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

    8424 Mccormick Blvd Skokie, IL 60076-2425

    • Residential income homes
    • 3,484 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1627624
    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 8424 Mccormick Blvd

    Year built
    1965
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.12 lot acres
    Property size
    3,484 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    10-23-224-065
    APU
    1023224065

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $340,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $755,000
      6.5%
      $695,000
      7%
      $645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $594,000
      Market price range: $509k - $705k
      AI Estimate
      $422,000
      Market price range: $338k - $513k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $600,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $765,000
      Change: +27% Conversion: Difficult
      RETAIL STORES
      $520,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.7114
    Latitude
    42.0345
    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
    $14,743
    $6,913
    $42,086
    $48,999
    -
    $69,130
    $420,860
    $489,990

    Comparable in this City

    • Value Estimation
      $565,000
      3,661 SF

      4562 Church St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,661 SF
      4562 Church St, Skokie, IL 60076-1534
      View Details
    • Value Estimation
      $500,000
      3,120 SF

      7653 Knox Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,120 SF
      7653 Knox Ave, Skokie, IL 60076-3741
      View Details
    • Value Estimation by Request
      2,728 SF

      7715 Kolmar Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,728 SF
      7715 Kolmar Ave, Skokie, IL 60076-3654
      View Details
    • Value Estimation
      $520,000
      3,320 SF

      8003 Lowell Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,320 SF
      8003 Lowell Ave, Skokie, IL 60076-3241
      View Details
    • Value Estimation
      $520,000
      3,651 SF

      8425 Monticello Ave, Unit 3

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,651 SF
      8425 Monticello Ave, Skokie, IL 60076-2879
      View Details
    • Value Estimation
      $530,000
      3,678 SF

      8507 Saint Louis Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,678 SF
      8507 Saint Louis Ave, Skokie, IL 60076-2369
      View Details

    Similar Nearby for Sale

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      $639,000

      Skokie Multifamily Property For Sale

      Skokie multifamily property with individual utilities and updated roof.
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    • $859,000
      5,740 SF

      8157 Monticello Ave, Skokie, IL 60076

      Investment properties • 5,740 SF
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    • $859,000
      10,000 SF

      Skokie Industrial Building - Great Location

      10,000 SF Warehouse, Office Space, Ideal Location
      7441 Channel Rd, Skokie, IL 60076
      View Details
    • $549,900
      4,900 SF

      Skokie Warehouse: 4900 SF Space

      Spacious warehouse, ideal for distribution.
      8101 Ridgeway Ave, Skokie, IL 60076
      View Details
    • $459,000
      2,450 SF

      Skokie Retail Plaza - $459K

      Three-store plaza, high occupancy.
      3406-3410 Main St, Skokie, IL 60076
      View Details
    • $14,750,000
      73,000 SF

      Skokie Retail Investment Opportunity

      NNN leased Floor & Decor in Chicago MSA.
      3300 Oakton St, Skokie, IL 60076
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,856 SF

      Boardwalk Plaza Retail Space Available

      Prime Evanston location, multiple suites available.
      4124 Dempster St, Skokie, IL 60076
      View Details
    • Contact for pricing
      2,300 SF

      Former Restaurant Space Available

      Restaurant endcap and adjacent space available for rent.
      3304 W Touhy Ave, Skokie, IL 60076
      View Details
    • $26 SF/Yr
      1,260 SF

      Skokie Retail/Office Space Available

      1,260 SF retail/office space on high-traffic Dempster Street.
      3704-3716 Dempster St, Skokie, IL 60076
      View Details
    • $16 SF/Yr
      1,500 SF

      Skokie Office Space For Rent

      Well-laid out office space with dedicated parking in Skokie.
      4115 Oakton St, Skokie, IL 60076
      View Details
    • $5 SF/Yr
      294,073 SF

      Skokie Office Plaza: Premier Location

      Class A Office Space, 77 Suites Available
      4709 Golf Rd, Skokie, IL 60076
      View Details
    • $23 SF/Yr
      5,200 SF

      Skokie Office Building For Lease

      Prime East Skokie Office Space Available
      8755 Trumbull Ave, Skokie, IL 60076
      View Details
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    8424 Mccormick Blvd
    Skokie, IL 60076-2425
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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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