Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3223 Lk Ave Wilmette, IL 60091-1069
    Back to Search
    Property profile & analytics

    3223 Lk Ave, Wilmette, IL 60091-1069

    View on Map
    • Retail space
    • 0.20 lot acres
    Off-Market
    Property ID
    US28-1574208
    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

    • Retail space

    Property Details for 3223 Lk Ave

    Year built
    1978
    Lot size
    0.20 lot acres
    Property type
    Retail space
    APN
    05-31-204-027
    APU
    531204027

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 27, 2024 — Ch Retail Fund II Chicago Westlake — Deed · related $76.5M · Everbank NA
    Sep 1, 2021 — Ch Retail Fund II Chicago Westlake — Deed · related $84.1M · Parlex 5 Finco LLC
    Dec 23, 2019 $15,275,000 Ch Retail Fund II & Chicago Wes Tcb-westlake LLC Grant Deed · related —
    Jan 4, 2019 — Tcb-westlake LLC — Loan Modification · related $7.9M · Wintrust Bk
    Mar 6, 2012 — Tcb-westlake LLC Westlake Plaza LLC Of Wilmette Quit Claim Deed · related $7.2M · North Shore Cmnty Bk
    Jan 17, 2012 — Westlake Plaza LLC Trust 68791 Grant Deed · related —
    — — Tcb-westlake LLC — Loan Modification · related $7.9M · Wintrust Bk

    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
    Wilmette
    County
    Cook
    State
    Illinois
    Longitude
    -87.756
    Latitude
    42.0788
    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
    $37,944
    $55,300
    $122,287
    $177,587
    -
    $221,200
    $489,148
    $710,348

    Comparable in this City

    • Value Estimation by Request
      0.17 Acres

      723 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES)
      723 Rdg Rd, Wilmette, IL 60091-2443
      View Details
    • Value Estimation by Request
      0.07 Acres

      1151 Wilmette Ave

      STORE, RETAIL OUTLET
      1151 Wilmette Ave, Wilmette, IL 60091
      View Details
    • Value Estimation by Request
      0.06 Acres

      1149 Wilmette Ave

      STORE, RETAIL OUTLET
      1149 Wilmette Ave, Wilmette, IL 60091-2603
      View Details
    • Value Estimation by Request
      0.07 Acres

      1233 Grn Bay Rd

      RETAIL STORES (PERSONAL SERVICES)
      1233 Grn Bay Rd, Wilmette, IL 60091-1643
      View Details
    • Value Estimation by Request
      0.13 Acres

      531 Grn Bay Rd

      RETAIL STORES (PERSONAL SERVICES)
      531 Grn Bay Rd, Wilmette, IL 60091-2726
      View Details
    • Value Estimation by Request
      0.17 Acres

      1609 10th St

      RETAIL STORES (PERSONAL SERVICES)
      1609 10th St, Wilmette, IL 60091
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      855 SF

      Historic Landmark Retail Building

      Retail building for sale, ground lease with renewal potential.
      351 Linden Ave, Wilmette, IL 60091
      View Details
    • $310,000

      Retail Space Near CTA Station

      Retail space with high commuter traffic and income demographics.
      351 Linden Ave, Wilmette, IL 60091
      View Details
    • $5,999,000

      Green Bay Road Development Site

      Prime development site bordering downtown Wilmette.
      621 Green Bay Rd, Wilmette, IL 60091
      View Details
    • $5,999,000

      Development Site on Green Bay

      Prime commercial land bordering downtown Wilmette for new construction.
      621 Green Bay Rd, Wilmette, IL 60091
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr

      Retail Space with Basement Storage

      Retail space for lease with basement, walk-in freezer/refrigerator.
      1167 Wilmette Ave, Wilmette, IL 60091
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail spaces available, ranging from 200 to 1,416 square feet.
      1200 Central Ave, Wilmette, IL 60091
      View Details
    • Contact for pricing
      1,139 SF

      Retail Space Near Old Orchard

      Retail space near Old Orchard Shopping Center, ideal for various uses.
      60 Skokie Blvd, Wilmette, IL 60091
      View Details
    • Contact for pricing
      960 SF

      Retail Space in Ridge Crest

      960 SF retail unit in Wilmette's Ridge Crest center.
      915-927 Ridge Rd, Wilmette, IL 60091
      View Details
    • Contact for pricing
      1,402 SF

      Retail Space on Lake Avenue

      1,370 SF end-cap retail space for lease.
      3520 Lake Ave, Wilmette, IL 60091
      View Details
    • Contact for pricing
      4,615 SF

      Prime Retail Space Available

      Highly visible end-cap retail space near Old Orchard Mall.
      50 Skokie Blvd, Wilmette, IL 60091
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3223 Lk Ave
    Wilmette, IL 60091-1069
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3223 Lk Ave, Wilmette, IL, 60091
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!