Add Listing
    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 Avenue Tinley Park, IL 60477

    View on Map
    For Sale
    $275,000

    Land, Other - Tinley Park, IL

    Lot size:
    0.42 Acres
    Added:
    Jul 13, 2025
    Days on Market:
    263
    Last Refresh:
    Apr 1 at 5:06 am

    Property Features for 16724 Oak Park Avenue

    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

    Listing agent Lorenzo Sanchez

    Listing office Engel & Völkers Chicago 2401 N Clark Street, Chicago, IL

    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.

    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

    • $150,000

      Boba Tea Shop Assets

      Fully equipped boba tea shop assets for sale.
      15945 Harlem Avenue, Tinley Park, IL 60477
      View Details
    • $100,000

      Residential Land in Tinley Park

      0.62 acre residential parcel in Tinley Park, Illinois.
      17811 Ridgeland Avenue, Tinley Park, IL 60477
      View Details
    • $45,000

      Tinley Park Office Center Opportunity

      Lower-level office space suitable for professional or flex use.
      7060 Centennial Drive unit: 108, Tinley Park, IL 60477
      View Details
    • $149,000

      Buildable Lot in Tinley Park

      Residential lot in established neighborhood ready for custom construction.
      7946 172nd Place, Tinley Park, IL 60477
      View Details
    • $149,000

      Residential Lot in Tinley Park

      Improved residential lot ready for construction in Tinley Park.
      7942 172nd Street, Tinley Park, IL 60477
      View Details
    • $350,000

      Tinley Park Commercial Opportunity

      Prime corner lot near Expo Center and Amphitheater.
      18301 Oak Park Avenue, Tinley Park, IL 60477
      View Details
    • $159,900
      1,400 SF

      Versatile Office Condo in Tinley

      Office condo for sale, ideal for various business uses.
      17710 Oak Park Ave, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      5,004 SF

      Tinley Park Commercial Building For Sale

      5,004 SF building on 1.21 acres near Metra.
      17865 South 80th Avenue, Tinley Park, IL, 60477
      View Details
    • $599,000

      Land in Tinley Park, IL

      Commercial land available for sale in Tinley Park, Illinois.
      16750 Harlem Avenue, Tinley Park, IL 60477
      View Details
    • $1,100,000

      Prime Commercial Outlot Near Convention

      1.7 acre outlot ideal for retail or hospitality uses.
      18301 Convention Center Dr, Tinley Park, IL
      View Details
    • $140,000

      Residential Land in Tinley Park

      Double lot for single-family home development in Tinley Park.
      8444 W 171st Street, Tinley Park, IL 60487
      View Details
    • $4,250,000
      46 SF

      46 Acres Zoned ORI Land

      46 acres of commercial land zoned for office and industrial.
      W 191st St & 76th Ave, Tinley Park, 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 Avenue 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
    We can help!
    Listing Contact
    Lorenzo Sanchez
    Real Estate License ID: 475148246
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!