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

    20924 W Park Ave Mundelein, IL 60060

    • Investment properties
    • 5,474 SF
    • 0.74 lot acres
    For Sale
    View listing
    $1,111,000
    Last Sale
    Jun 14, 2023
    $600,000
    Value Estimations
    Cap Rate Potential
    8.1%
    Investment properties
    Location Intelligence
    Property ID
    US28-1752190
    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

    • Investment properties

    Property Details for 20924 W Park Ave

    Year built
    1921
    Construction
    FRAME
    Lot size
    0.74 lot acres
    Property size
    5,474 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    10-23-103-005
    APU
    1023103005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $705,000
      ML approach
      $725,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $408,000
      Market price range: $409k - $1.37M
      AI Estimate
      $602,000
      Market price range: $603k - $1.40M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $760,000
      Current use
      AUTO REPAIR, GARAGE
      $955,000
      Change: +26% Conversion: Difficult
      RESTAURANT
      $935,000
      Change: +23% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $770,000
      Change: +2% Conversion: Moderate
      RETAIL STORES
      $695,000
      Change: -8% Conversion: Easy
      OFFICE BUILDING
      $665,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mundelein
    County
    Lake
    State
    Illinois
    Longitude
    -88.0417
    Latitude
    42.2791
    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
    2023
    $9,748
    $82,083
    $26,736
    $108,819
    -
    $246,274
    $80,216
    $326,490

    Comparable in this City

    • Value Estimation by Request
      1,411 SF

      2201 Midlothian Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,411 SF
      2201 Midlothian Rd, Mundelein, IL 60060-1035
      View Details
    • Value Estimation by Request
      1,720 SF

      219 Maple Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,720 SF
      219 Maple Ave, Mundelein, IL 60060-1738
      View Details
    • Value Estimation
      $505,000
      568 SF

      20922 Il Rte 176

      OFFICE/RESIDENTIAL (MIXED USE) • 568 SF
      20922 Il Rte 176, Mundelein, IL 60060-9541
      View Details
    • Value Estimation by Request
      4,275 SF

      1116-1122 Diamond Lk Rd

      Restaurants • 4,275 SF
      1116-1122 Diamond Lk Rd, Mundelein, IL 60060
      View Details
    • Value Estimation by Request
      40,000 SF

      350 Townline Rd

      Shopping centers • 40,000 SF
      350 Townline Rd, Mundelein, IL 60060
      View Details
    • Value Estimation by Request
      3,503 SF

      799 Us-45

      Restaurants • 3,503 SF
      799 Us-45, Mundelein, IL 60060
      View Details

    Similar Nearby for Sale

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    • $3,250,000
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      Mundelein Industrial Building - Prime Location

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    • $779,900
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      High-Yield Investment Opportunity: Fully Leased
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    • $285,000
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      Land Parcel in Mundelein, IL

      Expansive 2.53-acre land parcel in a serene Mundelein setting.
      26668 N Middleton Pkwy, Mundelein, IL 60060
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    • $375,000
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      Land in Countryside Lake

      5.89 acres of land with lake access and amenities.
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      1.65 acre improved lot ready for new construction.
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    Similar Nearby for Lease

    • Contact for pricing
      143,424 SF

      Townline Square Retail Space

      Mundelein, IL: Restaurant & Retail
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      View Details
    • $10 SF/Yr
      62,304 SF

      Retail Space Near Train Station

      Retail space available in Mundelein, near the Metra station.
      311-385 N Seymour Ave, Mundelein, IL 60060
      View Details
    • Contact for pricing

      Mundelein Office Space For Rent

      720 sq ft office space in Mundelein, Illinois.
      500 N Lake St, Mundelein, IL 60060
      View Details
    • Contact for pricing

      Mundelein Office Space Available

      Office space for rent in Mundelein, Illinois.
      500 N Lake St, Mundelein, IL 60060
      View Details
    • Contact for pricing

      Mundelein Office Space For Rent

      Office space available in Mundelein, high visibility location.
      500 N Lake St, Mundelein, IL 60060
      View Details
    • $1,777 /Mo
      51,596 SF

      Mundelein Specialty Property for Rent

      Specialty property available for rent in Mundelein, Illinois.
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      View Details
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    20924 W Park Ave
    Mundelein, IL 60060
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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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