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

    8545 Ferris Ave Morton Grove, IL 60053-2828

    • Residential income homes
    • 3,186 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1040431
    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 8545 Ferris Ave

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    3,186 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    10-20-112-012
    APU
    1020112012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $335,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $421,000
      Market price range: $316k - $750k
      AI Estimate
      $353,000
      Market price range: $311k - $559k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $530,000
      Current use
      RETAIL STORES
      $475,000
      Change: -10% Conversion: Difficult
      OFFICE BUILDING
      $425,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Morton Grove
    County
    Cook
    State
    Illinois
    Longitude
    -87.7846
    Latitude
    42.0371
    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
    $10,047
    $4,340
    $32,167
    $36,507
    -
    $43,400
    $321,670
    $365,070

    Comparable in this City

    • Value Estimation
      $445,000
      2,291 SF

      8712 Fernald Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,291 SF
      8712 Fernald Ave, Morton Grove, IL 60053-2825
      View Details
    • Value Estimation
      $445,000
      2,304 SF

      8729 Ferris Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,304 SF
      8729 Ferris Ave, Morton Grove, IL 60053-2872
      View Details
    • Value Estimation
      $330,000
      1,664 SF

      8737 Narragansett Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,664 SF
      8737 Narragansett Ave, Morton Grove, IL 60053-2895
      View Details
    • Value Estimation
      $340,000
      6,084 SF

      9128 Waukegan Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,084 SF
      9128 Waukegan Rd, Morton Grove, IL 60053-2119
      View Details
    • Value Estimation
      $795,000
      4,423 SF

      5926 Lincoln Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,423 SF
      5926 Lincoln Ave, Morton Grove, IL 60053-3310
      View Details
    • Value Estimation
      $500,000
      2,798 SF

      8817 Menard Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,798 SF
      8817 Menard Ave, Morton Grove, IL 60053-2462
      View Details

    Similar Nearby for Sale

    • $265,000

      Updated End Unit Apartment

      Immaculately kept 2 bed, 2 bath apartment with western exposure.
      8630 Waukegan Rd, Morton Grove, IL 60053
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    • $149,900

      Edens Point Condo For Sale

      One bedroom condo in move-in condition with pool and laundry.
      5506 Lincoln Ave, Morton Grove, IL 60053
      View Details
    • $454,900
      Pending

      Morton Grove Residential Income Property

      Non-conforming two-unit property with updated features in Morton Grove, IL.
      8535 Callie Ave, Morton Grove, IL 60053
      View Details
    • $2,590,000
      14,510 SF

      Dempster Street Retail and Multifamily

      24,494 SF property in a thriving commercial corridor.
      5800-5814 Dempster St, Morton Grove, IL 60053
      View Details
    • $4,250,000
      37,666 SF

      Morton Grove Executive Office/Warehouse

      Prime 37,666 SF Office & Warehouse Space
      8150 Lehigh Ave, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      120,000 SF

      Morton Grove Industrial Facility

      Renovated 120,000 SF industrial facility with cranes and modern amenities.
      7840-60 Lehigh Ave, Morton Grove, IL 60053
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,443 SF

      Morton Grove Retail Spaces Available

      High-visibility retail spaces, 1,130-4,078 sq ft.
      7172 Dempster St, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      1,130 SF

      Retail Space on Dempster Street

      Retail space available on heavily trafficked Dempster Street.
      7132 Dempster St, Morton Grove, IL 60053
      View Details
    • $22 SF/Yr
      800 SF

      Retail Space on Waukegan Road

      Retail spaces available on busy Waukegan Road, ample parking.
      9428-9438 Waukegan Rd, Morton Grove, IL 60053
      View Details
    • Contact for pricing
      319,735 SF

      Morton Grove Corporate Park Investment

      West Cook Industrial Portfolio: 319,735 SF
      6200-6388 Lehigh Ave, Morton Grove, IL 60053
      View Details
    • $2,500 /Mo
      750 SF

      Medical Office Space Available

      Built-out medical space with exam rooms and parking.
      9211 Waukegan Rd, Morton Grove, IL 60053
      View Details
    • $9 SF/Yr
      9,349 SF

      Morton Grove Flex Space Available

      Flex space available for lease in Morton Grove, Illinois.
      6201-6247 Park Ave, Morton Grove, IL 60053
      View Details
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    8545 Ferris Ave
    Morton Grove, IL 60053-2828
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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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