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

    23534 Central Ave University Park, IL 60484-3271

    • Industrial properties
    • 990,000 SF
    • 54.35 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4769483
    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

    • Industrial properties

    Property Details for 23534 Central Ave

    Lot size
    54.35 lot acres
    Property size
    990,000 SF
    Property type
    Industrial properties
    APN
    21-14-05-401-002
    APU
    211405401002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $71,025,000
      6.5%
      $65,565,000
      7%
      $60,880,000

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

    Location Insight

    • Map
    • Local Demand
    City
    University Park
    County
    Will
    State
    Illinois
    Longitude
    -87.7518
    Latitude
    41.4614
    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
    $1,587,152
    $795,760
    $15,065,442
    $15,861,202
    -
    $2,387,280
    $45,196,326
    $47,583,606

    Comparable in this City

    • Value Estimation
      $705,000
      14,000 SF

      787 Industrial Dr

      INDUSTRIAL (GENERAL) • 14,000 SF
      787 Industrial Dr, University Park, IL 60484-4101
      View Details
    • Value Estimation
      $720,000
      15,735 SF

      2601 Bond St Ste, Unit 2

      INDUSTRIAL (GENERAL) • 15,735 SF
      2601 Bond St Ste, University Park, IL 60484-3180
      View Details
    • Value Estimation
      $1,085,000
      23,922 SF

      2601 Bond St Ste, Unit 3

      INDUSTRIAL (GENERAL) • 23,922 SF
      2601 Bond St Ste, University Park, IL 60484-3180
      View Details
    • Value Estimation by Request
      8,640 SF

      790 Central Ave

      INDUSTRIAL (GENERAL) • 8,640 SF
      790 Central Ave, University Park, IL 60484-3138
      View Details
    • Value Estimation
      $32,325,000
      699,960 SF

      702 Commerce Ctr Dr

      INDUSTRIAL (GENERAL) • 699,960 SF
      702 Commerce Ctr Dr, University Park, IL 60484-3199
      View Details
    • Value Estimation by Request
      3,312 SF

      25160 Governors Hwy

      INDUSTRIAL (GENERAL) • 3,312 SF
      25160 Governors Hwy, University Park, IL 60484
      View Details

    Similar Nearby for Sale

    • $5,995,000
      55.64 Acres

      University Park Industrial Land

      55 Acres, Prime Location, $5.995M
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      View Details
    • Contact for pricing

      Industrial Land Ready For Development

      Pad-ready sites in master-planned business park near I-57.
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    • $40,000
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      University Park Land for Development

      Four connected vacant lots perfect for new development in University Park.
      608 Sullivan Ln, University Park, IL 60484
      View Details
    • Contact for pricing

      8.65 Acre Land Parcel

      8.65 acre land parcel zoned agricultural, utilities at street.
      2417 Bond St, University Park, IL 60484
      View Details
    • $5,995,000

      Land Near I-57 Interchange

      Land available near I-57 interchange with water and sewer access.
      500 Crossing Dr, University Park, IL 60484
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    • Contact for pricing

      22.92 Acres Development Opportunity

      22.92 acres available for sale or lease near I-57.
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    Similar Nearby for Lease

    • $17,179 /Mo
      126,760 SF

      Monee, IL Land Lease Opportunity

      2.91 Acres, Build-to-Suit, High Traffic
      0 Stuenkel Rd, Monee, IL 60484
      View Details
    • Contact for pricing
      59,830 SF

      Industrial Property in University Park

      Industrial space available for lease in University Park, Illinois.
      2401 Bond St, University Park, IL 60484
      View Details
    • Contact for pricing
      16,800 SF

      Refrigerated Production and Storage Facility

      16,800 SF facility with refrigerated production, freezer, and office.
      450 Central Ave, University Park, IL 60484
      View Details
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    23534 Central Ave
    University Park, IL 60484-3271
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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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