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

    9940 Melvina Avenue Oak Lawn, IL 60453

    View on Map
    For Sale
    $199,900

    LAND - Oak Lawn, IL

    Added:
    Nov 24, 2025
    Days on Market:
    128
    Last Refresh:
    Apr 1 at 1:06 pm

    Property Features for 9940 Melvina Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    24083040340000

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    5241

    Utilities

    Utilities
    Natural Gas Available

    We can help!

    Listing Contact
    Salvador Gonzalez
    Salvador Gonzalez

    Listing agent Salvador Gonzalez License #475122447

    Listing office RE/MAX Mi Casa 3958 W 55th St, Chicago, IL

    Listing date Nov 24, 2025

    MLS# 12523309 Listing URL

    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

    Land in Oak Lawn, IL

    Located in Oak Lawn, Illinois, this land is available for sale. The property is located at 9940 Melvina Avenue, Oak Lawn, IL 60453.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Suggested Use

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

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

    Similar Places Nearby

    • Enterprise Rent-A-Car — 6801 W 95th St, Oak Lawn, IL 60453
    • Tool & Truck Rental Center at The Home Depot — 300 Commons Dr, Chicago Ridge, IL 60415
    • Penske Truck Rental — 300 Commons Dr, Chicago Ridge, IL 60415
    • MC Trailer Rentals — 10014 andersen ave, chicago ridge, il 60415
    • Rent-A-Trailer — 10014 Andersen Ave, Chicago Ridge, IL 60415

    Location Insight

    • Map
    • Local Demand
    City
    Oak Lawn
    County
    Cook
    State
    Illinois
    Longitude
    -87.775075
    Latitude
    41.711166

    Nearby Similar for Sale

    • $445,000

      Versatile Commercial Building in Oak Lawn

      Multi-unit commercial building with income potential in prime Oak Lawn.
      9725 Southwest Highway, Oak Lawn, IL 60453
      View Details
    • $585,000

      Oak Lawn Commercial Opportunity

      Well-maintained medical/office building in high-demand location near Advocate Christ Hospital.
      5346 W 95th Street, Oak Lawn, IL 60453
      View Details
    • $56,900

      Corner Office Condo in Oak Lawn

      Professional office condo with private washroom in Oak Lawn, IL.
      4647 W 103rd Street unit: 2A, Oak Lawn, IL 60453
      View Details
    • $322,500

      Oak Lawn Multifamily Home

      Two-unit multifamily home with eight bedrooms in Oak Lawn.
      9312 S Kolmar Avenue, Oak Lawn, IL 60453
      View Details
    • $730,000

      Oak Lawn Income Property

      Income-producing three-unit property in the Lake Louise area.
      10320 Mansfield Avenue, Oak Lawn, IL 60453
      View Details
    • $445,000
      3,000 SF

      Versatile Multi-Unit Commercial Building

      Multi-unit commercial building in Oak Lawn with immediate income potential.
      9725 Southwest Highway, Oak Lawn, IL 60453
      View Details
    • $1,300,000
      6,279 SF

      Iconic Oak Lawn Retail Opportunity

      Landmark building with retail center in high-traffic area.
      5540 W 95th St, Oak Lawn, IL 60453
      View Details
    • $550,000
      3,180 SF

      Retail Investment Near Metra Station

      Three-unit retail property in downtown Oak Lawn near Metra.
      5170 W 95th St, Oak Lawn, IL 60453
      View Details
    • $950,000
      6,800 SF

      Oak Lawn Retail Investment Opportunity

      Five-unit retail investment property in downtown Oak Lawn.
      5370 W 95th St, Oak Lawn, IL 60453
      View Details
    • $1,999,000
      21,460 SF

      Oak Lawn Multi-Tenant Industrial Building

      21,460 SF industrial building, 100% occupied, investment opportunity.
      5530 W 110th Street Oak Lawn, IL 60453
      View Details
    • $450,000
      3,600 SF

      Oak Lawn Office Building

      3,600 SF office building with three units for sale.
      9723-9725 Southwest Hwy, Oak Lawn, IL
      View Details
    • $3,300,000
      15,810 SF

      Retail Building in Business District

      15,810 SF retail building in a major shopping district.
      8704-8720 Ridgeland Ave, Oak Lawn, IL
      View Details

    FAQs

    What type of property is this?
    Parking lot & garage - Land available for sale in Oak Lawn, Illinois.
    Where is this parking lot & garage located?
    The property is located at 9940 Melvina Avenue Oak Lawn, IL.
    What is the asking price?
    The asking price for this property is $199,900.
    (773) 767-1616
    We can help!
    Listing Contact
    Salvador Gonzalez
    Salvador Gonzalez
    Real Estate License ID: 475122447
    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!