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    Property profile & analytics

    1944 Rdg Rd Homewood, IL 60430-1730

    • Residential income homes
    • 4,980 SF
    • 0.91 lot acres
    OFF-MARKET
    Value Estimations
    $545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2566301
    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

    • Eldridge Debra B DDS / Dental Office
    • Debra Eldridge, DDS / Dental Office
    • Eldridge Dental Group / Dental Office
    • Dr. Ronald Eldridge / Dental Office

    Property Details for 1944 Rdg Rd

    Year built
    1967
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.91 lot acres
    Property size
    4,980 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    29-31-400-055
    APU
    2931400055

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $613,000
      Market price range: $392k - $613k
      AI Estimate
      $596,000
      Market price range: $362k - $596k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $510,000
      Current use
      RETAIL STORES
      $740,000
      Change: +46% Conversion: Difficult
      OFFICE BUILDING
      $665,000
      Change: +31% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $605,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Homewood
    County
    Cook
    State
    Illinois
    Longitude
    -87.6646
    Latitude
    41.562
    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
    $23,319
    $13,940
    $29,527
    $43,467
    -
    $139,400
    $295,270
    $434,670

    Comparable in this City

    • Value Estimation by Request
      4,899 SF

      1359 Rdg Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,899 SF
      1359 Rdg Rd, Homewood, IL 60430-1930
      View Details
    • Value Estimation
      $635,000
      8,215 SF

      1910 Rdg Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,215 SF
      1910 Rdg Rd, Homewood, IL 60430
      View Details
    • Value Estimation by Request
      4,067 SF

      2135 183rd St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,067 SF
      2135 183rd St, Homewood, IL 60430-3225
      View Details
    • Value Estimation by Request
      4,680 SF

      18062 Dixie Hwy

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,680 SF
      18062 Dixie Hwy, Homewood, IL 60430-1737
      View Details
    • Value Estimation by Request
      3,240 SF

      18218 Hart Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,240 SF
      18218 Hart Dr, Homewood, IL 60430-2576
      View Details
    • Value Estimation by Request
      3,985 SF

      18219 Morgan St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,985 SF
      18219 Morgan St, Homewood, IL 60430-2464
      View Details

    Similar Nearby for Sale

    • $535,000
      Pending

      Homewood Brick 4-Unit Building

      Four-unit building in Homewood, fully rented, below market rents.
      18229 Hart Dr, Homewood, IL 60430
      View Details
    • Contact for pricing

      Homewood Self Storage Opportunity

      Well-located self-storage facility in Homewood, Illinois with upside potential.
      501 Ridge Rd, Homewood, IL 60430
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      7,019 SF

      17860 Halsted St, Homewood, IL 60430

      Strip malls • 7,019 SF
      17860 Halsted St, Homewood, IL 60430
      View Details
    • $459,900
      0.27 Acres

      Commercial Property in Homewood, IL

      Commercial property for sale in Homewood, Illinois.
      18216 Harwood Ave, Homewood, IL 60430
      View Details
    • $690,000
      2.00 Acres

      Land in Homewood, Illinois

      Two acre commercial land parcel in Homewood, Illinois.
      19020 Kedzie Ave, Homewood, IL 60430
      View Details
    • Contact for pricing
      4,278 SF

      Retail Space For Sale

      Retail space with expansion potential and shadow anchor tenants.
      17960 Halsted St, Homewood, IL 60430
      View Details

    Similar Nearby for Lease

    • $168 SF/Yr
      47,311 SF

      1820 Ridge Rd Office Space

      Flexible Homewood Office Suites Available
      1820 Ridge Rd, Homewood, IL 60430
      View Details
    • Contact for pricing
      46,174 SF

      Commercial Space in Homewood, IL

      Commercial space for rent in Homewood, Illinois.
      905 W 175Th St, Homewood, IL 60430
      View Details
    • Contact for pricing

      Three-Story Office Building For Rent

      Well-maintained office building with convenient access and ample parking.
      905 175Th St, Homewood, IL 60430
      View Details
    • Contact for pricing
      1,453 SF

      Retail Space Near Retail Corridor

      Retail space on busy Halsted Street near major retailers.
      17925 Halsted St, Homewood, IL 60430
      View Details
    • Contact for pricing

      Retail Space in Homewood Center

      Retail suites available in high-traffic Homewood shopping center.
      17923 Halsted St, Homewood, IL 60430
      View Details
    • Contact for pricing
      46,174 SF

      Homewood Office Space Available

      Office space for rent in a well-maintained Homewood building.
      905 175Th St, Homewood, IL 60430
      View Details
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    1944 Rdg Rd
    Homewood, IL 60430-1730
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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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