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

    224 Irving Park Rd Wood Dale, IL 60191-2039

    • Commercial real estate
    • 19,144 SF
    • 1.06 lot acres
    OFF-MARKET
    Value Estimations
    $2,695,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2662125
    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

    • Dairy Queen Ltd Brazier / Grocery & Convenience Store / Specialty Food Shop

    Property Details for 224 Irving Park Rd

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.06 lot acres
    Property size
    19,144 SF
    Zone code
    C
    Property type
    Commercial real estate
    APN
    03-15-109-011
    APU
    315109011

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,047,000
      Market price range: $1.84M - $5.06M
      AI Estimate
      $2,141,000
      Market price range: $1.22M - $3.87M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,515,000
      Current use
      MEDICAL BUILDING
      $4,310,000
      Change: +23% Conversion: Easy
      RETAIL STORES
      $4,125,000
      Change: +17% Conversion: Easy
      OFFICE BUILDING
      $3,430,000
      Change: -2% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Wood Dale
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9732
    Latitude
    41.9623
    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
    $58,796
    $259,450
    $538,300
    $797,750
    -
    $778,350
    $1,614,900
    $2,393,250

    Comparable in this City

    • Value Estimation by Request
      0.21 Acres

      427 Irving Park Rd

      COMMERCIAL (GENERAL) • 0.21 Acres
      427 Irving Park Rd, Wood Dale, IL 60191
      View Details
    • Value Estimation
      $21,085,000
      2.79 Acres

      258 Irving Park Rd, Unit 76

      COMMERCIAL (GENERAL) • 2.79 Acres
      258 Irving Park Rd, Wood Dale, IL 60191-2039
      View Details
    • Value Estimation by Request
      0.62 Acres

      173 Irving Park Rd

      COMMERCIAL (GENERAL) • 0.62 Acres
      173 Irving Park Rd, Wood Dale, IL 60191-1317
      View Details
    • Value Estimation
      $1,485,000
      10,000 SF

      367 Irving Park Rd, Unit 85

      COMMERCIAL (GENERAL) • 10,000 SF
      367 Irving Park Rd, Wood Dale, IL 60191-1642
      View Details
    • Value Estimation
      $10,825,000
      92,191 SF

      900 Wood Dl Rd

      COMMERCIAL (GENERAL) • 92,191 SF
      900 Wood Dl Rd, Wood Dale, IL 60191-1100
      View Details
    • Value Estimation by Request
      0.64 Acres

      191 Irving Park Rd

      COMMERCIAL (GENERAL) • 0.64 Acres
      191 Irving Park Rd, Wood Dale, IL 60191-1336
      View Details

    Similar Nearby for Sale

    • $700,000
      7,000 SF

      Wood Dale Office Building

      7,000 SF office building for sale in Wood Dale.
      300 E Irving Park Rd, Wood Dale, IL 60191
      View Details
    • $430,000

      Charming Townhouse Near Golf Course

      3-bedroom, 2.1-bath townhouse in a private community near golf course.
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    • Contact for pricing
      72,795 SF

      Wood Dale Flex Space Available

      Flex space with warehouse and office components available for sale.
      1400 Mittel Blvd, Wood Dale, IL 60191
      View Details
    • $475,000
      0.28 Acres

      Versatile Commercial Property in Wood Dale

      Income-producing commercial property with storefront, apartment, and rental opportunities.
      310 W Irving Park Rd, Wood Dale, IL 60191
      View Details
    • $1,450,000
      0.33 Acres

      Wood Dale Commercial Opportunity

      Commercial property in Wood Dale, suitable for owner-users or investors.
      341-345 E Potter St, Wood Dale, IL 60191
      View Details
    • $509,500
      0.23 Acres

      Mixed-Use Building in Town Center

      2727 sq ft mixed-use building with retail and residential spaces.
      138 W Irving Park Rd, Wood Dale, IL 60191
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Well-Maintained Building in Town Center

      Free-standing building in a busy business district with high traffic.
      130 W Irving Park Rd, Wood Dale, IL 60191
      View Details
    • Contact for pricing
      9,760 SF

      O'Hare Area Warehouse Space

      9,760 SF warehouse space near O'Hare cargo entrance.
      367-379 Haynes Dr, Wood Dale, IL 60191
      View Details
    • Contact for pricing
      13,160 SF

      Wood Dale Industrial Space Available

      13,160 SF industrial space with loading docks for lease.
      935-945 Sivert Dr, Wood Dale, IL 60191
      View Details
    • Contact for pricing
      35,781 SF

      Wood Dale Warehouse Space Available

      35,781 SF warehouse space with office in Wood Dale.
      226-230 Gerry Dr, Wood Dale, IL 60191
      View Details
    • Contact for pricing
      13,750 SF

      Wood Dale Industrial Space Available

      Industrial space for lease in Wood Dale, Illinois.
      919 N Central Ave, Wood Dale, IL 60191
      View Details
    • Contact for pricing
      8,000 SF

      Executive Office Suite, Wood Dale IL

      8,000 SF Office Space Available
      110 Irving Park Rd, Wood Dale, IL 60191
      View Details
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    224 Irving Park Rd
    Wood Dale, IL 60191-2039
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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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