Industrial activities nearby residential areas lead to poor local air quality. Therefore, short-term exposure to an aggravated environment and the subsequent health effects should be the subject of further research. The purpose of this study is to estimate the health risks resulting from such exposure in population groups living in an industrialized area. The risk estimation was performed using different approaches suggested in relative literature. Monitoring of the air quality in an industrial zone of Attica was carried out including 24-h measurements of PM_2.5 and analysis of their chemical composition for Polycyclic Aromatic Hydrocarbons and heavy metals (Pb, Cd, As, Ni, Hg, Cu, Zn). Samples of Volatile Organic Compounds were also collected. Health effects on different population subgroups were estimated for the targeted pollutants through different mathematical approaches provided by the literature, taking into consideration different parameters (e.g., age, gender, exposure duration). Inhalation rate and body weight were important parameters to estimate the exposure dose of people, and they can vary greatly depending on the age, gender, and daily activity of the person under consideration. The results indicated that the risk for potential carcinogenic and non-carcinogenic effects varies depending on the applied methodology. In any case, the acceptable limits for cancer risk provided by the OEHHA, EPA, and WHO were not exceeded.