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    Property profile & analytics

    512 Lake St Maywood, IL 60153

    • Residential income homes
    • 2,250 SF
    • 0.06 lot acres
    For Sale
    View listing
    $80,000
    Last Sale
    Nov 30, 2023
    Value Estimations
    Cap Rate Potential
    9.3%
    Residential income homes
    Location Intelligence
    Property ID
    US28-0784035
    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 512 Lake St

    Year built
    1903
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    2,250 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    15-11-135-003
    APU
    1511135003

    Description

    This exceptional 2,250 square foot commercial property located at 512 Lake Street in Maywood, Illinois presents a fantastic business opportunity. Previously a successful tire changing business, this building offers significant potential for a variety of auto repair ventures. The spacious layout provides ample room for various services and equipment. Entrepreneurs will appreciate the building's size and the possibilities it offers for customization and expansion. Buyers are encouraged to confirm permitted uses with the Village of Maywood to explore all potential applications. The property is being sold "as is," reflecting its current condition and providing an opportunity for buyers to renovate and tailor the space to their specific needs. All offers must include an addendum and proof of funds. Please note that the listed tax amount does not reflect any potential exemptions. This is a rare chance to acquire a well-situated commercial building in a vibrant community, ready for a new chapter. The property is situated on a lot with no acreage specified. The asking price for this prime commercial real estate is $95,000. Don't miss this chance to invest in a promising business venture in a desirable location. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $450,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $252,000
      Market price range: $169k - $344k
      AI Estimate
      $301,000
      Market price range: $257k - $369k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $265,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $495,000
      Change: +86% Conversion: Difficult
      RETAIL STORES
      $335,000
      Change: +27% Conversion: Difficult
      OFFICE BUILDING
      $300,000
      Change: +13% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $275,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Maywood
    County
    Cook
    State
    Illinois
    Longitude
    -87.84
    Latitude
    41.8896
    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
    $5,825
    $1,140
    $15,362
    $16,502
    -
    $11,400
    $153,620
    $165,020

    Comparable in this City

    • Value Estimation
      $325,000
      2,090 SF

      10 20th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,090 SF
      10 20th Ave, Maywood, IL 60153-1233
      View Details
    • Value Estimation
      $365,000
      2,304 SF

      1517 2nd Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,304 SF
      1517 2nd Ave, Maywood, IL 60153-2230
      View Details
    • Value Estimation
      $370,000
      2,496 SF

      1204 4th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,496 SF
      1204 4th Ave, Maywood, IL 60153-2185
      View Details
    • Value Estimation
      $415,000
      3,840 SF

      1619 5th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,840 SF
      1619 5th Ave, Maywood, IL 60153-5111
      View Details
    • Value Estimation
      $385,000
      3,354 SF

      2008 5th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,354 SF
      2008 5th Ave, Maywood, IL 60153-3273
      View Details
    • Value Estimation
      $385,000
      2,423 SF

      2031 5th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,423 SF
      2031 5th Ave, Maywood, IL 60153-3206
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
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      View Details
    • Contact for pricing

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      View Details
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    512 Lake St
    Maywood, IL 60153
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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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