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    608 Hillgrove Ave Western Springs, IL 60558
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    Property profile & analytics

    608 Hillgrove Ave Western Springs, IL 60558

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    • Retail space
    • 1,800 SF
    Off-Market
    Property ID
    US28-5617761
    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

    • Western Springs Podiatry Center / Medical Clinic
    • IJM Group Architects Inc. / Architect
    • Jerome Donnelly / Geriatric Care Provider

    Property Details for 608 Hillgrove Ave

    Property size
    1,800 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    18-05-301-012

    Description

    This exceptional 1,800 square foot commercial property at 608 Hillgrove Avenue in Western Springs, Illinois, is offered for sale at $525,000. The building, which underwent a complete renovation in 2019, boasts a versatile layout suitable for various office uses, including executive suites, traditional office spaces, or a storefront. Currently vacant, this single-tenancy property presents a unique opportunity for immediate occupancy. Situated in the desirable C-1 Commercial District, it benefits from a prime downtown location, just one block from the Metra station, ensuring convenient access for commuters. The property features a 10-foot ceiling height and includes an 8' x 17' storage shed. The lot size is 3,425 square feet, and the property's APN is 18-05-301-012. Real estate taxes for 2023 were paid in 2024, totaling $12,691.70. Previously used as an architect's office, this building offers significant potential for a variety of businesses. The property is ready for immediate occupancy and offers a blank canvas for a new owner to customize to their specific needs. This is a rare opportunity to acquire a renovated, well-located commercial property in the heart of Western Springs.

    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
    Western Springs
    County
    Cook
    State
    Illinois
    Longitude
    -87.8968384
    Latitude
    41.810487

    Comparable in this City

    • Contact for pricing

      Retail Space in Downtown Location

      Retail space in downtown Western Springs with high visibility.
      800 W Hillgrove Ave, Western Springs, IL 60558
      View Details
    • $399,900

      Land in Western Springs, IL

      Land in a desirable Western Springs location near amenities.
      4134 Rose Ave, Western Springs, IL 60558
      View Details

    Similar Nearby for Sale

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      Retail Space in Downtown Location

      Retail space in downtown Western Springs with high visibility.
      800 W Hillgrove Ave, Western Springs, IL 60558
      View Details
    • $399,900

      Land in Western Springs, IL

      Land in a desirable Western Springs location near amenities.
      4134 Rose Ave, Western Springs, IL 60558
      View Details

    Similar Nearby for Lease

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      Western Springs Office Space Available

      Professional office suites in downtown Western Springs near Metra.
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      Western Springs Office Suite For Rent

      Office suite with kitchenette near Metra station in Western Springs.
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      Western Springs Office Suite For Rent

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      Downtown Western Springs Office Space

      Professional office space in the heart of Downtown Western Springs.
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    608 Hillgrove Ave
    Western Springs, IL 60558
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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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