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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3331 Pratt Ave Lincolnwood, IL 60712-3851

    • Residential income homes
    • 3,216 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Aug 15, 2023
    $530,000
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    9.1%
    Residential income homes
    Location Intelligence
    Property ID
    US28-5832358
    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 3331 Pratt Ave

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.14 lot acres
    Property size
    3,216 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    10-35-425-007
    APU
    1035425007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $590,000
      ML approach
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $651,000
      Market price range: $516k - $739k
      AI Estimate
      $349,000
      Market price range: $302k - $447k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $650,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $770,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lincolnwood
    County
    Cook
    State
    Illinois
    Longitude
    -87.7129
    Latitude
    42.0043
    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
    $11,775
    $8,554
    $43,446
    $52,000
    -
    $85,540
    $434,460
    $520,000

    Comparable in this City

    • Value Estimation
      $545,000
      3,270 SF

      6758 Harding Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,270 SF
      6758 Harding Ave, Lincolnwood, IL 60712-2502
      View Details
    • Value Estimation
      $540,000
      3,302 SF

      6426 Spaulding Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,302 SF
      6426 Spaulding Ave, Lincolnwood, IL 60712-3817
      View Details
    • Value Estimation
      $695,000
      4,320 SF

      3315 Columbia Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,320 SF
      3315 Columbia Ave, Lincolnwood, IL 60712-3824
      View Details
    • Value Estimation
      $575,000
      3,338 SF

      3807 Morse Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,338 SF
      3807 Morse Ave, Lincolnwood, IL 60712-2535
      View Details
    • Value Estimation
      $655,000
      4,266 SF

      3835 Albion Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,266 SF
      3835 Albion Ave, Lincolnwood, IL 60712-3901
      View Details
    • Value Estimation
      $590,000
      3,352 SF

      3355 Columbia Ave, Unit 3

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,352 SF
      3355 Columbia Ave, Lincolnwood, IL 60712-3853
      View Details

    Similar Nearby for Sale

    • $2,499,000
      10,500 SF

      Lincolnwood Commercial Property

      Lincoln Ave. Office & Warehouse, $2.5M
      6731-6735 Lincoln Ave, Lincolnwood, IL 60712
      View Details
    • $1,500,000
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      Lincolnwood Office Building - Prime Location

      Freestanding Office Building, 11,317 sq ft, Abundant Parking
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    • Contact for pricing

      Outdoor Parking Space For Sale

      Outdoor parking space available in Lincolnwood.
      3515 Pratt Ave, Chicago, IL 60712
      View Details
    • $1,200,000
      4,800 SF

      Lincolnwood Commercial Property Investment

      High-traffic location, fully leased, 4,800 sq ft
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    • Contact for pricing
      12,160 SF

      Lincolnwood Medical Office Suite

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    • $2,489,000
      0.34 Acres

      Lincolnwood Commercial and Retail District

      Two-building commercial property in Lincolnwood's business district.
      6731-6733 N Lincoln Ave, Chicago, IL 60712
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      41,216 SF

      Lincolnwood Retail Space For Lease

      Large Single-Tenant Retail Building in Lincolnwood
      6840 Mccormick Blvd, Lincolnwood, IL 60712
      View Details
    • Contact for pricing
      26,192 SF

      Lincolnwood Retail Center Opportunity

      Devon & Crawford Ave - 2,900 SF Available
      3934 Devon Ave, Lincolnwood, IL 60712
      View Details
    • Contact for pricing
      229,540 SF

      Lincolnwood Office & Warehouse Space

      Flexible office & warehouse space in Lincolnwood, IL.
      7080 Mccormick Blvd, Lincolnwood, IL 60712
      View Details
    • $20 SF/Yr
      49,432 SF

      Lincolnwood Office Building for Lease

      Prime Lincolnwood Office Space, Multiple Suites Available
      4433 Touhy Ave, Lincolnwood, IL 60712
      View Details
    • $6 SF/Yr
      71,000 SF

      Lincolnwood Corporate Center Office Space

      71,000 SF Office Building, Multiple Tenants
      7301 Lincoln Ave, Lincolnwood, IL 60712
      View Details
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    3331 Pratt Ave
    Lincolnwood, IL 60712-3851
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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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