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    Property profile & analytics

    224 Main St Wheaton, IL 60187-5232

    • Office buildings
    • 2,115 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $320,000
    Show details
    Cap Rate Potential
    10%
    Office buildings
    Location Intelligence
    Property ID
    US28-0752142
    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

    • Gary United Methodist Church / Place Of Worship / Preschool
    • Christmas Sharing of Wheaton Warrenville / Association Or Organization
    • Burning Bush Gallery / Art Gallery

    Property Details for 224 Main St

    Year built
    1969
    Construction
    FRAME
    Lot size
    0.10 lot acres
    Property size
    2,115 SF
    Zone code
    C
    Property type
    Office buildings
    APN
    05-16-315-018
    APU
    516315018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $310,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $425,000
      Market price range: $161k - $426k

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheaton
    County
    Dupage
    State
    Illinois
    Longitude
    -88.1068
    Latitude
    41.8634
    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
    $10,319
    $45,690
    $98,780
    $144,470
    -
    $137,070
    $296,340
    $433,410

    Comparable in this City

    • Value Estimation
      $865,000
      126,106 SF

      120 Liberty Dr

      OFFICE BUILDING • 126,106 SF
      120 Liberty Dr, Wheaton, IL 60187-5465
      View Details
    • Value Estimation
      $560,000
      12,200 SF

      401 Carlton Ave

      OFFICE BUILDING • 12,200 SF
      401 Carlton Ave, Wheaton, IL 60187-4801
      View Details
    • Value Estimation
      $250,000
      0.14 Acres

      0n712 Gary Ave

      OFFICE BUILDING • 0.14 Acres
      0n712 Gary Ave, Wheaton, IL 60187-3073
      View Details
    • Value Estimation
      $795,000
      7,822 SF

      209 Hale St

      OFFICE BUILDING • 7,822 SF
      209 Hale St, Wheaton, IL 60187-5100
      View Details
    • Value Estimation
      $310,000
      2,100 SF

      223 Illinois St

      OFFICE BUILDING • 2,100 SF
      223 Illinois St, Wheaton, IL 60187-5258
      View Details
    • Value Estimation
      $335,000
      4,230 SF

      210 Main St

      OFFICE BUILDING • 4,230 SF
      210 Main St, Wheaton, IL 60187-5358
      View Details

    Similar Nearby for Sale

    • $990,000
      3,120 SF

      Wheaton Office Building For Sale

      3,120 SF office building available in Wheaton, Illinois.
      1604 N Main St, Wheaton, IL 60187
      View Details
    • $2,999,900
      0.10 Acres

      Downtown Wheaton Class A Office

      Class A office building with retail space in downtown Wheaton.
      221 W Front St, Wheaton, IL 60187
      View Details
    • $350,000
      1,400 SF

      Wheaton Office Space For Sale

      Office property with 1400 square feet of space.
      620 Roosevelt Rd, Wheaton, IL 60187
      View Details
    • $350,000
      1,400 SF

      Office Space on Roosevelt Road

      Office space for sale with excellent exposure on Roosevelt Road.
      600 W Roosevelt Rd, Wheaton, IL 60187
      View Details
    • $6,500,000
      17,570 SF

      Wheaton Office Building - Prime Location

      Fully Leased, 17,570 SF Office Building
      999 Confidential St, Wheaton, IL 60187
      View Details
    • $599,900
      4,000 SF

      Wheaton Office Building - Downtown

      Stunning Rehabbed Office, Prime Location
      221 Illinois St, Wheaton, IL 60187
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      700 SF

      Office Building on Roosevelt Road

      Three-story office building with excellent exposure and free parking.
      316 W Roosevelt Rd, Wheaton, IL 60187
      View Details
    • $1,050,000
      8,800 SF

      Professional Office Building Near Wheaton

      Two-story brick building suitable for medical or professional offices.
      122 S County Farm Rd, Wheaton, IL 60187
      View Details
    • Contact for pricing
      4,356 SF

      Downtown Wheaton Class A Office

      Class A office space in the heart of downtown Wheaton.
      221 W Front St, Wheaton, IL 60187
      View Details
    • $18 SF/Yr
      1,517 SF

      Well-Maintained Office Park Space

      Office space available in a well-maintained office park.
      290-300 S County Farm Rd, Wheaton, IL 60187
      View Details
    • Contact for pricing

      Corner Office with Natural Light

      Office space with 24-hour access and included utilities.
      124 S County Farm Rd, Wheaton, IL 60187
      View Details
    • $10 SF/Yr
      103,665 SF

      Wheaton Office Park Investment

      Prime Wheaton office space, flexible suites.
      2100 Manchester Rd, Wheaton, IL 60187
      View Details
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    224 Main St
    Wheaton, IL 60187-5232
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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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