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    256 157Th St Harvey, IL 60426

    • Residential income homes
    • 1,936 SF
    • 0.06 lot acres
    For Sale
    View listing
    $139,999
    Value Estimations
    Cap Rate Potential
    8%
    Residential income homes
    Location Intelligence
    Property ID
    US28-2665843
    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

    • Residential income homes

    Property Details for 256 157Th St

    Year built
    1917
    Construction
    FRAME
    Lot size
    0.06 lot acres
    Property size
    1,936 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    29-17-407-048
    APU
    2917407048

    Description

    This exceptional investment opportunity in Harvey, Illinois presents a 2,400 square foot freestanding commercial building situated on a 0-acre lot at 256 E 157th Street. Previously operating as a combined liquor store and grocery store, this property offers significant income potential. A one-bedroom apartment is included, providing additional rental income streams. The building has undergone several key improvements in recent years, enhancing its value and functionality. These upgrades include a new roof installed in 2016, a complete replacement of the copper piping, and updated electrical and plumbing systems. This ensures the property is well-maintained and ready for immediate occupancy. The property is being sold "as is," presenting a unique chance for a savvy investor to capitalize on its existing cash flow and further increase its value through potential renovations or lease adjustments. This is an ideal acquisition for cash buyers seeking a strong return on investment in a growing market. Serious inquiries from pre-approved buyers are encouraged, with cash offers given preference. The property's prime location and solid foundation make it a compelling investment prospect. Don't miss this chance to acquire a profitable commercial property with significant upside.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $310,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $420,000
      6.5%
      $385,000
      7%
      $360,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $316,000
      Market price range: $193k - $316k

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

    Location Insight

    • Map
    • Local Demand
    City
    Harvey
    County
    Cook
    State
    Illinois
    Longitude
    -87.6416
    Latitude
    41.6043
    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
    $5,111
    $764
    $8,941
    $9,705
    -
    $7,640
    $89,410
    $97,050

    Comparable in this City

    • Value Estimation
      $80,000
      1,680 SF

      15518 Turlington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,680 SF
      15518 Turlington Ave, Harvey, IL 60426-4396
      View Details
    • Value Estimation
      $120,000
      2,523 SF

      15200 Page Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,523 SF
      15200 Page Ave, Harvey, IL 60426-3082
      View Details
    • Value Estimation
      $285,000
      1,720 SF

      14543 Lexington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,720 SF
      14543 Lexington Ave, Harvey, IL 60426-1228
      View Details
    • Value Estimation
      $360,000
      3,400 SF

      15330 Lexington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,400 SF
      15330 Lexington Ave, Harvey, IL 60426
      View Details
    • Value Estimation
      $300,000
      2,263 SF

      14543 Loomis Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,263 SF
      14543 Loomis Ave, Harvey, IL 60426-1257
      View Details
    • Value Estimation
      $340,000
      3,348 SF

      15420 Loomis Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,348 SF
      15420 Loomis Ave, Harvey, IL 60426-3613
      View Details

    Similar Nearby for Sale

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      0.09 Acres

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      Mixed-use property with retail and multi-family units in Harvey, Illinois.
      169-171 Ctr Ave, Harvey, IL 60426
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      Harvey, IL Income-Generating Duplex

      Two-unit building on corner lot with separate entries.
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    • $175,000

      Harvey Brick Duplex with Garage

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    Similar Nearby for Lease

    • $18 SF/Yr
      1,580 SF

      Retail Space in Densely Populated Area

      1,580 SF retail space with pylon signage available for rent.
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      View Details
    • Contact for pricing
      23,472 SF

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      Industrial property featuring renovated offices and fenced outside storage.
      270 E 167Th Pl, Harvey, IL 60426
      View Details
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    256 157Th St
    Harvey, IL 60426
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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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