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    2601 98Th St Evergreen Park, IL 60805
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    2601 98Th St Evergreen Park, IL 60805

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    • Commercial real estate
    Off-Market
    Property ID
    US28-5887268
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2601 98Th St

    Property type
    Commercial real estate

    Description

    This exceptional offering presents two adjacent residential lots located at 2601 and 2605 W 98th St, Evergreen Park, IL 60805, in Cook County. Each lot is priced at $55,000, and they are available for purchase individually or as a package deal. These properties provide a unique opportunity for developers seeking to construct two luxury homes or for individuals wishing to build their ideal residence from the ground up. The lots are situated in a tranquil neighborhood, yet conveniently located within minutes of hospitals, grocery stores, and shopping centers. Architectural drawings are available for serious buyers, providing a head start on the design and construction process. The combined purchase offers significant potential for creating a unique and valuable property portfolio. Don't miss this chance to acquire prime real estate in the desirable Evergreen Park community. The lots are zoned for residential use and are ready for immediate development. This is a rare opportunity to secure land in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evergreen Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.687161
    Latitude
    41.715183

    Comparable in this City

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      Evergreen Park Vacant Lot

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      Prime Land on Kedzie Avenue

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    Similar Nearby for Sale

    • $535,000
      1,575 SF

      Evergreen Park Mixed-Use Building

      Two-unit commercial building with storefront and remodeled apartment.
      3837 W 95Th St, Evergreen Park, IL 60805
      View Details
    • $425,000
      0.10 Acres

      Mixed-Use Building in Evergreen Park

      Mixed-use property with retail space and apartment in Evergreen Park.
      3408 W 95Th St, Evergreen Park, IL 60805
      View Details
    • Contact for pricing

      Evergreen Park Vacant Lot

      Vacant land for development in established Evergreen Park.
      2652 W 99Th St, Evergreen Park, IL 60805
      View Details
    • Contact for pricing

      Prime Land on Kedzie Avenue

      23,150 SF land in high-traffic Evergreen Park location.
      9100 S Kedzie Ave, Evergreen Park, IL 60805
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    • $595,000

      Commercial Land on Kedzie Avenue

      Commercial land with excellent frontage along Kedzie Avenue.
      9601 S Kedzie Ave, Evergreen Park, IL 60805
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    • $249,000

      Land in Evergreen Park, IL

      23,150 square foot commercial land for sale.
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    Similar Nearby for Lease

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      Retail Space for Lease

      Retail space available for lease in Chicago, IL.
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      Retail Space in Evergreen Park

      Retail space available in a dominant power center.
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      10,200 SF

      Retail Space in Evergreen Park

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      Retail Space Near St. Xavier

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      3,000 SF retail space with high visibility and access.
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      Dental Space on Western Avenue

      Second-generation dental space available for sale or lease.
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    2601 98Th St
    Evergreen Park, IL 60805
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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.

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