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Property profile & analytics
FOR SALE
Retail space
2900 Highland Ave Downers Grove, IL 60515
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US28-0771888
For Sale
1 / 21
$5,692,000
2900 Highland Ave, Downers Grove, IL 60515
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1993
Total area
37,549 SF
Lot
2.94 ac (128,066 SF)
Zoning code
C
APN
06-29-302-004
UPID
US28-0771888
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ashley Store Furniture & Home Goods Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.14M
CAP Approach
CAP
$8.02M
Comparable Approach
Comparable
$5.75M
Blend (final)
Blend
$6.00M
Owner & transaction history
Spirit Realty LP · 3 yrs held
Spirit Realty LP
since 2022
Last sale
$6.1M
4 recorded transactions
Zoning & alternative use
C · Downers Grove, IL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$9.3M
+14.6%
Medical building
$8.5M
+4.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Downers Grove submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Downers Grove submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$5,895,000
ML approach
$6,135,000
CAP Approach
CAP Return
Estimation
6%
$8,685,000
6.5%
$8,020,000
7%
$7,445,000
Alternative Use
Use
Estimation
RETAIL STORES
$8,090,000
Current use
COMMERCIAL (GENERAL)
$9,270,000
Change: +15% · Conversion: Easy
MEDICAL BUILDING
$8,460,000
Change: +5% · Conversion: Difficult
OFFICE BUILDING
$6,730,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$6.00M
Range $5.40M – $6.59M · ±10% · vs last sale $6.10M (Jul 21 2022)
Last sale anchor
$6.10M
Jul 21 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$160 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$69,241
Tax year 2023
Assessed value
$1,163,220
Assessed 2023
Previous assessed
$1,106,990
+5.1% YoY
Effective rate
5.95%
On assessed value
Assessed land
$574,840
Assessed improvement
$588,380
Land market value
$1,724,520
Improvement market value
$1,765,140
Total market value
$3,489,660
Applied tax rate
6,123.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Sale
Year built
1993
Heating
NONE
Total area
37,549 SF
Lot
2.94 ac (128,066 SF)
Zoning code
C
APN
06-29-302-004
UPID
US28-0771888
Jurisdiction
DU PAGE
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
C · Downers Grove, IL
Zoning C · permitted uses
C · Downers Grove, IL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Downers Grove. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$8.1M
COMMERCIAL (GENERAL)
Est. value
$9.3M
MEDICAL BUILDING
Est. value
$8.5M
OFFICE BUILDING
Est. value
$6.7M
RETAIL STORES Current
COMMERCIAL (GENERAL)
MEDICAL BUILDING
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1993
Heating
NONE
Lot
2.94 ac
Current owner
From public records · entity-resolved
Spirit Realty LP
Entity
Free & Clear · 3 yrs held
Mailing address
4120 N AIR TRANS RD STE #300, MEMPHIS, TN 38118-7413
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 21, 2022
$6,098,000
Spirit Realty LP
Chicago 101 LLC
Special Warranty Deed
—
Apr 27, 2011
$4,175,000
Chicago 101 LLC
Learsi Downers Grove LLC
Grant Deed
—
Oct 8, 2010
$2,900,000
Learsi Downers Grove LLC
Cc Matteson LLC
Grant Deed
$2,137,500 · Northside Community Bank
Oct 5, 2009
—
Cc Matteson LLC
Circuit Investors-yorktown
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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