Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    537 Discovery Dr West Chicago, IL 60185
    Back to Search
    Property profile & analytics

    537 Discovery Dr West Chicago, IL 60185

    View on Map
    • Industrial properties
    • 26.41 lot acres
    For Lease
    $22,635,000
    View Listing →
    West Chicago Distribution Property For Lease
    $22,635,000

    West Chicago Distribution Property

    Distribution and industrial property available for rent in West Chicago.

    537 Discovery Drive, West Chicago, IL 60185
    View Listing
    Property ID
    US28-0023631
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Industrial properties

    Property Details for 537 Discovery Dr

    Lot size
    26.41 lot acres
    Property type
    Industrial properties
    APN
    04-07-203-016
    APU
    407203016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    West Chicago
    County
    Dupage
    State
    Illinois
    Longitude
    -88.2522
    Latitude
    41.8795
    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
    $699,805
    $1,342,020
    $6,172,990
    $7,515,010
    -
    $4,026,060
    $18,518,970
    $22,545,030

    Comparable in this City

    • Value Estimation by Request
      4.02 Acres

      Roosevelt Rd

      INDUSTRIAL (GENERAL) • 4.02 Acres
      Roosevelt Rd, West Chicago, IL 60185
      View Details
    • Value Estimation by Request
      2.67 Acres

      396 Wegner Dr

      INDUSTRIAL (GENERAL) • 2.67 Acres
      396 Wegner Dr, West Chicago, IL 60185-2672
      View Details
    • Value Estimation by Request
      1.50 Acres

      1266 En Ave

      INDUSTRIAL (GENERAL) • 1.50 Acres
      1266 En Ave, West Chicago, IL 60185-1001
      View Details
    • Value Estimation
      $535,000
      42.27 Acres

      705 Discovery Dr

      INDUSTRIAL (GENERAL) • 42.27 Acres
      705 Discovery Dr, West Chicago, IL 60185
      View Details
    • Value Estimation by Request
      7.25 Acres

      Technologh Blvd

      INDUSTRIAL (GENERAL) • 7.25 Acres
      Technologh Blvd, West Chicago, IL 60185
      View Details
    • Value Estimation by Request
      6.26 Acres

      Technology Blvd

      INDUSTRIAL (GENERAL) • 6.26 Acres
      Technology Blvd, West Chicago, IL 60185
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,800 SF

      West Chicago Investment Opportunity

      Income-producing industrial/educational property leased to Ruler CDL School.
      1280 Powis Rd, West Chicago, IL 60185
      View Details
    • Contact for pricing
      6 SF

      Industrial Site with Renovated Office

      6.10-acre site featuring renovated office and maintenance buildings.
      1280 Powis Rd, West Chicago, IL 60185
      View Details
    • Contact for pricing
      504,900 SF

      Geneva Industrial Development Opportunity

      Class A industrial development with build-to-suit opportunities in Geneva, IL.
      Kautz Rd & Geneva Rd, Geneva, IL 60185
      View Details
    • Contact for pricing
      266,760 SF

      Class A Industrial Development

      Class A industrial development in Geneva, IL with build-to-suit options.
      2031 Geneva Dr, Geneva, IL 60185
      View Details
    • Contact for pricing

      West Chicago Industrial Space

      39,584 SF industrial space with office and parking.
      741 Winston St, West Chicago, IL 60185
      View Details
    • $1,900,000
      18.00 Acres

      Prime Industrial Property in West Chicago

      18 acres with storage buildings and Union Pacific railroad access.
      301 W Grand Lake Blvd, West Chicago, IL 60185
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Property for Lease

      Industrial property available for lease in West Chicago, Illinois.
      1000 Harvester Rd, West Chicago, IL 60185
      View Details
    • Contact for pricing
      17,240 SF

      Industrial Space Available For Sublease

      Industrial property available for sublease through February 15, 2027.
      1180 Atlantic Dr, West Chicago, IL 60185
      View Details
    • Contact for pricing
      2,200 SF

      West Chicago Warehouse Space Available

      2,200 SF warehouse space with 18' ceilings for lease.
      1092 Carolina Dr W, Chicago, IL 60185
      View Details
    • Contact for pricing
      73,958 SF

      Distribution Center Sublease Available

      73,958 SF distribution center sublease, convenient location.
      1645 Downs Dr, West Chicago, IL 60185
      View Details
    • Contact for pricing
      10,367 SF

      West Chicago Warehouse Space Available

      Warehouse space for rent with onsite truck parking.
      1600 Downs Dr W, Chicago, IL 60185
      View Details
    • $10 SF/Yr
      26,343 SF

      West Chicago Warehouse Space Available

      Renovated warehouse space for lease in West Chicago.
      825-845 W Hawthorne Ln, West Chicago, IL 60185
      View Details
    View Listing
    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.
    537 Discovery Dr
    West Chicago, IL 60185
    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

    Thank You for Inquiry
    537 Discovery Dr, West Chicago, IL, 60185
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!