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    Property profile & analytics

    7312 Irving Park Rd Norridge, IL 60706-7224

    • Residential income homes
    • 18,400 SF
    • 0.01 lot acres
    OFF-MARKET
    Value Estimations
    $2,470,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3735905
    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

    • Palermo Bakery / Bakery / Specialty Food Shop

    Property Details for 7312 Irving Park Rd

    Year built
    1945
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.01 lot acres
    Property size
    18,400 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    12-13-415-044
    APU
    1213415044

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,965,000
      Market price range: $2.97M - $4.37M
      AI Estimate
      $1,755,000
      Market price range: $1.76M - $2.85M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,600,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norridge
    County
    Cook
    State
    Illinois
    Longitude
    -87.8102
    Latitude
    41.953
    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
    $635
    $702
    $2,124
    $2,826
    -
    $7,020
    $21,240
    $28,260

    Comparable in this City

    • Value Estimation
      $530,000
      3,018 SF

      8648 Carmen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,018 SF
      8648 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $535,000
      3,050 SF

      8628 Carmen Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,050 SF
      8628 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $540,000
      3,078 SF

      8616 Carmen Ave, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,078 SF
      8616 Carmen Ave, Norridge, IL 60706-2801
      View Details
    • Value Estimation
      $575,000
      3,605 SF

      4644 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,605 SF
      4644 Sayre Ave, Harwood Heights, IL 60706-4924
      View Details
    • Value Estimation
      $540,000
      3,360 SF

      4728 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,360 SF
      4728 Sayre Ave, Harwood Heights, IL 60706-3930
      View Details
    • Value Estimation
      $595,000
      4,032 SF

      4633 Sayre Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,032 SF
      4633 Sayre Ave, Harwood Heights, IL 60706-4847
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      47,792 SF

      Norridge Mixed-Use Investment Portfolio

      Three-building portfolio with residential and retail units, value-add potential.
      7757 W Lawrence Ave, Norridge, IL 60706
      View Details
    • $4,900,000
      21,000 SF

      Mixed-Use Investment Opportunity in Norridge

      High-performing mixed-use portfolio with residential and retail units.
      7701-7757 W Lawrence Ave, Norridge, IL 60706
      View Details
    • $4,900,000
      47,792 SF

      Mixed-Use Property with Retail Building

      Mixed-use property featuring apartment units, retail spaces, and building.
      7701-7757 W Lawrence Ave, Norridge, IL 60706
      View Details
    • Contact for pricing
      4,646 SF

      All Brick Three-Unit Building

      Legal 3-unit building near Ridgemoor Country Club.
      6520 W Gunnison St, Harwood Heights, IL 60706
      View Details
    • $279,000
      0.10 Acres

      Harwood Heights Corner Lot

      Prime corner lot suitable for multi-family or single-family construction.
      6420 W Gunnison St, Harwood Heights, IL 60706
      View Details
    • New
      $799,000
      0.11 Acres

      Land For Sale, Norridge, IL

      Commercial land available in Norridge, IL.
      4532 N Nottingham Ave, Norridge, IL 60706
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,750 SF

      Norridge Retail Space For Lease

      Retail spaces available in Norridge Commons shopping center.
      4103-4137 N Harlem Ave, Norridge, IL 60706
      View Details
    • Contact for pricing

      Prime Retail Space Available

      Retail space in a high-traffic, residential area.
      7723 W Lawrence Ave, Norridge, IL 60706
      View Details
    • Contact for pricing
      1,863 SF

      Harwood Heights Office Space Available

      Office space for rent near Harlem-Irving Plaza.
      4600-4634 N Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing
      66,560 SF

      Retail Space on Harlem Avenue

      Retail space available in high-traffic Harlem Avenue corridor.
      4710 North Harlem Ave, Harwood Heights, IL 60706
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease in Harwood Heights, Illinois.
      7304 W Lawrence Ave, Harwood Heights, IL 60706
      View Details
    • $24 SF/Yr
      70,345 SF

      Holiday Plaza Retail Space Available

      Harwood Heights, IL Strip Center - 70,345 SF
      4747 Harlem Ave, Harwood Heights, IL 60706
      View Details
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    7312 Irving Park Rd
    Norridge, IL 60706-7224
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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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