Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4901 Searle Pkwy Skokie, IL 60077-5313

    • Retail space
    • 3.16 lot acres
    OFF-MARKET
    Last Sale
    Nov 05, 2021
    $36,200,000
    Value Estimations
    $38,920,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2277716
    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

    • Northshore Hospice / Nursing Home
    • Northshore University Health / Home Health Care Service

    Property Details for 4901 Searle Pkwy

    Year built
    1960
    Lot size
    3.16 lot acres
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    10-21-415-032
    APU
    1021415032

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $44,360,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.7508
    Latitude
    42.0289
    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
    $1,636,556
    $343,645
    $4,906,355
    $5,250,000
    -
    $1,374,580
    $19,625,420
    $21,000,000

    Comparable in this City

    • Value Estimation by Request
      2.19 Acres

      376 Old Orch Shopping Ctr

      STORE, RETAIL OUTLET • 2.19 Acres
      376 Old Orch Shopping Ctr, Skokie, IL 60077
      View Details
    • Value Estimation
      $610,000
      10,664 SF

      4864 Dempster St

      STORE, RETAIL OUTLET • 10,664 SF
      4864 Dempster St, Skokie, IL 60077-2253
      View Details
    • Value Estimation by Request

      8833 Gross Pt Rd

      STORE, RETAIL OUTLET
      8833 Gross Pt Rd, Skokie, IL 60077-1859
      View Details
    • Value Estimation
      $670,000
      0.09 Acres

      5360 Fargo Ave

      STORE, RETAIL OUTLET • 0.09 Acres
      5360 Fargo Ave, Skokie, IL 60077-3250
      View Details
    • Value Estimation by Request
      1.61 Acres

      8001 Lincoln Ave

      STORE, RETAIL OUTLET • 1.61 Acres
      8001 Lincoln Ave, Skokie, IL 60077-3695
      View Details
    • Value Estimation by Request
      0.14 Acres

      5049 Oakton St

      STORE, RETAIL OUTLET • 0.14 Acres
      5049 Oakton St, Skokie, IL 60077-2908
      View Details

    Similar Nearby for Sale

    • $375,000

      Mixed-Use Building in Downtown Skokie

      Mixed-use brick building with storefront and residential apartment in Skokie.
      4929 Oakton St, Skokie, IL 60077
      View Details
    • $2,380,952
      2,004 SF

      Skokie Retail Property on Touhy

      NNN leased retail property in Skokie with high traffic.
      5222 W Touhy Ave, Skokie, IL 60077
      View Details
    • $799,000
      5,000 SF

      Skokie Mixed-Use Building For Sale

      Two-story mixed-use building near Skokie's downtown action and entertainment corridor.
      7880 Lincoln Ave, Skokie, IL 60077
      View Details
    • New
      $579,000
      0.07 Acres

      Skokie Mixed-Use Live/Work Opportunity

      Mixed-use property in Skokie's business district with live/work potential.
      4811 Main St, Skokie, IL 60077
      View Details
    • $1,000,000
      2,589 SF

      Skokie Retail Property For Sale

      Retail property available for purchase in Skokie, Illinois.
      8357 Skokie Blvd, Skokie, IL 60077
      View Details
    • $4,000,000
      18,744 SF

      Skokie Retail Investment Opportunity

      Multi-tenant retail center in Skokie, Illinois for sale.
      8810 Gross Point Rd, Skokie, IL 60077
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,977 SF

      Skokie Retail Space For Rent

      Retail space available with dedicated parking in Skokie, Illinois.
      8400-8408 Skokie Blvd, Skokie, IL 60077
      View Details
    • Contact for pricing
      3,793 SF

      Retail Space Near Old Orchard

      Retail spaces available near Old Orchard, Skokie, Illinois.
      9410-9466 Skokie Blvd, Skokie, IL 60077
      View Details
    • Contact for pricing
      1,250 SF

      Jack's Corner Retail Space

      Prime Retail Space, Touhy & Laramie
      5219 Touhy Ave, Skokie, IL 60077
      View Details
    • Contact for pricing
      37,089 SF

      Skokie Retail Space For Rent

      High-performing power center in Skokie, drawing from affluent suburbs.
      5415-7151 Touhy Ave, Skokie, IL 60077
      View Details
    • Contact for pricing
      1,414 SF

      Skokie Retail Space For Rent

      Retail space available in a high-traffic Skokie power center.
      7136-7160 Carpenter Rd, Skokie, IL 60077
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space on Touhy Avenue

      Retail spaces available with high traffic and strong demographics.
      5220-5238 Touhy Ave, Skokie, IL 60077
      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.
    4901 Searle Pkwy
    Skokie, IL 60077-5313
    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

    Google sign-in failed. Please try again or use another login method.