity

      Fully leased multi-tenant building in downtown Oak Park.
      720 Lake St, Oak Park, IL 60301
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,131 SF

      Retail Space in Oak Park

      Transit-oriented retail space in a mixed-use development.
      1135 Westgate St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      5,300 SF

      Downtown Oak Park Retail Space

      Rare retail vacancy in downtown Oak Park with strong pedestrian traffic.
      1136 Lake St, Oak Park, IL 60301
      View Details
    • $71 SF/Yr
      13,081 SF

      Prime Oak Park Office Space

      Modern Suites, Flexible Options, A-Class Building
      1010 Lake St, Oak Park, IL 60301
      View Details
    • $36 SF/Yr
      6,596 SF

      Downtown Creative Office Space

      Historic building, modern office, 2,600 sq ft available.
      193 Marion St, Oak Park, IL 60301
      View Details
    • $18 SF/Yr
      9,739 SF

      Downtown Oak Park Commercial Space

      Prime Retail & Office, Oak Park
      113 Marion St, Oak Park, IL 60301
      View Details
    • Contact for pricing
      1,261 SF

      Retail Space Near Transportation Hubs

      Retail space near CTA and Metra stations with high ridership.
      401-417 N Harlem Ave, Oak Park, IL 60301
      View Details
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    Oak Park, IL 60301
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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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