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    2349 W Lake St Addison, IL 60101
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    Property profile & analytics

    2349 W Lake St Addison, IL 60101

    View on Map
    • Office buildings
    • 117,418 SF
    • 9.79 lot acres
    For Lease
    $8,180,000
    View Listing →
    Office Building Near Medinah Club For Lease
    $8,180,000
    61,951 SF

    Office Building Near Medinah Club

    Office property with atrium lobbies, near Medinah Country Club.

    2349 W Lake St, Addison, IL
    View Listing
    Property ID
    US28-3032182
    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.
    Value Estimations
    $8,180,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Arjo Inc. / Medical Group
    • Option Care Health / Production Facility / Construction Company
    • ARJO PATIENT HANDLING / Production Facility
    • Adtalem Global Education / College
    • Chicago Funding Inc / Loan Service / Bank

    Property Details for 2349 W Lake St

    Year built
    2000
    Construction
    MIXED
    Lot size
    9.79 lot acres
    Property size
    117,418 SF
    Zone code
    I
    Property type
    Office buildings
    APN
    02-13-303-043
    APU
    213303043

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,180,000
      ML approach
      $8,180,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $11,132,000
      Market price range: $7.32M - $24.3M

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    Dupage
    State
    Illinois
    Longitude
    -88.0482
    Latitude
    41.9532
    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
    $258,594
    $995,050
    $2,141,740
    $3,136,790
    -
    $2,985,150
    $6,425,220
    $9,410,370

    Comparable in this City

    • Value Estimation by Request
      1,258 SF

      22nd Army Trl Rd

      OFFICE BUILDING • 1,258 SF
      22nd Army Trl Rd, Addison, IL 60101-1430
      View Details
    • Value Estimation
      $1,465,000
      11,020 SF

      2121 Army Trl Rd

      OFFICE BUILDING • 11,020 SF
      2121 Army Trl Rd, Addison, IL 60101-5612
      View Details
    • Value Estimation
      $3,565,000
      32,308 SF

      221 Mitchell Ct, Unit 31

      OFFICE BUILDING • 32,308 SF
      221 Mitchell Ct, Addison, IL 60101-5603
      View Details
    • Value Estimation by Request
      1,878 SF

      702 Rohlwing Rd

      OFFICE BUILDING • 1,878 SF
      702 Rohlwing Rd, Addison, IL 60101-4216
      View Details
    • Value Estimation
      $4,250,000
      39,350 SF

      2100 Corporate Dr

      OFFICE BUILDING • 39,350 SF
      2100 Corporate Dr, Addison, IL 60101-1446
      View Details
    • Value Estimation by Request
      8,800 SF

      1005 Lake St

      Office Units • 8,800 SF
      1005 Lake St, Addison, IL 60101
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      75,020 SF

      Office/Flex Space with Dock Door

      Built-out office/flex space featuring a dock door and high ceilings.
      2171 West Executive Dr, Addison, IL 60101
      View Details
    • $749,900
      Pending

      Addison Commercial Building on Lake

      High-visibility commercial building with parking and development potential.
      991 W Lake St, Addison, IL 60101
      View Details
    • Contact for pricing

      Industrial Facility with Expansion Potential

      Well-located industrial facility with office space and expansion potential.
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      View Details
    • Contact for pricing

      Operating C-Store with Gas

      Operating convenience store with gas and car wash for sale.
      500 E Lake St, Addison, IL 60101
      View Details
    • $1,500,000
      0.69 Acres

      Addison Commercial Building For Sale

      Freestanding brick building with office and warehouse space.
      814 S Westwood Ave, Addison, IL 60101
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      61,951 SF

      Office Building Near Medinah Club

      Office property with atrium lobbies, near Medinah Country Club.
      2349 W Lake St, Addison, IL 60101
      View Details
    • Contact for pricing

      Medical Office Space Available

      Class A medical office building anchored by Edward-Elmhurst Health.
      303 W Lake St, Addison, IL 60101
      View Details
    • Contact for pricing
      10,400 SF

      Addison Industrial Building For Lease

      10,400 SF industrial building in Addison, Illinois available for lease.
      824 Kay Ave, Addison, IL 60101
      View Details
    • Contact for pricing
      1,347 SF

      Addison Office Space Available

      Office space available for rent in Addison, Illinois.
      715 W Lake St, Addison, IL 60101
      View Details
    • Contact for pricing

      Republic Drive Flex/Industrial Space

      High-quality flex/industrial space in Addison, with easy expressway access.
      1010 Republic Dr, Addison, IL 60101
      View Details
    • $2,175 /Mo
      440 SF

      Addison Office Suite For Rent

      Office suite in well-maintained building with ample parking.
      240 E Lake St, Addison, IL 60101
      View Details
    View Listing
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    Addison, IL 60101
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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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