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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7311 Melvina Ave Niles, IL 60714-3905

    • Retail space
    • 10.30 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2517783
    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

    • Costco Wireless T-Mobile Authorized Dealer / Mobile Phone Store / Electronics & Wireless Store
    • Costco hearing aid store / Hearing Aid Store
    • Eiman Yousif Gafour / Physician
    • Eiman Gafour / Physician
    • Dr. Viktoriya Marmur / Physician

    Property Details for 7311 Melvina Ave

    Year built
    2000
    Lot size
    10.30 lot acres
    Property type
    Retail space
    APN
    10-29-307-016
    APU
    1029307016

    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
    Niles
    County
    Cook
    State
    Illinois
    Longitude
    -87.7804
    Latitude
    42.0148
    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
    $608,376
    $1,402,087
    $1,391,366
    $2,793,453
    -
    $5,608,348
    $5,565,464
    $11,173,812

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      8160 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.12 Acres
      8160 Milwaukee Ave, Niles, IL 60714-2829
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    • Value Estimation by Request
      0.28 Acres

      9025 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.28 Acres
      9025 Milwaukee Ave, Niles, IL 60714-1536
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    • Value Estimation by Request
      0.89 Acres

      9100 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.89 Acres
      9100 Milwaukee Ave, Niles, IL 60714-1539
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    • Value Estimation by Request
      0.21 Acres

      7015 Milwaukee Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.21 Acres
      7015 Milwaukee Ave, Niles, IL 60714-4422
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    • Value Estimation by Request
      0.18 Acres

      6636 Albion Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.18 Acres
      6636 Albion Ave, Niles, IL 60714-4473
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    • Value Estimation by Request
      0.07 Acres

      7755 Milwaukee Ave

      STORE, RETAIL OUTLET • 0.07 Acres
      7755 Milwaukee Ave, Niles, IL 60714-4733
      View Details

    Similar Nearby for Sale

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      Niles Commercial Property For Sale

      Commercial property in Niles with high traffic visibility.
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    Similar Nearby for Lease

    • Contact for pricing

      Prime Retail/Office Space Available

      High-visibility retail or office space in Niles, IL.
      9050 Golf Rd, Niles, IL 60714
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    • $15 SF/Yr
      600 SF

      Niles Garage Space For Rent

      600 SF garage space with ample parking available for rent.
      7946-7954 W Oakton St, Niles, IL 60714
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      4,522 SF

      Retail Space in Niles, Illinois

      Retail space available for rent in Niles, Illinois.
      8900-8938 N Greenwood Ave, Niles, IL 60714
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    • $22 SF/Yr
      1,013 SF

      Niles Retail or Office Space

      Retail or office space with high visibility and ample parking.
      8850 N Milwaukee Ave, Niles, IL 60714
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    • Contact for pricing
      33,228 SF

      Niles Center Retail Spaces Available

      Prime Retail, Two Spaces, High Traffic
      7233 Dempster St, Niles, IL 60714
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    • Contact for pricing
      32,028 SF

      Retail Anchor Space Available

      32,028 SF divisible anchor space in Niles, Illinois.
      7255 W Dempster St, Niles, IL 60714
      View Details

    Property Visit Statistics

    • Visits by month
      174.9k
    • Visitors by month
      100.5k
    • Avg Time on site
      5 min
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    7311 Melvina Ave
    Niles, IL 60714-3905
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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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