Norwood Park Township: Multifamily & Commercial Valuation Report
Commercial property assessments are based on the income generated by those properties. Increases in rents and income of commercial property led to increases in their estimated market value. Rent for large multi-family apartment buildings in Norwood Park ranges from $650 to $2800 with an average vacancy rate of 5% and an average cap rate of 8.31%. Industrial properties in Norwood Park average $7.30 per square foot in rent with an average 5% vacancy and 8.97% cap rate. The average rent for standalone commercial properties varies from $8-27 per square foot with an average vacancy of 5-14% and cap rates from 7.5-9.5%.
For more detail based on specific property types, please see the report below.
How are commercial properties reassessed?
Commercial properties are calculated by first determining a property’s use (office, retail, apartments, industrial, etc.), then the property is grouped with similar or like-kind property types. Next, income generated by the property such as rent or incidental income streams like parking or advertising signage is examined. Next, market-level vacancy based on location and property type is examined. In addition, new construction that has not yet been leased is also considered. Finally, expenses such as property taxes, insurance, repair and maintenance costs, property management fees, and service expenditures for professional services are examined. Once a snapshot of a property’s income statement is captured based on market data, a standard valuation metric called a “capitalization rate” to convert income to value is applied.
Revaluation Methodology Worksheets
Below are the Cook County Assessor’s 2022 revaluation methodology worksheets for each income-producing PIN (Property Index Number), class 300 and above, in Norwood Park Township. The Assessor’s goal in publishing this data is that property owners can understand the CCAO’s approach to the mass appraisal of their income-producing property.
There is a Summary tab and a separate methodology tab for each property group.
About this file:
How up-to-date is this data?
This data was used to produce initial valuations mailed to property owners. It does not incorporate any subsequent changes to a property’s class, characteristics, valuation, or assessed value from appeals. This data is provided as-is to provide a snapshot of the CCAO’s 2022 Revaluation of income-producing properties.
I think there’s an error in the data for my property. What can I do?
If you believe there is an error in the estimated value of the property, you can file an appeal with the Cook County Assessor's Office until August 2, 2022. Appeals can be filed online.
There aren’t any errors but I have questions about this data.
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