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

    388 3rd Ave Des Plaines, IL 60016-1191

    • Residential income homes
    • 3,392 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $460,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4881414
    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 388 3rd Ave

    Year built
    1965
    Construction
    FRAME
    Lot size
    0.26 lot acres
    Property size
    3,392 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    09-08-103-009
    APU
    908103009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $573,000
      Market price range: $473k - $704k
      AI Estimate
      $434,000
      Market price range: $307k - $555k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $575,000
      Current use
      RETAIL STORES
      $505,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.9038
    Latitude
    42.0598
    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
    $12,608
    $9,588
    $39,412
    $49,000
    -
    $95,880
    $394,120
    $490,000

    Comparable in this City

    • Value Estimation
      $435,000
      4,575 SF

      765 Holiday Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,575 SF
      765 Holiday Ln, Des Plaines, IL 60016-9006
      View Details
    • Value Estimation
      $450,000
      4,498 SF

      1781 Rand Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,498 SF
      1781 Rand Rd, Des Plaines, IL 60016-3558
      View Details
    • Value Estimation
      $455,000
      3,392 SF

      765 Waikiki Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,392 SF
      765 Waikiki Dr, Des Plaines, IL 60016-7518
      View Details
    • Value Estimation
      $400,000
      3,858 SF

      1144 Willson Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,858 SF
      1144 Willson Dr, Des Plaines, IL 60016-5787
      View Details
    • Value Estimation
      $410,000
      3,392 SF

      338 3rd Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,392 SF
      338 3rd Ave, Des Plaines, IL 60016-1186
      View Details
    • Value Estimation
      $465,000
      3,392 SF

      410 3rd Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,392 SF
      410 3rd Ave, Des Plaines, IL 60016-1192
      View Details

    Similar Nearby for Sale

    • $360,000

      Luxury Condo in Des Plaines

      New construction, two-bedroom condo with premium finishes, available September.
      9396 Landings Ln, Des Plaines, IL 60016
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    • $269,900

      Spacious Condo Near Downtown

      Two-bedroom condo with modern updates and convenient location.
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    • $300,000

      New Construction Condo in Des Plaines

      Luxury two-bedroom condo with premium finishes, available for summer delivery.
      9396 Landings Ln, Des Plaines, IL 60016
      View Details
    • $945,000
      0.18 Acres

      Des Plaines Multifamily Investment Opportunity

      Six-unit building in desirable location with immediate income and value-add potential.
      8807 Dee Rd, Des Plaines, IL 60016
      View Details
    • $205,000
      1,000 SF

      Spacious 2BR Condo with Patio

      First-floor unit with patio, new carpets, and in-unit laundry.
      920 Beau Dr, Des Plaines, IL 60016
      View Details
    • $337,500

      Updated Corner Unit Condo

      Spacious condo with updates, close to Metra and downtown.
      365 Graceland Ave, Des Plaines, IL 60016
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    Similar Nearby for Lease

    • $24 SF/Yr
      5,200 SF

      Des Plaines Office/Retail Gem

      Prime Des Plaines location, flexible space.
      682 Lee St, Des Plaines, IL 60016
      View Details
    • Contact for pricing
      1,925 SF

      Des Plaines Office Space Available

      Office space available for rent in Des Plaines, Illinois.
      8901 Golf Rd, Des Plaines, IL 60016
      View Details
    • $9 SF/Yr
      108,000 SF

      Des Plaines Office Space Available

      10 Suites, 531-2,499 sq ft
      2720 River Rd, Des Plaines, IL 60016
      View Details
    • $13 SF/Yr
      33,270 SF

      Des Plaines Office Building for Lease

      Prime Des Plaines Office Space: Multiple Suites Available
      950 Lee St, Des Plaines, IL 60016
      View Details
    • Contact for pricing
      2,384 SF

      Des Plaines Warehouse/Flex Space Available

      Multi-tenant warehouse/flex buildings near O’Hare Airport, I-90 & I-294.
      1245-1265 Rand Rd, Des Plaines, IL 60016
      View Details
    • $18 SF/Yr
      900 SF

      Retail/Dental/Office Space Available

      Former dental space suitable for retail, dental, or office use.
      624-640 W Algonquin Rd, Des Plaines, IL 60016
      View Details
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    388 3rd Ave
    Des Plaines, IL 60016-1191
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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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