Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1022 S State St, Unit 1022 Lockport, IL 60441

    Sponsored
    Picture of Storefront properties at S State St 1022, Lockport, IL
    For Lease
    Contact for pricing

    COMMERCIAL - Lockport, IL

    Type:Retail
    Days on Market:
    41
    Last Refresh:
    Feb 22 at 3:06 pm

    Property Features for 1022 S State St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Floors in Building
    2

    We can help!

    Listing Contact
    Frank Torres

    Remax Market (708) 558-8800

    Listing agent Frank Torres (708) 785-5198

    Listing date Jan 13, 2026

    MLS# 12532654

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Updated Storefront on High Traffic Street

    This recently updated storefront property is located on a high-traffic street. The 570-square-foot space includes newer equipment suitable for a sandwich shop, bakery, or hot dog stand. Equipment consists of convection double ovens, a stove, refrigerator, and freezer. The lease includes all equipment, with maintenance to be handled by the lessor. The property is located in Lockport, IL. Note that frying is not allowed in the unit, as there is no fire suppression system. The intended use of the property is for commercial purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0580174
    Latitude
    41.5876774

    Nearby Similar for Lease

    • Contact for pricing

      Lockport Retail Space For Rent

      Open concept retail space with high visibility and ample parking.
      970 E 9Th St, Lockport, IL 60441
      View Details
    • Contact for pricing

      Retail Ready Space in Lockport

      Retail/office space with high visibility and ample parking.
      970 E 9Th St, Lockport, IL 60441
      View Details
    • Contact for pricing
      363,224 SF

      Lockport Warehouse with I-355 Visibility

      363,224 SF warehouse space with premier business park location.
      14746 S Gougar Rd, Lockport, IL 60491
      View Details
    • Contact for pricing
      363,224 SF

      Lockport Warehouse with I-355 Access

      363,224 SF warehouse with immediate I-355 access.
      14407 S Gougar Rd, Lockport, IL
      View Details
    • Contact for pricing
      315,647 SF

      Lockport Warehouse Sublease Opportunity

      Available warehouse space with flexible lease terms through June 2026.
      16323 West Pro Logis Pkwy, Lockport, IL 60441
      View Details
    • $20 SF/Yr
      3,620 SF

      Lockport Retail Space - I-355 Access

      Prime Retail/Office/Medical Building, 3620 SF
      16732 159 St, Lockport, IL 60441
      View Details
    • $28 SF/Yr

      Retail Space at Lockport Square

      Retail space and build-to-suit opportunities available in Lockport, Illinois.
      16101 S Farrell Rd, Lockport, IL 60441
      View Details
    • Contact for pricing
      228,690 SF

      I-355 Corridor Warehouse Sublease

      62,598 SF warehouse sublease in the I-355 corridor.
      16410 John Ln Xing, Lockport, IL 60441
      View Details
    • Contact for pricing

      Retail Outlot Opportunities Available

      Outlot opportunities next to national retailers, shadow-anchored by Walmart & Jewel/Osco.
      159 W St, Lockport, IL
      View Details
    • Contact for pricing
      7,220 SF

      Retail Space Near I-355 Interchange

      Retail space available near established businesses and residential developments.
      16343 W 159 St, Lockport, IL
      View Details
    • Contact for pricing
      9,000 SF

      Retail Outlot Opportunity Available

      Retail space available near major retailers and residential developments.
      159 St, Lockport, IL
      View Details
    • Contact for pricing
      9,000 SF

      Retail Outlot Opportunity Available

      Retail space available next to high-traffic area and major retailers.
      159 St, Lockport, IL
      View Details

    FAQs

    What type of property is this?
    Storefront property - Recently updated storefront suitable for sandwich shop, bakery, hotdogs.
    Where is this storefront property located?
    The property is located at 1022 S State St, Unit 1022 Lockport, IL.
    What are key features of this property?
    This property features: - High traffic location ideal for business.; - Recently updated storefront.; - Includes essential equipment: **convection double ovens, stove, refrigerator, freezer.**
    (708) 785-5198
    Request Owner's contact information
    1022 S State St, Unit 1022 Lockport, IL 60441
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1022 S State St, Unit 1022
    Lockport, IL 60441
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1022 S State St, Unit 1022 Lockport, IL 60441
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Frank Torres
    Real Estate License ID: 475142241
    (708) 785-5198 (708) 839-8100 (708) 558-8800
    Learn more
    Google sign-in failed. Please try again or use another login method.