Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    506 Westgate St, Unit 2 Addison, IL 60101-4525

    • Industrial properties
    • 23,192 SF
    • 0.90 lot acres
    OFF-MARKET
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2749315
    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

    • National Soccer League / Soccer Club
    • Awesome Amusements Party Rentals / Party Equipment Rental Service
    • Award Machinery Enterprises / Metal Machinery Supplier

    Property Details for 506 Westgate St

    Year built
    1971
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.90 lot acres
    Property size
    23,192 SF
    Zone code
    I
    Property type
    Industrial properties
    APN
    03-33-102-026
    APU
    333102026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $635,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $768,000
      Market price range: $597k - $1.47M

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    Dupage
    State
    Illinois
    Longitude
    -87.9944
    Latitude
    41.9177
    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
    2023
    $35,009
    $120,050
    $355,530
    $475,580
    -
    $360,150
    $1,066,590
    $1,426,740

    Comparable in this City

    • Value Estimation
      $240,000
      0.61 Acres

      Lombard Rd

      INDUSTRIAL (GENERAL) • 0.61 Acres
      Lombard Rd, Addison, IL 60101
      View Details
    • Value Estimation
      $275,000
      0.78 Acres

      426 Westgate St

      INDUSTRIAL (GENERAL) • 0.78 Acres
      426 Westgate St, Addison, IL 60101-4529
      View Details
    • Value Estimation
      $240,000
      0.13 Acres

      1051 Westwood Ave

      INDUSTRIAL (GENERAL) • 0.13 Acres
      1051 Westwood Ave, Addison, IL 60101-4918
      View Details
    • Value Estimation
      $255,000
      0.42 Acres

      Belden Ave

      INDUSTRIAL (GENERAL) • 0.42 Acres
      Belden Ave, Addison, IL 60101
      View Details
    • Value Estimation
      $235,000
      0.02 Acres

      412 Belden Ave

      INDUSTRIAL (GENERAL) • 0.02 Acres
      412 Belden Ave, Addison, IL 60101-4903
      View Details
    • Value Estimation
      $990,000
      102,402 SF

      200 Church St

      INDUSTRIAL (GENERAL) • 102,402 SF
      200 Church St, Addison, IL 60101-3748
      View Details

    Similar Nearby for Sale

    • $1,500,000
      0.69 Acres

      Addison Commercial Building For Sale

      Freestanding brick building with office and warehouse space.
      814 S Westwood Ave, Addison, IL 60101
      View Details
    • Contact for pricing
      14,131 SF

      Addison Industrial Building with Office

      14,131 SF industrial building with 9,700 SF office space.
      223 W Interstate Rd, Addison, IL 60101
      View Details
    • $5,400,000
      37,098 SF

      Addison Industrial Building with Generator

      37,098 SF industrial building with heavy parking and generator.
      130 S Addison Rd, Addison, IL 60101
      View Details
    • Contact for pricing
      36,600 SF

      Addison Warehouse with Fenced Storage

      36,600 SF warehouse with fenced outside storage for sale.
      905 S Westwood Ave, Addison, IL 60101
      View Details
    • $1,700,000

      Addison Commercial Building Investment

      12-Unit Multifamily, High Demand Area
      343 Mill Rd, Addison, IL 60101
      View Details
    • Contact for pricing
      4.50 Acres

      Addison Commercial Land - 4.5 Acres

      Prime Addison land, ideal for logistics. High-income cell tower.
      575 Fullerton Ave, Addison, IL 60101
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      5,365 SF

      Industrial Space Near I-355

      Institutionally owned and managed industrial space for rent.
      1765-1795 Cortland Ct, Addison, IL 60101
      View Details
    • Contact for pricing
      120,727 SF

      Addison Industrial Property For Rent

      Industrial property in Addison, Illinois, with ample parking.
      1350 N Greenbriar Dr, Addison, IL 60101
      View Details
    • $13 SF/Yr
      53,200 SF

      Industrial Unit Near I-355

      Smaller industrial unit with drive-in door, near I-355.
      Addison, IL 60101
      View Details
    • $4,100 /Mo
      13,360 SF

      Industrial Unit For Rent

      Industrial unit perfect for contractors or overflow storage.
      1786 W Armitage Ct, Addison, IL 60101
      View Details
    • $10 SF/Yr
      2,875 SF

      Addison Flex/Industrial Space Available

      Flex/industrial space for rent, conveniently located near I-355.
      100-102 S Fairbank St, Addison, IL 60101
      View Details
    • Contact for pricing
      10,880 SF

      Addison Warehouse Space Available

      Institutionally owned warehouse space with high parking ratio.
      2100 W Corporate Dr, Addison, IL 60101
      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.
    506 Westgate St, Unit 2
    Addison, IL 60101-4525
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.