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    18301 Oak Park Avenue, Tinley Park, IL 60477

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    For Sale
    $350,000

    COMMERCIAL - Tinley Park, IL

    Lot size:
    0.70 Acres
    Added:
    Oct 2, 2024
    Days on Market:
    588
    Last Refresh:
    May 12 at 9:06 am

    Property Features for 18301 Oak Park Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    31061030100000
    Lot size
    0.70 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    28495

    Utilities

    Sewer type
    Septic Tank
    Cooling system
    Central Air

    Building Details

    Year built
    1943
    Floors in Building
    1
    Number of units
    1
    Building materials
    Aluminum Siding, Vinyl Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Robert Gray

    Listing agent Robert Gray License #475197573

    Listing office Real People Realty 9981 W. 190th Street, Unit H, Mokena, IL

    Listing date Oct 2, 2024

    MLS# 12179334

    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.

    HighLights

    • Prime corner lot location on Oak Park Ave with high traffic.
    • Versatile R1 zoning allows for various development options with village approval.
    • Property annexed by the village in 2023, offering potential for new zoning applications and development opportunities.
    • Large existing clientele base due to the surrounding dwellings.
    • Property suitable for various investor types.
    • Existing structure built in 1943 with aluminum and vinyl siding, and a metal roof.

    Overview

    This property, a former restaurant and bar in Tinley Park after 55 years in business, is being sold AS-IS. The village annexed the property from unincorporated Cook County in 2023, changing the zoning to R1. Future developments will require new zoning approval. The property is suitable for various investors, including those interested in commercial, residential multifamily, or mixed-use projects, or maintaining its use as a restaurant/bar, subject to village approval. Located on the corner of Oak Park Avenue, the property benefits from its proximity to the Tinley Park Expo Center, Interstate 80, and Credit Union 1 Amphitheater, ensuring constant traffic. The surrounding area features multifamily and single-family dwellings, providing a built-in clientele for future businesses. The village requires the removal of the existing septic field and connection to the main sewer for the next establishment. The property's lot size is 0.697 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

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

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

    Similar Places Nearby

    • The Vogt House by Banging Gavel Brews — 17400 Oak Park Ave, Tinley Park, IL 60477
    • Teehan's Tavern — 17329 Oak Park Ave, Tinley Park, IL 60477
    • Cuzin's Tavern, Gaming & Pizza Tinley Park — 17704 Oak Park Ave, Tinley Park, IL 60477
    • Starbucks — 17117 S Harlem Ave, Tinley Park, IL 60477
    • J W Hollstein's Saloon — 17358 Oak Park Ave, Tinley Park, IL 60477

    Location Insight

    • Map
    • Local Demand
    City
    Tinley Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.783293
    Latitude
    41.557441

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    FAQs

    What type of property is this?
    Bar & Pub - Versatile commercial lot near Expo Center and Amphitheater.
    Where is this bar & pub located?
    The property is located at 18301 Oak Park Avenue Tinley Park, IL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Prime corner lot location on Oak Park Ave with high traffic.; Versatile R1 zoning allows for various development options with village approval.; Property annexed by the village in 2023, offering potential for new zoning applications and development opportunities.
    (708) 634-0104
    We can help!
    Listing Contact
    Robert Gray
    Real Estate License ID: 475197573
    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.

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