Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    198 23rd St Chicago Heights, IL 60411-4274

    • Residential income homes
    • 3,256 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0916935
    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 198 23rd St

    Year built
    1901
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    3,256 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    32-28-111-015
    APU
    3228111015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $207,000
      Market price range: $164k - $299k
      AI Estimate
      $352,000
      Market price range: $284k - $509k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $230,000
      Current use
      RETAIL STORES
      $485,000
      Change: +111% Conversion: Difficult
      OFFICE BUILDING
      $435,000
      Change: +89% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $395,000
      Change: +71% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.629
    Latitude
    41.4941
    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
    $8,159
    $1,015
    $11,894
    $12,909
    -
    $10,150
    $118,940
    $129,090

    Comparable in this City

    • Value Estimation
      $345,000
      6,895 SF

      305 16th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,895 SF
      305 16th St, Chicago Heights, IL 60411-2970
      View Details
    • Value Estimation
      $100,000
      1,351 SF

      61 14th Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,351 SF
      61 14th Pl, Chicago Heights, IL 60411-3401
      View Details
    • Value Estimation
      $305,000
      3,022 SF

      482 15th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,022 SF
      482 15th St, Chicago Heights, IL 60411-6092
      View Details
    • Value Estimation
      $280,000
      2,975 SF

      521 16th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,975 SF
      521 16th St, Chicago Heights, IL 60411-3110
      View Details
    • Value Estimation
      $350,000
      3,644 SF

      1902 Euclid Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,644 SF
      1902 Euclid Ave, Chicago Heights, IL 60411-4121
      View Details
    • Value Estimation
      $255,000
      2,872 SF

      1669 Buena Vis Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,872 SF
      1669 Buena Vis Ave, Chicago Heights, IL 60411-3942
      View Details

    Similar Nearby for Sale

    • $775,000

      Fully Leased Investment Opportunity

      Seven-unit building with value-add potential in South Chicago Heights.
      3229 Commercial Ave, South Chicago Heights, IL 60411
      View Details
    • $575,000
      0.38 Acres

      Rehabbed Multifamily Building

      Turnkey investment property with strong rents and high return.
      394 W Lincoln Hwy, Chicago Heights, IL 60411
      View Details
    • $170,000

      Rehabbed Condo with Modern Updates

      Move-in-ready condo featuring modern updates, appliances, and included furniture.
      2807 Glenwood Lansing Rd, Lynwood, IL 60411
      View Details
    • $160,000

      South Chicago Heights Investment Property

      Two-unit property with strong rental potential in South Chicago Heights.
      117 W 27Th St, South Chicago Heights, IL 60411
      View Details
    • $194,900

      Two-Unit Building on Quiet Street

      Two-unit building with separate entrances, utilities, and included appliances.
      58 W Main St, Chicago Heights, IL 60411
      View Details
    • $1,800,000
      19,500 SF

      Chicago Heights Apartment Building Investment

      30-unit apartment building with recent renovations and assumable loan.
      737-747 Grant Ave, Chicago Heights, IL 60411
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      12,000 SF

      Chicago Heights Industrial Property

      12,000 SF Warehouse, 7.7 Acres
      720 Joe Orr Rd, Chicago Heights, IL 60411
      View Details
    • $6 SF/Yr
      225,741 SF

      Freestanding Industrial Facility with Rail

      Heavy industrial facility featuring rail spur, cranes, and updated infrastructure.
      Chicago Heights, IL 60411
      View Details
    • $20 SF/Yr

      Lynwood Truck Repair Shop Lease

      Truck repair shop with ample parking in a secure, gated yard.
      21740 Lincoln Hwy, Lynwood, IL 60411
      View Details
    • $18 SF/Yr

      Renovated Office Spaces For Rent

      Meticulously renovated office spaces in Chicago Heights, ranging from 866-2,765
      222 Vollmer Rd, Chicago Heights, IL 60411
      View Details
    • Contact for pricing
      1,104 SF

      Retail Space in Chicago Heights

      Retail space available in a busy shopping center.
      631-649 W Lincoln Hwy, Chicago Heights, IL 60411
      View Details
    • $11 SF/Yr
      9,000 SF

      Retail Space Available For Lease

      9,000 SF retail space for lease in Sauk Village.
      1-11 E Sauk Trl, Sauk Village, IL 60411
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    198 23rd St
    Chicago Heights, IL 60411-4274
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.