Add Listing
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

    7503 56th St Summit, IL 60501-2238

    • Residential income homes
    • 3,548 SF
    • 0.09 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2195073
    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

    • Residential income homes

    Property Details for 7503 56th St

    Year built
    1901
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    3,548 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    18-13-207-011
    APU
    1813207011

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $320,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $765,000
      6.5%
      $710,000
      7%
      $660,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $484,000
      Market price range: $344k - $533k
      AI Estimate
      $538,000
      Market price range: $383k - $570k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $425,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $780,000
      Change: +82% Conversion: Difficult
      RETAIL STORES
      $530,000
      Change: +24% Conversion: Difficult
      OFFICE BUILDING
      $475,000
      Change: +11% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $430,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Cook
    State
    Illinois
    Longitude
    -87.8089
    Latitude
    41.7896
    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
    $13,170
    $2,325
    $31,621
    $33,946
    -
    $23,250
    $316,210
    $339,460

    Comparable in this City

    • Value Estimation by Request
      3,640 SF

      5719 Archer Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,640 SF
      5719 Archer Rd, Summit, IL 60501-1348
      View Details
    • Value Estimation by Request
      1,672 SF

      7607 61st Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,672 SF
      7607 61st Pl, Summit, IL 60501-1615
      View Details
    • Value Estimation
      $510,000
      5,694 SF

      7336 Archer Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,694 SF
      7336 Archer Ave, Summit, IL 60501-2161
      View Details
    • Value Estimation by Request
      1,672 SF

      7600 60th Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,672 SF
      7600 60th Pl, Summit, IL 60501-1561
      View Details
    • Value Estimation by Request
      1,445 SF

      7612 63rd Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,445 SF
      7612 63rd Pl, Summit, IL 60501-1802
      View Details
    • Value Estimation by Request
      2,976 SF

      5314 73rd Ct

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,976 SF
      5314 73rd Ct, Summit, IL 60501-1037
      View Details

    Similar Nearby for Sale

    • $260,000
      0.10 Acres

      Summit Two-Unit Property For Sale

      Two-unit property near schools with conversion potential.
      6036 S 74 Ave, Summit, IL 60501
      View Details
    • New
      $125,000
      0.06 Acres

      Mixed-Use Property with Barber Shop

      Versatile property suitable for residential or commercial use.
      6149 S Archer Rd, Summit, IL 60501
      View Details
    • $900,000
      0.18 Acres

      Turnkey Bar/Nightclub Business Opportunity

      Established bar/nightclub with potential for additional income.
      5437 S Ctr Ave, Summit, IL 60501
      View Details
    • $275,000
      2,500 SF

      Turn-Key Bar in Summit, IL

      Mixed-use property with furnished commercial space and residential apartment.
      6105 S Archer Rd, Summit, IL 60501
      View Details
    • $35,000

      Land Near Harlem Avenue

      Land for sale conveniently located near Harlem Avenue.
      7420 W 63 Pl, Summit, IL 60501
      View Details
    • $500,000
      0.48 Acres

      Commercial Property in Summit, IL

      Commercial property for sale in Summit, Illinois.
      7621 W 63 St, Summit, IL 60501
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,890 SF

      Office Space with Utilities Included

      Office space for rent with all utilities included in Summit.
      5900 S Archer Rd, Summit, IL 60501
      View Details
    • Contact for pricing
      10,890 SF

      Office Space with Utilities Included

      Office space for rent with all utilities included in Summit.
      5900 S Archer Rd, Summit, IL 60501
      View Details
    • Contact for pricing
      341,887 SF

      Modern Industrial Building in Summit

      New 341,887 SF industrial space, delivery Q2 2026.
      7955 West 59 St, Summit, IL 60501
      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.
    7503 56th St
    Summit, IL 60501-2238
    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.
    Sign Up Successful!
    You now have access to more from Realmo!