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

    16724 Oak Park Ave Tinley Park, IL 60477

    Sponsored
    For Sale
    $275,000

    Land, Other - Tinley Park, IL

    Lot size:
    0.42 Acres
    Days on Market:
    223
    Last Refresh:
    Feb 20 at 6:06 am

    Property Features for 16724 Oak Park Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    28301030090000
    Lot size
    0.42 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Lorenzo Sanchez

    Engel & Völkers Chicago (773) 797-9500

    Listing agent Lorenzo Sanchez (773) 797-9500

    Listing date Jul 13, 2025

    MLS# 12118461 Listing URL

    Copyright © 2026 Engel & Völkers. 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

    Tinley Park Commercial Land Opportunity

    This large parcel presents a commercial opportunity in the high-visibility area of Tinley Park's downtown district. Zoned Neighborhood Flex, the property has potential for many commercial and mixed uses. The location is in a well-established area with high traffic, situated just south of the intersection of 167th Street and Oak Park Avenue.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tinley Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.784935
    Latitude
    41.587489

    Nearby Similar for Sale

    • $45,000
      1,600 SF

      Tinley Park Office Center Opportunity

      Lower-level office space suitable for professional or flex use.
      7060 Centennial Dr, Tinley Park, IL 60477
      View Details
    • $195,000

      Move-In Ready Condo with Balcony

      Well-maintained condo featuring wood floors, walk-in closet, and in-unit laundry.
      7501 175Th St, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      2,045 SF

      Lakeside Townhome with Walk-Out Basement

      Pristine 2-story townhome with lake views and finished basement.
      9116 Newcastle Ct, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      5,795 SF

      Restaurant Building on High-Traffic Corner

      5,795 SF restaurant on 1.9 acres near I-80.
      7200 W 191St St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      1,800 SF

      Well-Maintained Townhome Near Downtown

      Two-story townhome with open floor plan, close to downtown.
      6840 179Th St, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      1,500 SF

      Tinley Park Ranch Unit

      First-floor ranch in 55+ community with attached garage.
      6430 Pine Cone Dr, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      1,100 SF

      First Floor Condo with Garage

      Two-bedroom condo with garage, in-unit laundry, and updated features.
      17960 Royal Oak Ct, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      14,820 SF

      Tinley Park Walgreens For Sale

      NNN leased Walgreens with over 7 years remaining on primary lease.
      8400 171St St, Tinley Park, IL 60487
      View Details
    • $264,000

      Updated Condo in 55+ Building

      Move-in ready, updated 2-bedroom, 2-bath condo in Tinley Park.
      6320 Pine Ridge Dr, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      51,023 SF

      Tinley Park Office Building For Sale

      51,023 SF office building with easy I-80 access.
      8151 W 183Rd St, Tinley Park, IL 60487
      View Details
    • Contact for pricing

      Spacious Condo with Sunset Views

      2 bed, 2 bath condo near shopping, restaurants, and transit.
      7928 Trinity Cir, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      1,474 SF

      Updated Townhome with Finished Basement

      Updated 2-bedroom townhome with finished basement and pond views.
      9404 Lindsay St, Orland Hills, IL 60487
      View Details

    FAQs

    What type of property is this?
    Commercial land - High-visibility land parcel in Tinley Park's downtown district.
    Where is this commercial land located?
    The property is located at 16724 Oak Park Ave Tinley Park, IL.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: - High visibility location in Tinley Park's downtown district.; - Large parcel size.; - Neighborhood Flex zoning allows for many commercial and mixed-use possibilities.
    (773) 797-9500
    Request Owner's contact information
    16724 Oak Park Ave Tinley Park, IL 60477
    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.
    16724 Oak Park Ave
    Tinley Park, IL 60477
    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
    16724 Oak Park Ave Tinley Park, IL 60477
    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
    Lorenzo Sanchez
    (773) 797-9500 (773) 419-1724
    Learn more
    Google sign-in failed. Please try again or use another login method.