2023 Ridge RdHomewood, IL 60430

Property Details for 2023 Ridge Rd

Year built

1938

Lot size

0.20 AC

Property size (Sq ft)

7,155 SF

Property type

Retail space

Property subtype

Storefront properties

APN

29-31-311-020

APU

2931311020

Description

This exceptional 600-square-foot creative office suite is located at 2023 Ridge Rd, in Homewood's historic business district, at the corner of Ridge Rd and Martin Ave. Recently renovated in 2023, the suite boasts new floors and fresh paint, offering a move-in ready space. It features a private office with a built-in (removable) desk and shelves, along with a private suite off an open showroom. The suite is one of five on the second floor of a two-story building, sharing the space with a diverse mix of businesses including massage therapists, a yoga studio, a boutique, and a wholesale railroad equipment specialist. Convenient amenities include private parking, an elevator, and a shared balcony. The building's prime location offers excellent visibility and foot traffic, situated just a block from the Amtrak/Metra station and across the street from new luxury apartments and the Stoney Point Grill. The property is part of Martin Ave Square, the heart of downtown Homewood, known for its community events and farmers markets. The building itself encompasses over 7,000 square feet, with three street-level storefronts and five upstairs suites. The B-1 zoning in Cook County ensures flexibility for various business types. This is the only vacant suite in the building, presenting a unique opportunity to establish your business in a thriving and growing community. Homewood's revitalization includes new restaurants, a casino, and ongoing improvements to the Amtrak/Metra station, further enhancing the area's appeal and potential.

• CAP approach

  CAP return

  Valuation

  6%

  $3,380,137

  6.5%

  $3,120,127

  7%

  $2,897,260

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,348,486

  Geo Method

  $2,348,486

• Alternative Use

  Use

  Valuation

  Residential

  $2,631,944

  Hospitality

  $2,410,846

  Educational

  $2,005,796

  Medical

  $2,074,778

  Retail

  $3,120,127

Location Insight

City

Homewood

County

Cook

State

Illinois

Latitude

41.5614

Longitude

-87.6664

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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