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Property profile & analytics
OFF-MARKET
Estimated value
$920,000
Office Spaces
5901 Dempster St, Morton Grove, IL 60053-3014
Individually Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-2854257
Property summary
AI-generated overview
This exceptional investment opportunity features four meticulously maintained Class A office condominiums located at 5901 Dempster St, Morton Grove, IL 60053. Built in 2009 and renovated in 2015, this single, two-story building sits on a half-acre lot (APN: 10-20-200-043-1001, 10-20-200-043-1002, 10-20-200-043-1007, 10-20-200-043-1004) and is zoned C-1. Units range from 920 to 1,950 square feet, offering flexibility for various business needs. Currently, three units are available: one vacant unit (1,315 sq ft), one occupied under a sale-leaseback agreement, and one owner-occupied unit. The building enjoys a prime location in downtown Morton Grove, boasting excellent ingress/egress and high visibility with over 33,000 vehicles passing daily. This is a unique opportunity to acquire a professional-grade property in a highly desirable area
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
APN
10-20-200-043-1002
UPID
US28-2854257
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Pure Platform Film Production Television Studio
-
Ted J Heinz Ltd Dental Office
-
Dental Clinic of Morton Grove Dental Office
-
Low Office Law Firm
-
Law Office of David Butbul Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$920k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$920k
Owner & transaction history
Innovative Real Acquisitions & Dev · 2 yrs held
Innovative Real Acquisitions & Dev
since 2024
Last sale
$917,500
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Morton Grove submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morton Grove submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$920,000
ML approach
$920,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$920k
Range $828k – $1.01M · ±10% · vs last sale $918k (Feb 2 2024)
Last sale anchor
$918k
Feb 2 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$31,945
Tax year 2022
Assessed value
$116,074
Assessed 2022
Previous assessed
$180,970
-35.9% YoY
Effective rate
27.52%
On assessed value
Assessed land
$38,812
Assessed improvement
$77,262
Land market value
$155,248
Improvement market value
$309,048
Total market value
$464,296
Applied tax rate
24,017.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Heating
NONE
APN
10-20-200-043-1002
UPID
US28-2854257
Jurisdiction
COOK
Metro division
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Heating
NONE
Current owner
From public records · entity-resolved
Innovative Real Acquisitions & Dev
Individual
Mailing address
5901 DEMPSTER ST STE #101, MORTON GROVE, IL 60053-3019
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 2, 2024
$917,500
Innovative Real Acquisitions & Dev
Hl Development INC
Warranty Deed
$500,000 · Beverly Bank & Trust Co NA
—
—
Hl Dev INC
—
Deed Of Trust
related
$999,023 · Mb Financial Bank NA
—
—
Hl Dev INC
—
Deed Of Trust
related
$735,196 · Mb Financial Bank NA
—
—
Hl Dev INC
—
Loan Modification
related
$1,310,000 · Mb Financial Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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