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

    23 Park Blvd Villa Park, IL 60181

    • Office buildings
    • 2,093 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Aug 22, 2022
    $490,000
    Value Estimations
    $560,000
    Show details
    Cap Rate Potential
    5.4%
    Office buildings
    Location Intelligence
    Property ID
    US28-1400179
    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

    • Office buildings

    Property Details for 23 Park Blvd

    Year built
    1986
    Lot size
    0.14 lot acres
    Property size
    2,093 SF
    Zone code
    C
    Property type
    Office buildings
    APN
    06-10-118-025
    APU
    610118025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $570,000
      ML approach
      $505,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $675,000
      6.5%
      $620,000
      7%
      $575,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $445,000
      Market price range: $249k - $446k
      AI Estimate
      $435,000
      Market price range: $172k - $435k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $740,000
      MEDICAL BUILDING
      $470,000
      COMMERCIAL (GENERAL)
      $430,000
      RETAIL STORES
      $390,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Villa Park
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9778
    Latitude
    41.8833
    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
    $10,945
    $20,490
    $119,290
    $139,780
    -
    $61,470
    $357,870
    $419,340

    Comparable in this City

    • Value Estimation
      $315,000
      5,134 SF

      53 Saint Charles Rd

      OFFICE BUILDING • 5,134 SF
      53 Saint Charles Rd, Villa Park, IL 60181-2465
      View Details
    • Value Estimation
      $350,000
      1,545 SF

      128 Saint Charles Rd

      OFFICE BUILDING • 1,545 SF
      128 Saint Charles Rd, Villa Park, IL 60181-2426
      View Details
    • Value Estimation
      $1,145,000
      354,364 SF

      1901 Meyers Rd

      OFFICE BUILDING • 354,364 SF
      1901 Meyers Rd, Oakbrook Terrace, IL 60181-5243
      View Details
    • Value Estimation
      $225,000
      660 SF

      160 Myrtle Ave, Unit 101

      OFFICE BUILDING • 660 SF
      160 Myrtle Ave, Villa Park, IL 60181-5505
      View Details
    • Value Estimation
      $345,000
      1,768 SF

      134 Saint Charles Rd

      OFFICE BUILDING • 1,768 SF
      134 Saint Charles Rd, Villa Park, IL 60181-2417
      View Details
    • Value Estimation
      $395,000
      1,379 SF

      1st Smt Ave

      OFFICE BUILDING • 1,379 SF
      1st Smt Ave, Oakbrook Terrace, IL 60181-3984
      View Details

    Similar Nearby for Sale

    • $8,740,000
      72,000 SF

      Oakbrook Terrace Office Redevelopment Opportunity

      Office building in desirable Oakbrook Terrace location with redevelopment potential.
      800-1000 Royce Blvd, Oakbrook Terrace, IL 60181
      View Details
    • $850,000
      10,200 SF

      Renovated Office Building with Storage

      Freestanding, renovated office building with storage and parking.
      707-717 N Iowa Ave, Villa Park, IL 60181
      View Details
    • $449,900
      0.34 Acres

      Oakbrook Terrace Commercial Property For Sale

      Commercial property in thriving business district with expressway access.
      1S221 Summit Ave, Oakbrook Terrace, IL 60181
      View Details
    • $999,000
      10,200 SF

      Villa Park Office Building

      10,200 SF renovated office, great location.
      707 Iowa Ave, Villa Park, IL 60181
      View Details
    • $1,099,000
      6,755 SF

      Oak Brook Terrace Office Space

      6700+ sqft office space in Oak Brook Terrace.
      1 Transam Plaza Dr, Oakbrook Terrace, IL 60181
      View Details
    • $8,740,000
      100,653 SF

      Royce Blvd Office Complex

      Oakbrook Terrace, IL Investment Opportunity
      800-1000 Royce Blvd, Oakbrook Terrace, IL 60181
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      161,373 SF

      One Oakbrook Terrace Office Leasing

      Office space with covered parking and convenient highway access.
      18W200 22Nd St, Oakbrook Terrace, IL 60181
      View Details
    • Contact for pricing
      10,890 SF

      Updated Office Building in Oakbrook

      Sophisticated, updated office space in a prime business corridor.
      17W601 14Th St, Oakbrook Terrace, IL 60181
      View Details
    • $14 SF/Yr
      232,052 SF

      Oakbrook Terrace Office Space

      Class A Office Suites, DuPage County, IL
      1815 Meyers Rd, Oakbrook Terrace, IL 60181
      View Details
    • Contact for pricing

      Villa Park First Floor Office

      Remodeled office suite with conference room and kitchenette included.
      53 E Saint Charles Rd, Villa Park, IL 60181
      View Details
    • $18 SF/Yr
      55,928 SF

      Oakbrook Terrace Office Suites

      Prime DuPage County office space, 600-4,000 sq ft.
      0 17W695-17W745 Butterfield Rd, Oakbrook Terrace, IL 60181
      View Details
    • Contact for pricing
      49,507 SF

      Medical Office Space Near Hospital

      Medical office building with suites available near Elmhurst Hospital.
      1 S 224 Smt Ave, Oakbrook Terrace, IL 60181
      View Details
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    23 Park Blvd
    Villa Park, IL 60181
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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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