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

    23 Douglas Ave Elgin, IL 60120-5502

    • Commercial real estate
    • 3,284 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Jul 08, 2025
    $325,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2559432
    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

    • Dedicated Property Service / Property Management Company
    • Robert M Mikulski & Co PC / Accountant

    Property Details for 23 Douglas Ave

    Lot size
    0.04 lot acres
    Property size
    3,284 SF
    Property type
    Commercial real estate
    APN
    06-14-284-017
    APU
    614284017

    Description

    This handsome historic brick building at 23 Douglas Avenue in downtown Elgin, Illinois, presents a unique investment opportunity. Boasting a total of 3,284 square feet, the property offers exceptional versatility. The main floor encompasses 1,642 square feet, while the second floor provides approximately 1,330 square feet of space. A fully finished 1,500-square-foot basement, with separate street access, adds significant potential. Currently configured as professional office space, the building is adaptable to a mix of retail, office, and potentially residential uses. The second floor could be modified to create an additional 1,642 square feet of office/retail space or a residential unit. Benefitting from a prime corner location at the intersection of Highland and Douglas Avenues, the property enjoys high visibility in a bustling downtown area. A large, free city parking lot is conveniently located nearby. Recent upgrades (within the last four years) include a new roof, new windows, a new furnace and air conditioning system, and exterior painting. This central downtown location offers unparalleled access to amenities and services. The city also offers potential grants for façade improvements and ADA accessibility upgrades. Architectural renderings illustrating potential exterior restoration are available for review. This property represents a compelling opportunity to own a piece of Elgin's vibrant downtown.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.2837
    Latitude
    42.038
    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
    $7,336
    $13,888
    $70,717
    $84,605
    -
    $41,664
    $212,151
    $253,815

    Comparable in this City

    • Value Estimation by Request

      Smt St

      COMMERCIAL (GENERAL)
      Smt St, Elgin, IL 60120
      View Details
    • Value Estimation by Request
      0.12 Acres

      217 Symphony Way

      COMMERCIAL (GENERAL) • 0.12 Acres
      217 Symphony Way, Elgin, IL 60120-5592
      View Details
    • Value Estimation by Request
      40.99 Acres

      Elgin, IL 60120

      COMMERCIAL (GENERAL) • 40.99 Acres
      Elgin, IL 60120
      View Details
    • Value Estimation by Request
      7.18 Acres

      Ss Grv Ave

      COMMERCIAL (GENERAL) • 7.18 Acres
      Ss Grv Ave, Elgin, IL 60120
      View Details
    • Value Estimation by Request
      0.11 Acres

      Elgin, IL 60120

      COMMERCIAL (GENERAL) • 0.11 Acres
      Elgin, IL 60120
      View Details
    • Value Estimation by Request
      0.19 Acres

      Russell St

      COMMERCIAL (GENERAL) • 0.19 Acres
      Russell St, Elgin, IL 60120
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4.46 Acres

      Prime Elgin Commercial Land

      4.46 Acres, I-90 Frontage, PORI Zoning
      0 Lot 2- Randall Pt, Elgin, IL 60120
      View Details
    • $2,090,880
      12.00 Acres

      Elgin Industrial Land: 12 Acres

      Prime Elgin location, 12 acres, $4/sq ft.
      1451 Dundee Ave, Elgin, IL 60120
      View Details
    • $175,000

      Elgin Commercial Land: Prime Location

      23,674 SF Commercial Land, $175,000
      799 Smt St, Elgin, IL 60120
      View Details
    • Contact for pricing
      13,200 SF

      Elgin Auto Shop - 13,200 SF

      Prime Elgin auto shop, 2.5 acres. High visibility.
      1040 Chicago St, Elgin, IL 60120
      View Details
    • $314,900
      1,800 SF

      Move-in Ready Townhome in Elgin

      Spacious 3-bedroom townhome with modern amenities and desirable location.
      705 Littleton Trl, Elgin, IL 60120
      View Details
    • $696,960

      Elgin Commercial Land For Sale

      Approximately 12-acre parcel suitable for various commercial uses.
      1451 Dundee Ave, Elgin, IL 60120
      View Details

    Similar Nearby for Lease

    • $1,900 /Mo
      1,029 SF

      Oakwood Hills Ranch Condo Rental

      Spacious 2 bed, 2 bath condo with modern amenities.
      408 Woodview Cir, Elgin, IL 60120
      View Details
    • $18 SF/Yr
      1,325 SF

      Retail Space in Elgin, IL

      Retail space available for lease in Elgin, Illinois.
      40 Du Page St, Elgin, IL 60120
      View Details
    • Contact for pricing

      Downtown Elgin Office Suites Available

      Office suites in downtown Elgin with utilities and internet included.
      77 S Riverside Dr, Elgin, IL 60120
      View Details
    • $1.00 SF/Yr

      Elgin Auto Body Shop Lease

      Divisible auto body shop with multiple drive-in doors and parking.
      1385 E Chicago St, Elgin, IL 60120
      View Details
    • $8 SF/Yr
      7,500 SF

      Elgin Office Building for Lease

      7,500 SF Office Space, 3 Suites Available
      474 Smt St, Elgin, IL 60120
      View Details
    • Contact for pricing
      32,600 SF

      High Point Plaza Retail Center

      Elgin, IL Shopping Center Opportunity
      1350 Chicago St, Elgin, IL 60120
      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.
    23 Douglas Ave
    Elgin, IL 60120-5502
    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.