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    Property profile & analytics

    2071 Irving Park Rd Hanover Park, IL 60133

    • Retail space
    • 6,048 SF
    • 0.31 lot acres
    For Sale
    View listing
    $989,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5410850
    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

    • Retail space

    Property Details for 2071 Irving Park Rd

    Year built
    1979
    Lot size
    0.31 lot acres
    Property size
    6,048 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    06-25-301-035
    APU
    625301035

    Description

    This exceptional 6,600 square foot Class B medical office building, situated at 2071 Irving Park Road in Hanover Park, Illinois, presents a fantastic investment opportunity. Built in 1980, the property boasts 4,000 square feet of net rentable space, currently configured as a move-in ready dental practice. The asking price is $989,500, translating to $149.92 per square foot. The building offers ample parking, with a 3.33 parking ratio per 1,000 square feet, ensuring convenient access for patients and staff. The location in Cook County, zip code 60133, provides excellent visibility and accessibility. The property features multiple signage options, allowing for prominent branding and marketing opportunities. Up to 4,000 square feet is immediately available, making it ideal for a growing dental practice or similar medical business. This is a rare opportunity to acquire a well-maintained, strategically located medical office building in a thriving community. The property's existing dental space setup and abundant parking make it an attractive option for immediate occupancy and operation. Don't miss this chance to own a prime medical office space in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $390,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $436,000
      Market price range: $423k - $1.64M
      AI Estimate
      $387,000
      Market price range: $387k - $1.05M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hanover Park
    County
    Cook
    State
    Illinois
    Longitude
    -88.156
    Latitude
    42.0082
    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
    $31,465
    $40,500
    $61,365
    $101,865
    -
    $162,000
    $245,460
    $407,460

    Comparable in this City

    • Value Estimation
      $485,000
      2,190 SF

      1820 Irving Park Rd

      STORE, RETAIL OUTLET • 2,190 SF
      1820 Irving Park Rd, Hanover Park, IL 60133
      View Details
    • Value Estimation
      $280,000
      0.77 Acres

      7310 Barrington Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.77 Acres
      7310 Barrington Rd, Hanover Park, IL 60133-3313
      View Details
    • Value Estimation
      $250,000
      0.18 Acres

      7205 Orch Ln

      RETAIL STORES (PERSONAL SERVICES) • 0.18 Acres
      7205 Orch Ln, Hanover Park, IL 60133-6431
      View Details
    • Value Estimation
      $410,000
      5,811 SF

      1601 Tanglewood Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,811 SF
      1601 Tanglewood Ave, Hanover Park, IL 60133-3381
      View Details
    • Value Estimation
      $270,000
      2,400 SF

      7421 Astor Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      7421 Astor Ave, Hanover Park, IL 60133-3138
      View Details
    • Value Estimation by Request

      7455 Barrington Rd

      RETAIL STORES (PERSONAL SERVICES)
      7455 Barrington Rd, Hanover Park, IL 60133-2241
      View Details

    Similar Nearby for Sale

    • $169,000
      0.91 Acres

      Hanover Park Commercial C-Store

      Gas station C-store for sale in Hanover Park, Illinois.
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    • $3,481,000
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      Harbor Freight & Dollar Tree Retail Center

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      Prime land with existing car wash, redevelopment potential.
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    • $99,900
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      Turn-Key Restaurant in Hanover Park

      Fully equipped seafood restaurant with liquor license on Barrington Road.
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    • $1,493,506
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      Remodeled Auto Shop Investment Opportunity

      Single-tenant auto shop in Hanover Park retail corridor for sale.
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    • $3,481,000
      24,696 SF

      Retail Building with Major Retailers

      Multi-tenant retail building featuring Harbor Freight and Dollar Tree.
      1557-1559 Irving Park Rd, Hanover Park, IL 60133
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space Near Metra Station

      Retail space adjacent to Barrington Rd and Hanover Park Metra.
      1738-1756 W Lake St, Hanover Park, IL 60133
      View Details
    • Contact for pricing

      Retail Space in Hanover Park

      Multiple retail spaces available for lease at $16 PSF.
      7201-7239 Olde Salem Cir, Hanover Park, IL 60133
      View Details
    • $20 SF/Yr
      2,265 SF

      Retail Space in Hanover Park

      Retail space available for lease in Hanover Park, Illinois.
      1190-1250 E Lake St, Hanover Park, IL 60133
      View Details
    • $11 SF/Yr
      23,400 SF

      Greenbrook Boulevard Office Suites

      Prime Cook County Office & Retail Space
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      View Details
    • Contact for pricing
      20,000 SF

      Westview Center Retail Space For Lease

      Hanover Park retail space, multiple units available.
      7580 Barrington Rd, Hanover Park, IL 60133
      View Details
    • Contact for pricing
      43,560 SF

      Office Space in Hanover Park

      Office space with basement storage in convenient Hanover Park location.
      1255 Bamberg Ct, Hanover Park, IL 60133
      View Details
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    2071 Irving Park Rd
    Hanover Park, IL 60133
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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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