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    11 S White Street Frankfort, IL 60423

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    COMMERCIAL - Frankfort, IL

    Type:Retail
    Added:
    Apr 16, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 18 at 1:06 am

    Property Features for 11 S White Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    37059

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    1

    We can help!

    Listing Contact
    Peggy Alexa
    Peggy Alexa

    Listing agent Peggy Alexa License #471016662

    Listing office RE/MAX 10 20529 S. La Grange Road, Oak Lawn, IL

    Listing date Apr 16, 2026

    MLS# 12621468

    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.

    Overview

    Iconic Frankfort Trolley Barn Space

    An exceptional opportunity exists to lease space within the iconic Trolley Barn, a highly recognizable commercial and retail location in historic downtown Frankfort. Currently configured as a charming restaurant, the space features both indoor and outdoor areas, including an enclosed patio designed to enhance the guest experience throughout the year. Situated in the heart of downtown, the location benefits from its proximity to vibrant retail establishments, popular restaurants, and the activity surrounding Briedert Green, which hosts year-round events that generate consistent foot traffic. The Trolley Barn attracts daily visitors due to its mix of on-site businesses and the lively downtown atmosphere. While currently set up for a restaurant, the space offers flexibility for various uses, including boutique retail, cafe, wine bar, wellness studio, or other creative concepts. The open layout and location are suited for entrepreneurs seeking a high-exposure setting. Additional features include ample parking, high visibility, strong pedestrian traffic, and rent that includes water, heat, and air conditioning. There are no CAM or property taxes. The property is located in Frankfort, Illinois, 60423, and is zoned COMMR. Spaces like this rarely become available in downtown Frankfort.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Trolley Barn Shopping Center & Mall Down Home Guitars (Bike/Boat/Book/etc) Store The Parlour Hair Salon MedSPA LLC Physician This & That Gifts (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Similar Places Nearby

    • Let's Do Lunch, Inc — 21114 LaGrange Rd, Frankfort, IL 60423

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8489479
    Latitude
    41.4996192

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    FAQs

    What type of property is this?
    Restaurant - Unique commercial space in downtown Frankfort's historic Trolley Barn.
    Where is this restaurant located?
    The property is located at 11 S White Street Frankfort, IL.
    What are key features of this property?
    This property features: Prime downtown Frankfort location in the iconic Trolley Barn, surrounded by retail, restaurants, and Briedert Green events, ensuring high foot traffic.; Flexible space suitable for various business types due to its open layout.; Includes both indoor and outdoor spaces, featuring a beautifully enclosed patio for year‑round use.
    (708) 857-1500
    We can help!
    Listing Contact
    Peggy Alexa
    Peggy Alexa
    Real Estate License ID: 471016662
    Learn More
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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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