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    Property profile & analytics

    2415 Mannheim Rd Franklin Park, IL 60131-3132

    • Motels
    • 1.29 lot acres
    OFF-MARKET
    Last Sale
    Sep 12, 2023
    Value Estimations
    $475,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0346873
    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

    • Motels

    Property Details for 2415 Mannheim Rd

    Year built
    1963
    Lot size
    1.29 lot acres
    Property type
    Motels
    APN
    12-28-302-014
    APU
    1228302014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8837
    Latitude
    41.9227
    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
    $163,391
    $241,500
    $301,073
    $542,573
    -
    $966,000
    $1,204,292
    $2,170,292

    Comparable in this City

    • Value Estimation
      $475,000
      1.23 Acres

      2448 Mannheim Rd

      MOTEL • 1.23 Acres
      2448 Mannheim Rd, Franklin Park, IL 60131-3141
      View Details
    • Value Estimation
      $405,000
      0.43 Acres

      2415 Mannheim Rd

      MOTEL • 0.43 Acres
      2415 Mannheim Rd, Franklin Park, IL 60131-3132
      View Details
    • Value Estimation
      $420,000
      0.85 Acres

      2540 Mannheim Rd

      MOTEL • 0.85 Acres
      2540 Mannheim Rd, Franklin Park, IL 60131-3167
      View Details
    • Value Estimation
      $460,000
      0.73 Acres

      2955 Mannheim Rd

      MOTEL • 0.73 Acres
      2955 Mannheim Rd, Franklin Park, IL 60131-2223
      View Details
    • Value Estimation
      $5,065,000
      0.75 Acres

      3001 Mannheim Rd

      MOTEL • 0.75 Acres
      3001 Mannheim Rd, Franklin Park, IL 60131-2434
      View Details
    • Value Estimation
      $405,000
      0.66 Acres

      2623 Mannheim Rd

      MOTEL • 0.66 Acres
      2623 Mannheim Rd, Franklin Park, IL 60131-3136
      View Details

    Similar Nearby for Sale

    • $1,000,000
      0.75 Acres

      Belmont Ave Commercial Land

      0.75-acre development site, high traffic.
      9000 Belmont Ave, River Grove, IL 60131
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    • $990,000
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      Franklin Park Development Opportunity

      Prime location near train station, ideal for commercial/residential development.
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    • $7,995,000
      22,872 SF

      Prime Land in O’Hare Market

      Land with high traffic exposure, build-to-suit or redevelopment opportunity.
      3800 Mannheim Rd, Franklin Park, IL 60131
      View Details
    • $1,100,000
      0.23 Acres

      Franklin Park Multifamily Investment Opportunity

      Two ten-unit apartment buildings with recent upgrades and tax benefits.
      10542 Crown Rd, Franklin Park, IL 60131
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    • $1,700,000
      0.69 Acres

      Industrial Building in Franklin Park

      20,000 SF industrial building for sale in Franklin Park, IL.
      2330 17Th St, Franklin Park, IL 60131
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    • $959,000
      22,500 SF

      Mannheim Road Commercial Land

      Prime Retail Location, High Visibility
      2416 Mannheim Rd, Melrose Park, IL 60131
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      88,210 SF

      Franklin Park Warehouse Space Available

      Ideal Industrial Units, Dock Access
      10915-10929 Franklin Ave, Franklin Park, IL 60131
      View Details
    • Contact for pricing
      59,795 SF

      Franklin Park Warehouse Space

      59795 sqft warehouse available for rent in Franklin Park.
      1055 Sesame St, Franklin Park, IL 60131
      View Details
    • Contact for pricing
      325,045 SF

      Air Conditioned Warehouse with Ample Parking

      Meticulously maintained warehouse with heavy power and parking.
      3708 River Rd, Franklin Park, IL 60131
      View Details
    • $15 SF/Yr
      782 SF

      Retail Space with Ample Parking

      Retail space featuring ample parking and flexible layouts available for rent.
      10035 Grand Ave, Franklin Park, IL 60131
      View Details
    • Contact for pricing
      5,900 SF

      Retail Space on Mannheim Road

      Grocery-anchored retail space with high visibility and ample parking.
      2745 Mannheim Rd, Franklin Park, IL 60131
      View Details
    • $5 SF/Yr
      33,255 SF

      Franklin Park Warehouse/Showroom Space

      33,255 SF available with docks and ample parking.
      10433 Seymour Ave, Franklin Park, IL 60131
      View Details
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    2415 Mannheim Rd
    Franklin Park, IL 60131-3132
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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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