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    4747 Harlem Ave Harwood Heights, IL 60706

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    4747 Harlem Ave Harwood Heights, IL 60706

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    • Community centers
    • 5.09 lot acres
    For Lease
    $24 SF/Yr
    View Listing →
    Holiday Plaza Retail Space Available For Lease
    $24 SF/Yr

    Holiday Plaza Retail Space Available

    Harwood Heights, IL Strip Center - 70,345 SF

    Chicago, IL 60706
    View Listing
    Property ID
    US28-2175277
    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
    $545,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Beata B. Binski, NP / Physician
    • Orangetheory Fitness / Gym & Fitness Center
    • Vanessa Sohn, MD / Physician
    • Laurie Peercy, NP / Physician
    • Oak Street Health Harwood Heights Primary Care Clinic / Medical Clinic

    Property Details for 4747 Harlem Ave

    Year built
    1985
    Lot size
    5.09 lot acres
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    13-18-100-092
    APU
    1318100092

    Description

    Holiday Plaza Shopping Center, located at 4747 N Harlem Avenue in Harwood Heights, Illinois (zip code 60706), offers exceptional retail space for lease. This 70,345 square foot strip center, built in 1988 and situated in Cook County, boasts a prime location with excellent visibility to nearly 48,000 vehicles per day. The property features two suites, with a minimum divisible space of 1,600 square feet and a maximum contiguous space of 5,445 square feet. Currently, 7,045 square feet are vacant, presenting a unique opportunity for businesses seeking high-traffic exposure. The center has undergone recent renovations and offers ample parking, convenient access to Harlem Avenue, and excellent signage potential at the intersection of Harlem and Lawrence Avenues. Its strategic location provides easy access to I-90, less than one mile away. Holiday Plaza enjoys strong co-tenancy with established businesses such as BioLife, Orange Theory Fitness, Starbucks, Mariano's, Aldi, Jewel-Osco, Marshalls, Burlington Coat Factory, Zip Fitness, McDonald's, Denny's, GameStop, and American Mattress, among others. This property presents a compelling investment opportunity for businesses seeking a vibrant and well-established retail environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $545,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Harwood Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.8063
    Latitude
    41.9667
    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
    $608,130
    $789,617
    $1,707,383
    $2,497,000
    -
    $3,158,468
    $6,829,532
    $9,988,000

    Comparable in this City

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      47,792 SF

      7757 Lawrence Ave

      Lifestyle centers • 47,792 SF
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      0.11 Acres

      4630 Harlem Ave

      MINI-MALL • 0.11 Acres
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      View Details

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      Mixed-Use Investment Opportunity in Norridge

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    Similar Nearby for Lease

    • $24 SF/Yr
      70,345 SF

      Holiday Plaza Retail Space Available

      Harwood Heights, IL Strip Center - 70,345 SF
      4747 Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing
      3,750 SF

      Norridge Retail Space For Lease

      Retail spaces available in Norridge Commons shopping center.
      4103-4137 N Harlem Ave, Norridge, IL 60706
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      66,560 SF

      Retail Space on Harlem Avenue

      Retail space available in high-traffic Harlem Avenue corridor.
      4710 North Harlem Ave, Harwood Heights, IL 60706
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      Prime Retail Space Available

      Retail space in a high-traffic, residential area.
      7723 W Lawrence Ave, Norridge, IL 60706
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      Harlem Avenue Retail Space

      Retail space available on Harlem Avenue near Harlem Irving Plaza.
      4455 North Harlem Ave, Norridge, IL 60706
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease in Harwood Heights, Illinois.
      7304 W Lawrence Ave, Harwood Heights, IL 60706
      View Details
    View Listing
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    Harwood Heights, IL 60706
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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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    4747 Harlem Ave, Harwood Heights, IL, 60706

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