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    8450 Willow Springs Road Willow Springs, IL 60480

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    For Sale
    $800,000

    COMMERCIAL - Willow Springs, IL

    Type:Retail
    Lot size:
    1.90 Acres
    Added:
    Feb 22, 2023
    Days on Market:
    1164
    Last Refresh:
    May 1 at 4:06 am

    Property Features for 8450 Willow Springs Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    APN
    18324010150000
    Lot size
    1.90 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    15309

    We can help!

    Listing Contact
    Lucy Mierop
    Lucy Mierop

    Listing agent Lucy Mierop License #471007678

    Listing office RE/MAX Market 8728 South Archer, Willow Springs, IL

    Listing date Feb 22, 2023

    MLS# 11723703

    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

    Prime Corner Commercial Land Available

    This 1.897-acre corner lot in Willow Springs, Illinois, presents a development opportunity for commercial real estate. The property is located next to a gas station and car wash, offering high traffic visibility. The site is suitable for constructing retail condo spaces, individual buildings, or a strip mall. A drive-thru can be accommodated on the property. The land can be subdivided into two or three parcels. Its location provides convenient access to I-294, I-55, and Route 83.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Valvoline Auto Repair Shop

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Willow Springs
    County
    Cook
    State
    Illinois
    Longitude
    -87.881315
    Latitude
    41.74043

    Nearby Similar for Sale

    • $120,000

      Land in Willow Springs, IL

      Commercial land available for sale in Willow Springs, Illinois.
      8422 Archer Avenue, Willow Springs, IL 60480
      View Details
    • Contact for pricing

      Commercial Property on Archer Avenue

      Commercial property for sale on Archer Avenue, Willow Springs.
      8116 Archer Avenue, Willow Springs, IL 60480
      View Details
    • $895,000

      Commercial Land in Willow Springs

      2.06 acres of vacant land with mixed-use zoning.
      8764 Archer Avenue, Willow Springs, IL 60480
      View Details

    FAQs

    What type of property is this?
    Commercial land - Corner lot suitable for retail development, drive-thru, or subdivision.
    Where is this commercial land located?
    The property is located at 8450 Willow Springs Road Willow Springs, IL.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: High traffic visibility for customers due to corner location.; Potential for drive‑thru business.; Close proximity to 294, I55, and Route 83.
    (708) 558-8800
    We can help!
    Listing Contact
    Lucy Mierop
    Lucy Mierop
    Real Estate License ID: 471007678
    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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