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

    550 22Nd St Lombard, IL 60148

    • Commercial real estate
    • 2.14 lot acres
    For Sale
    View listing
    $2,400,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1600926
    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

    • Commercial real estate

    Property Details for 550 22Nd St

    Lot size
    2.14 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 2.14-acre land parcel at 550 E. 22nd Street in Lombard, Illinois, presents a remarkable redevelopment opportunity. Priced at $2,400,000, the property boasts a rich history, originally engineered and approved for 26 townhomes. Pre-pandemic plans for a 98-room Tru Hilton hotel exist, offering an alternative development path. Existing engineering is readily adaptable for either the original townhouse plan or a new vision. Lombard's developer-friendly environment and low impact fees make this a highly attractive investment. The site benefits from its proximity to the partially redeveloped Yorktown Mall, featuring new housing, retail, and entertainment options, ensuring strong market demand for both for-sale and for-rent residential units. Excellent demographics and convenient access to major employment centers via I-355 and I-88 further enhance its appeal. The seller provides comprehensive due diligence materials including engineering, soils, and stormwater reports, facilitating a swift project commencement, potentially as early as 2024. This prime location offers unparalleled access to shopping, restaurants, Yorktown Mall, and expressways, making it an ideal site for a thriving residential development. The property is zoned for residential use. The address is 550 E 22nd St, Lombard, IL 60148, within DuPage County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lombard
    County
    DuPage
    State
    Illinois
    Longitude
    -88.0021545
    Latitude
    41.8462353

    Comparable in this City

    • $499,900

      VACANT APARTMENT/CONDO LAND (UP TO 35-37 UNITS)

      Multifamily properties
      2030 St Regis Dr, Lombard, IL 60148
      View Details
    • $210,000

      Rare First Floor Condo Unit

      Spacious 3-bedroom condo with updated features and convenient location.
      1313 S Rebecca Rd, Lombard, IL 60148
      View Details
    • $429,000

      Lombard Brick Duplex on Prairie Path

      Solid brick duplex in Lombard, Illinois, near the Prairie Path.
      831 South Broadway Ave, Lombard, IL 60148
      View Details
    • $262,000

      Lombard Condo with Balcony

      Charming 2-bedroom condo in Lombard, near shopping and restaurants.
      2250 S Grace St, Lombard, IL 60148
      View Details
    • $199,900

      Lombard Condo with Balcony View

      Two-story Lombard condo with balcony, convenient location, and ongoing updates.
      120A Collen Dr, Lombard, IL 60148
      View Details
    • $339,000
      1,290 SF

      Lombard Condo: 8% Cap Rate

      Updated Condo, High Cap Rate, Assumable Loan
      845 22Nd St, Lombard, IL 60148
      View Details

    Similar Nearby for Sale

    • $499,900

      VACANT APARTMENT/CONDO LAND (UP TO 35-37 UNITS)

      Multifamily properties
      2030 St Regis Dr, Lombard, IL 60148
      View Details
    • $262,000

      Lombard Condo with Balcony

      Charming 2-bedroom condo in Lombard, near shopping and restaurants.
      2250 S Grace St, Lombard, IL 60148
      View Details
    • $210,000

      Rare First Floor Condo Unit

      Spacious 3-bedroom condo with updated features and convenient location.
      1313 S Rebecca Rd, Lombard, IL 60148
      View Details
    • $429,000

      Lombard Brick Duplex on Prairie Path

      Solid brick duplex in Lombard, Illinois, near the Prairie Path.
      831 South Broadway Ave, Lombard, IL 60148
      View Details
    • $199,900

      Lombard Condo with Balcony View

      Two-story Lombard condo with balcony, convenient location, and ongoing updates.
      120A Collen Dr, Lombard, IL 60148
      View Details
    • $339,000
      1,290 SF

      Lombard Condo: 8% Cap Rate

      Updated Condo, High Cap Rate, Assumable Loan
      845 22Nd St, Lombard, IL 60148
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      60,843 SF

      Lombard Retail Center - Prime Location

      High-traffic retail space, excellent visibility.
      800a-E Roosevelt Rd, Lombard, IL 60148
      View Details
    • Contact for pricing
      37,301 SF

      Lombard Warehouse - 37,301 SF

      Single-tenant warehouse, ideal location.
      901 Du Page Ave, Lombard, IL 60148
      View Details
    • Contact for pricing
      76,646 SF

      Lombard Warehouse Space Available

      76,646 SF Warehouse, Lombard, IL
      120-157 Eisenhower Ln, Lombard, IL 60148
      View Details
    • Contact for pricing
      39,306 SF

      Eisenhower Lane Industrial Space

      Lombard Flex/Warehouse Space Available
      400-420 Eisenhower Ln, Lombard, IL 60148
      View Details
    • $28 SF/Yr
      2,488 SF

      Lombard Office Space for Rent

      Office space featuring private offices, conference room, and open area.
      333 E Butterfield Rd, Lombard, IL 60148
      View Details
    • Contact for pricing
      9,450 SF

      Lombard Warehouse with Upgraded Finishes

      9,450 SF warehouse with upgraded finishes, convenient location.
      1060-1072 N Garfield St, Lombard, IL 60148
      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.
    550 22Nd St
    Lombard, IL 60148
    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.