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    2920 159th Street Markham, IL 60428

    View on Map
    Pending
    $949,500

    COMMERCIAL - Markham, IL

    Type:Retail
    Property size:
    5,400 SF
    Lot size:
    0.63 Acres
    Added:
    Aug 12, 2024
    Days on Market:
    603
    Last Refresh:
    Apr 6 at 9:06 pm

    Property Features for 2920 159th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Pending
    APN
    28133290310000
    Size
    5,400 SF
    Lot size
    0.63 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    84799

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1990
    Floors in Building
    1

    We can help!

    Listing Contact
    Paul Tabor

    Listing agent Paul Tabor License #475148012

    Listing office RE/MAX 10 in the Park 9658 W 131st Street., Oak Lawn, IL

    Listing date Aug 12, 2024

    MLS# 12136478

    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

    Commercial Property in Prime Location

    This commercial property, currently operating as a used car dealership, is located in a desirable area. The 5,400 square foot building includes five offices suitable for administrative functions and two bathrooms with ceramic tile flooring. The service department is equipped with four heavy-duty car lifts and six accessible garage doors. Situated on a 0.6325-acre site with two lots, the property benefits from a hard corner location with high visibility and foot traffic, experiencing a daily traffic count of over 30,000 vehicles. The location is near major highways including I-294, I-80, and I-57. Additionally, 3,500 employees work down the street at Amazon. This site is suitable for a fuel station, restaurant, car wash, or drive-thru fast food or coffee shop. It can also be maintained as a turn-key operation for a used car dealership.
    Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Similar Places Nearby

    • Done Right Collision — 3601 W 159th St, Markham, IL 60428
    • Michael Tolbert Mechanic on Wheels — 16011 Spaulding Ave, Markham, IL 60428
    • Richard's Road Services — 16147 Kedzie Pkwy, Markham, IL 60428
    • Velasquez Mufflers and Brakes — 16021 Kedzie Ave, Markham, IL 60428
    • Value Plus Exhaust & Brake — 3604 W 159th St, Markham, IL 60428

    Location Insight

    • Map
    • Local Demand
    City
    Markham
    County
    Cook
    State
    Illinois
    Longitude
    -87.6880938
    Latitude
    41.6011846

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    FAQs

    What type of property is this?
    Auto shop - Versatile commercial property suitable for various business uses.
    Where is this auto shop located?
    The property is located at 2920 159th Street Markham, IL.
    What is the asking price?
    The asking price for this property is $949,500.
    What are key features of this property?
    This property features: High‑visibility hard corner location with significant daily traffic (over 30,000 vehicles).; Expansive 5,400 sq ft building suitable for various commercial uses or a turn‑key used car dealership.; Convenient access to major highways (I‑294, I‑80, I‑57).
    (708) 857-1500
    We can help!
    Listing Contact
    Paul Tabor
    Real Estate License ID: 475148012
    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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