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

    2271 Devon Ave, Unit 89 Elk Grove Village, IL 60007-6805

    • Industrial properties
    • 31,481 SF
    • 1.77 lot acres
    OFF-MARKET
    Last Sale
    Jan 04, 2024
    $3,253,000
    Value Estimations
    $3,255,000
    Show details
    Cap Rate Potential
    4.2%
    Industrial properties
    Location Intelligence
    Property ID
    US28-3413947
    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

    • Junk Lovers / Waste Management Service / Delivery Service

    Property Details for 2271 Devon Ave

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.77 lot acres
    Property size
    31,481 SF
    Zone code
    I
    Property type
    Industrial properties
    APN
    03-02-200-015
    APU
    302200015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,255,000
      ML approach
      $3,255,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,260,000
      6.5%
      $2,085,000
      7%
      $1,935,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,484,000
      Market price range: $2.12M - $3.54M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,755,000
      Current use
      WAREHOUSE, STORAGE
      $3,280,000
      Change: +19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk Grove Village
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9466
    Latitude
    41.9929
    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
    $44,744
    $233,590
    $316,680
    $550,270
    -
    $700,770
    $950,040
    $1,650,810

    Comparable in this City

    • Value Estimation by Request
      266,989 SF

      1800 Brummel Ave

      Distribution properties • 266,989 SF
      1800 Brummel Ave, Elk Grove Village, IL 60007
      View Details
    • Value Estimation by Request
      56,227 SF

      940-950 Greenleaf Ave

      Distribution properties • 56,227 SF
      940-950 Greenleaf Ave, Elk Grove Village, IL 60007
      View Details
    • Value Estimation by Request
      0.73 Acres

      1201 Lunt Ave

      INDUSTRIAL (GENERAL) • 0.73 Acres
      1201 Lunt Ave, Elk Grove Village, IL 60007-5617
      View Details
    • Value Estimation by Request
      13.37 Acres

      2401 Lunt Ave, Unit 1

      INDUSTRIAL (GENERAL) • 13.37 Acres
      2401 Lunt Ave, Elk Grove Village, IL 60007-5611
      View Details
    • Value Estimation by Request
      0.66 Acres

      135 Martin Ln

      INDUSTRIAL (GENERAL) • 0.66 Acres
      135 Martin Ln, Elk Grove Village, IL 60007-1309
      View Details
    • Value Estimation by Request
      0.37 Acres

      185 Martin Ln

      INDUSTRIAL (GENERAL) • 0.37 Acres
      185 Martin Ln, Elk Grove Village, IL 60007-1309
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      266,989 SF

      High Image Industrial Property

      Industrial property in Regent O'Hare Business Center.
      1800-1872 Brummel Dr, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      91,937 SF

      Elk Grove Village Industrial Unit

      21,827 SF industrial unit near O'Hare Airport.
      1400 Morse Ave, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      21,300 SF

      Des Plaines Warehouse For Sale

      Warehouse with large parking lot near O'Hare Airport.
      411 Jarvis Ave, Des Plaines, IL 60007
      View Details
    • $1,399,000
      12,800 SF

      Industrial Building with Loading Docks

      Two-unit industrial building with convenient loading and established location.
      115-119 Joey Dr, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      21,300 SF

      Des Plaines Warehouse Opportunity

      Warehouse with large parking lot and proximity to O'Hare Airport.
      Des Plaines, IL 60007
      View Details
    • Contact for pricing
      42,725 SF

      High Image Warehouse For Sale

      High image warehouse in Regent O'Hare Business Center.
      870-898 Cambridge Dr, Elk Grove Village, IL 60007
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,993 SF

      Industrial Space in Elk Grove

      3,993 SF industrial space available for lease.
      2690-2696 American Ln, Elk Grove Village, IL 60007
      View Details
    • $8 SF/Yr
      29,580 SF

      Industrial Units in O'Hare Area

      Industrial units for lease in convenient O'Hare market area.
      400-490 Bonnie Ln, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      58,000 SF

      Elk Grove Village Warehouse Space

      ±58,000 SF Industrial Building, divisible.
      940 Lively Blvd, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      89,965 SF

      801 Chase Ave Warehouse Spaces

      Multi-tenant warehouse near O'Hare.
      801 Chase Ave, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      33,000 SF

      Elk Grove Industrial Leasing Opportunity

      33,000 SF industrial space with modern facilities and customization potential.
      1370 Lively Blvd, Elk Grove Village, IL 60007
      View Details
    • Contact for pricing
      5,000 SF

      Elk Grove Village Industrial Space

      Industrial space available in Elk Grove Village, Illinois.
      251121 Pan Am Blvd, Elk Grove Village, IL 60007
      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.
    2271 Devon Ave, Unit 89
    Elk Grove Village, IL 60007-6805
    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.