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

    6040 111Th St Chicago Ridge, IL 60415

    • Commercial real estate
    • 0.55 lot acres
    For Sale
    View listing
    $425,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1772629
    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

    • Totally fried / Restaurant

    Property Details for 6040 111Th St

    Year built
    1966
    Lot size
    0.55 lot acres
    Property type
    Commercial real estate
    APN
    24-17-309-003
    APU
    2417309003

    Description

    This exceptional commercial land opportunity in Chicago Ridge, Illinois, presents a compelling investment prospect. Located at 6040 W 111th St, this property boasts a sizable 0.55-acre lot, offering approximately 24,381 square feet of developable land. The property features an impressive 132 feet of frontage on the heavily trafficked 111th Street, ensuring high visibility and accessibility for any commercial venture. The site is zoned C-2 Commercial, allowing for a wide range of potential uses. All utilities are readily available on-site, simplifying development and reducing upfront costs. The property's APN is 24173090030000. This offering includes two available lots, making it ideal for either a single large-scale development or the potential for future expansion. Situated in Cook County, with a 60415 zip code, this location provides easy access to major transportation routes and a thriving local community. The asking price for this prime commercial land is $485,900. Don't miss this chance to acquire a highly visible and versatile commercial property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Ridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.7708
    Latitude
    41.6909
    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
    $22,171
    $39,253
    $17,333
    $56,586
    -
    $157,012
    $69,332
    $226,344

    Comparable in this City

    • Value Estimation
      $400,000
      1.24 Acres

      10258 Swsw Hwy

      COMMERCIAL (GENERAL) • 1.24 Acres
      10258 Swsw Hwy, Chicago Ridge, IL 60415-1361
      View Details
    • Value Estimation
      $300,000
      0.28 Acres

      6100 111th St

      COMMERCIAL (GENERAL) • 0.28 Acres
      6100 111th St, Chicago Ridge, IL 60415-2105
      View Details
    • Value Estimation
      $290,000
      0.02 Acres

      103 Ridgeland Ave

      COMMERCIAL (GENERAL) • 0.02 Acres
      103 Ridgeland Ave, Chicago Ridge, IL 60415
      View Details
    • Value Estimation
      $7,535,000
      0.14 Acres

      5700 108th St

      COMMERCIAL (GENERAL) • 0.14 Acres
      5700 108th St, Chicago Ridge, IL 60415-2317
      View Details
    • Value Estimation
      $310,000
      0.17 Acres

      5600 111th St

      COMMERCIAL (GENERAL) • 0.17 Acres
      5600 111th St, Chicago Ridge, IL 60415-2406
      View Details
    • Value Estimation
      $5,080,000
      1,200 SF

      10225 Harlem Ave

      COMMERCIAL (GENERAL) • 1,200 SF
      10225 Harlem Ave, Chicago Ridge, IL 60415-1347
      View Details

    Similar Nearby for Sale

    • $5,000,000
      22,354 SF

      Freestanding Pep Boys Ground Lease

      Pep Boys ground lease with development potential in Chicago Ridge.
      10100 Ridgeland Ave, Chicago Ridge, IL 60415
      View Details
    • $9,379,244
      8,925 SF

      Chicago Ridge Retail Investment Opportunity

      NNN leased retail property with long term tenant.
      9820 Ridgeland Ave, Chicago Ridge, IL 60415
      View Details
    • $1,376,623
      2,242 SF

      Remodeled Meineke in Chicago Ridge

      Single-tenant net lease property with strong operating history.
      6154 111Th St, Chicago Ridge, IL 60415
      View Details
    • $1,200,000
      0.09 Acres

      Mixed-Use Property with Remodeled Bar

      Mixed-use property featuring a remodeled bar and spacious apartment.
      9999 Confidential Confidential Ave, Chicago Ridge, IL 60415
      View Details
    • $169,900

      Chicago Ridge Condo with Garage

      Like-new one-bedroom condo with in-unit laundry and private garage.
      10620 S Central Ave, Chicago Ridge, IL 60415
      View Details
    • $5,979,000
      3,065 SF

      Retail Property with Long-Term Lease

      Retail property with a new 15-year lease in place.
      6401 95Th St, Chicago Ridge, IL 60415
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,880 SF

      Retail Space in Chicago Ridge

      Retail space with high visibility and strong national retailers.
      201-253 Commons Dr, Chicago Ridge, IL 60415
      View Details
    • $10 SF/Yr
      64,340 SF

      Secured Storage Near I-294

      Secured outside storage with quick access to I-294.
      9999 Virginia Ave, Chicago Ridge, IL 60415
      View Details
    • Contact for pricing
      3,228 SF

      Retail Space in Chicago Ridge

      Retail property with high visibility and strong national retailers.
      101-110 Commons Dr, Chicago Ridge, IL 60415
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space on 95th Street

      New construction retail space with high visibility available for lease.
      6501 95Th St, Chicago Ridge, IL 60415
      View Details
    • Contact for pricing
      2,885 SF

      Retail Space with Flexible Site

      Retail space available for lease with drive-thru potential.
      6440 95Th St, Chicago Ridge, IL 60415
      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.
    6040 111Th St
    Chicago Ridge, IL 60415
    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.