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

    472 N Mclean Blvd, Unit 201-202 Elgin, IL 60123

    • Office Properties & Spaces
    • 1,225 SF
    For Sale
    View listing
    $299,000
    Last Sale
    Sep 21, 2023
    Value Estimations
    Cap Rate Potential
    6.2%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US28-1326268
    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

    • Office Properties & Spaces

    Property Details for 472 N Mclean Blvd

    Year built
    1989
    Property size
    1,225 SF
    Property type
    Office Properties & Spaces
    APN
    06-10-378-155
    APU
    610378155

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $345,000
      6.5%
      $320,000
      7%
      $295,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.3123
    Latitude
    42.0441
    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
    $3,126
    $2,198
    $33,858
    $36,056
    -
    $6,594
    $101,574
    $108,168

    Comparable in this City

    • Value Estimation
      $240,000
      0.10 Acres

      Elgin, IL 60123

      OFFICE (GENERAL) • 0.10 Acres
      Elgin, IL 60123
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    • Value Estimation by Request

      645 Tollgate Rd

      OFFICE (GENERAL)
      645 Tollgate Rd, Elgin, IL 60123-9350
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    • Value Estimation
      $335,000
      1,612 SF

      1750 Randall Rd Ste, Unit 280

      OFFICE (GENERAL) • 1,612 SF
      1750 Randall Rd Ste, Elgin, IL 60123-7901
      View Details
    • Value Estimation
      $295,000
      2,088 SF

      2126 Foothill Rd

      OFFICE (GENERAL) • 2,088 SF
      2126 Foothill Rd, Elgin, IL 60123-5871
      View Details
    • Value Estimation
      $360,000
      1,532 SF

      1750 Randall Rd Ste, Unit 160

      OFFICE (GENERAL) • 1,532 SF
      1750 Randall Rd Ste, Elgin, IL 60123-7902
      View Details
    • Value Estimation
      $255,000
      1,008 SF

      1590 Weatherstone Ln Ste, Unit 4

      OFFICE (GENERAL) • 1,008 SF
      1590 Weatherstone Ln Ste, Elgin, IL 60123-2059
      View Details

    Similar Nearby for Sale

    • $1,150,000
      7,938 SF

      Elgin Office Building: Prime Location

      7,938 sq ft Office Space, High Visibility
      1800 Larkin Ave, Elgin, IL 60123
      View Details
    • $752,000
      7,918 SF

      Multi-Tenant Office Building For Sale

      Two-story office building with multiple suites and ample parking.
      574 Mclean Blvd, Elgin, IL 60123
      View Details
    • $349,900
      0.26 Acres

      Elgin Commercial Building For Sale

      Single-story office building on a prime corner lot in Elgin.
      530 N Mclean Blvd, Elgin, IL 60123
      View Details
    • $299,000
      0.67 Acres

      Luxury Office Condo in Elgin

      Remodeled 4,000 SF office condo with high-end finishes.
      472 N Mclean Blvd, Elgin, IL 60123
      View Details
    • $425,000
      0.50 Acres

      Prime Office Space in Elgin

      6,326 SF office space in a busy commercial area.
      85 Market St, Elgin, IL 60123
      View Details
    • Contact for pricing
      8.84 Acres

      Elgin, IL Commercial Land Outlot

      Walmart-adjacent land, high traffic, 8.84 acres.
      1100 Randall Rd, Elgin, IL 60123
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      37,441 SF

      Tollgate Road Office/Flex Space

      Kane County Office & Warehouse Suites Available
      665 Tollgate Rd, Elgin, IL 60123
      View Details
    • Contact for pricing
      73,375 SF

      Highpoint Drive Office/Warehouse Space

      Prime Kane County Office & Warehouse
      1575-1595 Highpoint Dr, Elgin, IL 60123
      View Details
    • $19 SF/Yr
      81,421 SF

      Elgin Executive Office Suites

      Class A Office Space, 55,201 SF Available
      2250 Point Blvd, Elgin, IL 60123
      View Details
    • Contact for pricing
      437,930 SF

      Tollgate Road Industrial Campus

      Class A Industrial Space, Elgin, IL
      1100 Tollgate Rd, Elgin, IL 60123
      View Details
    • Contact for pricing
      3,439 SF

      Renovated Office Space Available

      Recently renovated office space with expressway frontage and flexible terms.
      385 Airport Rd, Elgin, IL 60123
      View Details
    • Contact for pricing
      29,338 SF

      Elgin Industrial Building with Office

      29,338 SF industrial building with 2,800 SF office space.
      617 N State St, Elgin, IL 60123
      View Details
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    Elgin, IL 60123
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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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