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

    223 28th Ave Bellwood, IL 60104-1213

    • Residential income homes
    • 1,480 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $275,000
    Show details
    Cap Rate Potential
    6.3%
    Residential income homes
    Location Intelligence
    Property ID
    US28-1760054
    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 223 28th Ave

    Year built
    1893
    Construction
    FRAME
    Lot size
    0.07 lot acres
    Property size
    1,480 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    15-09-207-011
    APU
    1509207011

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $320,000
      6.5%
      $295,000
      7%
      $275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $210,000
      Market price range: $115k - $238k
      AI Estimate
      $234,000
      Market price range: $160k - $262k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $190,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $325,000
      Change: +73% Conversion: Difficult
      RETAIL STORES
      $220,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $200,000
      Change: +5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellwood
    County
    Cook
    State
    Illinois
    Longitude
    -87.867
    Latitude
    41.8885
    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
    $5,360
    $1,650
    $11,997
    $13,647
    -
    $16,500
    $119,970
    $136,470

    Comparable in this City

    • Value Estimation
      $360,000
      2,408 SF

      3922 Van Buren St, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,408 SF
      3922 Van Buren St, Bellwood, IL 60104-1977
      View Details
    • Value Estimation
      $375,000
      3,800 SF

      646 23rd Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,800 SF
      646 23rd Ave, Bellwood, IL 60104
      View Details
    • Value Estimation
      $345,000
      2,208 SF

      414 24th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,208 SF
      414 24th Ave, Bellwood, IL 60104-1679
      View Details
    • Value Estimation
      $305,000
      1,584 SF

      500 24th Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,584 SF
      500 24th Ave, Bellwood, IL 60104-1652
      View Details
    • Value Estimation
      $330,000
      2,150 SF

      527 25th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,150 SF
      527 25th Ave, Bellwood, IL 60104-1900
      View Details
    • Value Estimation
      $350,000
      3,395 SF

      200 26th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,395 SF
      200 26th Ave, Bellwood, IL 60104-1248
      View Details

    Similar Nearby for Sale

    • $350,000

      Bellwood Brick Duplex For Sale

      Well-maintained duplex in Bellwood with immediate rental income potential.
      2420 Randolph St, Bellwood, IL 60104
      View Details
    • $245,000

      Four-Unit Residential Investment Opportunity

      Residential quadplex on a double lot near Senior Suites of Bellwood.
      407 25Th Ave, Bellwood, IL 60104
      View Details
    • $365,000
      0.10 Acres

      Well-Maintained Two-Unit with Finished Basement

      Updated two-unit property with finished basement and fenced yard.
      3513 Jackson St, Bellwood, IL 60104
      View Details
    • $320,000
      0.17 Acres

      Bellwood Four-Unit Investment Opportunity

      Four-unit property in Bellwood, Illinois, ideal for investors.
      915 Bellwood Ave, Bellwood, IL 60104
      View Details
    • $395,000

      Bellwood 7-Unit Multifamily Investment

      Seven-unit building, strong cash flow, Bellwood, IL.
      535 24Th Ave, Bellwood, IL 60104
      View Details
    • $850,000
      13,500 SF

      Prime Bellwood Office Building

      13,500 SF Office, 0.77 Acres
      4212 Saint Charles Rd, Bellwood, IL 60104
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      38,000 SF

      Renovated Warehouse Near I-290

      Well-maintained, renovated warehouse with secured parking and highway access.
      1023 Cernan Dr, Bellwood, IL 60104
      View Details
    • $8 SF/Yr
      54,448 SF

      Industrial Space Available For Lease

      Industrial property with 54,448 square feet available for lease.
      Bellwood, IL 60104
      View Details
    • Contact for pricing
      48,000 SF

      Renovated Warehouse with Outdoor Storage

      Renovated warehouse featuring heavy outside storage and proximity to highways.
      3000 Saint Charles Rd, Bellwood, IL 60104
      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.
    223 28th Ave
    Bellwood, IL 60104-1213
    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.