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    Property profile & analytics

    2524 23rd Pl Broadview, IL 60155-4501

    • Industrial properties
    • 450 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0982070
    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

    • De Vega Concrete, LLC / Concrete Contractor

    Property Details for 2524 23rd Pl

    Year built
    1943
    Lot size
    0.11 lot acres
    Property size
    450 SF
    Property type
    Industrial properties
    APN
    15-28-208-016
    APU
    1528208016

    Description

    This exceptional 13,394 square foot industrial property in Broadview, Illinois, presents a unique owner-user opportunity. The property, zoned for both industrial and office use (I/O), includes a 1,414 square foot single-family home currently rented, offering potential for owner occupancy or continued rental income. The home features a conference space, office space, and kitchen, along with a fully equipped basement including a shower, toilet, kitchen, and sleeping area. The property is ideally situated on a corner lot, offering convenient access to Cermak Road, the 294 Expressway, Oak Brook (12 minutes away), and other major commercial areas. Located in a quiet industrial area on the southwestern edge of Broadview, adjacent to La Grange and Westchester, this property boasts easy highway and commercial access. The property is currently 100% occupied as of November 1st, 2023, and is being sold as a stabilized investment. The asking price is $899,000. The property consists of three combined tax ID numbers. This versatile property is perfect for a variety of uses, offering a blend of residential and commercial space in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $390,000
      6.5%
      $360,000
      7%
      $330,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Broadview
    County
    Cook
    State
    Illinois
    Longitude
    -87.8623
    Latitude
    41.8466
    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
    $2,912
    $6,388
    $1,596
    $7,984
    -
    $25,552
    $6,384
    $31,936

    Comparable in this City

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      2915 18th Ave

      INDUSTRIAL (GENERAL) • 0.31 Acres
      2915 18th Ave, Broadview, IL 60155-4735
      View Details
    • Value Estimation
      $270,000
      0.11 Acres

      2700 18th Ave

      INDUSTRIAL (GENERAL) • 0.11 Acres
      2700 18th Ave, Broadview, IL 60155
      View Details
    • Value Estimation
      $310,000
      0.65 Acres

      2800 19th Ave

      INDUSTRIAL (GENERAL) • 0.65 Acres
      2800 19th Ave, Broadview, IL 60155-4754
      View Details
    • Value Estimation
      $280,000
      0.07 Acres

      2301 Roosevelt Rd

      INDUSTRIAL (GENERAL) • 0.07 Acres
      2301 Roosevelt Rd, Broadview, IL 60155-3854
      View Details
    • Value Estimation
      $310,000
      2.02 Acres

      2601 25th Ave

      INDUSTRIAL (GENERAL) • 2.02 Acres
      2601 25th Ave, Broadview, IL 60155-4535
      View Details

    Similar Nearby for Sale

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      View Details
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    Similar Nearby for Lease

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      4,492 SF

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    • Contact for pricing
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      26,422 SF

      Broadview Warehouse Space Available

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    • Contact for pricing
      23,282 SF

      Prime Retail Space Available

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      View Details
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    2524 23rd Pl
    Broadview, IL 60155-4501
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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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