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

    2224 Oak Park Ave Berwyn, IL 60402-2219

    • Residential income homes
    • 3,424 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Sep 14, 2021
    $350,000
    Value Estimations
    $495,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1458085
    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 2224 Oak Park Ave

    Year built
    1926
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    3,424 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    16-30-104-027
    APU
    1630104027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $420,000
      ML approach
      $410,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $740,000
      6.5%
      $685,000
      7%
      $635,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $517,000
      Market price range: $376k - $626k
      AI Estimate
      $477,000
      Market price range: $378k - $545k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $500,000
      Current use
      RETAIL STORES
      $510,000
      Change: +2% Conversion: Difficult
      OFFICE BUILDING
      $460,000
      Change: -9% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $415,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Berwyn
    County
    Cook
    State
    Illinois
    Longitude
    -87.7937
    Latitude
    41.8497
    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
    $15,465
    $4,778
    $29,255
    $34,033
    -
    $47,780
    $292,550
    $340,330

    Comparable in this City

    • Value Estimation
      $375,000
      2,126 SF

      1804 Wenonah Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,126 SF
      1804 Wenonah Ave, Berwyn, IL 60402-1621
      View Details
    • Value Estimation
      $345,000
      1,872 SF

      3434 Wenonah Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,872 SF
      3434 Wenonah Ave, Berwyn, IL 60402-3348
      View Details
    • Value Estimation
      $450,000
      5,008 SF

      1648 Wesley Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,008 SF
      1648 Wesley Ave, Berwyn, IL 60402-3427
      View Details
    • Value Estimation
      $435,000
      2,530 SF

      1916 Wesley Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,530 SF
      1916 Wesley Ave, Berwyn, IL 60402-1853
      View Details
    • Value Estimation
      $360,000
      2,400 SF

      3419 Wesley Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,400 SF
      3419 Wesley Ave, Berwyn, IL 60402-3606
      View Details
    • Value Estimation
      $360,000
      2,059 SF

      3719 Wesley Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,059 SF
      3719 Wesley Ave, Berwyn, IL 60402-4025
      View Details

    Similar Nearby for Sale

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      0.14 Acres

      Updated Berwyn Three-Flat with Vacant Lot

      Updated three-flat in Berwyn with a vacant lot included.
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      Third-floor Berwyn apartment near amenities and transportation.
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      Two units, finished basement, updated backyard, and brick garage.
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      Berwyn Retail/Residential Income Property

      Retail and residential income property in Berwyn, Illinois.
      6612-14 Cermak Rd, Berwyn, IL 60402
      View Details

    Similar Nearby for Lease

    • $2,050 /Mo
      1,300 SF

      Updated Apartment Near Blue Line

      Updated 1300 sq ft apartment near Blue Line.
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      View Details
    • Contact for pricing

      Prime Berwyn Storefront/Office Space

      4,000 SF commercial space on high-traffic Cermak Road.
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      View Details
    • $2,700 /Mo
      1,350 SF

      Remodeled Berwyn Retail/Office Space

      Newly remodeled retail/office space in Berwyn's business district.
      6227-6229 Cermak Rd, Berwyn, IL 60402
      View Details
    • $6 SF/Yr
      12,298 SF

      Industrial Warehouse with Drive-in Doors

      Industrial warehouse space featuring six drive-in doors and high ceilings.
      4811 S Harlem Ave, Forest View, IL 60402
      View Details
    • Contact for pricing
      42,693 SF

      Berwyn Medical Office Space Available

      Medical suites with plumbing, near Loyola Medicine McNeal Hospital.
      3340 South Oak Park Ave, Berwyn, IL 60402
      View Details
    • Contact for pricing

      Prime Berwyn Retail/Office Space

      Modern retail/office space in Berwyn's thriving Depot District.
      3200 Oak Park Ave, Berwyn, IL 60402
      View Details
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    Berwyn, IL 60402-2219
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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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