Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Commercial Lot Near Laraway Road Title is generated by Realmo AI

    LARAWAY Road lot 8, New Lenox, IL 60451

    View on Map
    Claim this Listing
    For Sale
    $925,000

    LAND - New Lenox, IL

    Lot size:
    4.15 Acres
    Added:
    Oct 9, 2025
    Days on Market:
    220
    Last Refresh:
    May 16 at 4:06 pm

    Property Features for LARAWAY Road lot 8

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    1508253010270000
    Lot size
    4.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    8691

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Michael Clendenning

    Listing agent Michael Clendenning License #475143920

    Listing office RE/MAX 10 15607 South Harlem Avenue, Oak Lawn, IL

    Listing date Oct 9, 2025

    MLS# 12492734 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.

    HighLights

    • Prime Commercial Location: Situated behind McDonald's and a bank on Laraway Rd, offering high visibility and traffic.
    • Large Graded Lot: Over 4.5 acres of graded land, ready for development.
    • All Utilities at Site: Simplifies and reduces the cost of development.
    • Anchored by Established Businesses: Adjacent to a Jewel‑anchored strip mall and Tractor's Supply, ensuring consistent customer flow.
    • Retention Pond Included: Addresses water management needs.
    • Proximity to Residential Neighborhood: Provides a potential customer base.

    Overview

    This is an approximately 4.15 acre graded commercial lot. It is located behind a McDonald's and a 5th/3rd Bank on Laraway Road in New Lenox, Illinois. A Jewel-anchored strip mall and parking lot are situated to the west of the property, while a Tractor's Supply building is located to the east. All utilities are available at the site. A retention pond and a residential neighborhood are located at the rear of the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    New Lenox
    County
    Will
    State
    Illinois
    Longitude
    -87.9556306
    Latitude
    41.486928

    Nearby Similar for Sale

    • $395,000
      2,500 SF

      Versatile Commercial Space with Apartment

      Prime commercial space with apartment in downtown New Lenox.
      337 W Maple Street, New Lenox, IL 60451
      View Details
    • $999,000

      COMMERCIAL - New Lenox, IL

      1352 N Cedar Road, New Lenox, IL 60451
      View Details
    • $999,000
      3,500 SF

      New Lenox Acreage with Building

      3.47-acre property with a 3500SF building in New Lenox.
      1352 N Cedar Road, New Lenox, IL 60451
      View Details
    • $1,850,000

      Land in New Lenox, IL

      4.95 acre commercial land for sale in New Lenox.
      1000 S Cedar Road, New Lenox, IL 60451
      View Details
    • $300,000

      New Lenox Buildable Commercial Lot

      1.5 acre commercial lot in growing New Lenox area.
      1007 Nelson Road, New Lenox, IL 60451
      View Details
    • $1,750,000
      15,000 SF

      Established Automotive and Printing Business

      Profitable automotive and printing business for sale in New Lenox.
      14440 W Edison Drive, New Lenox, IL 60451
      View Details
    • $695,000
      2 SF

      Land for Hotel, Office, Flex

      Located at I-80 and Route 30, ideal for development.
      450 DeGroate Road, New Lenox, IL 60451
      View Details
    • $999,995

      Briarwood Place Townhome Land Opportunity

      Shovel-ready land assembly for townhome development in New Lenox, IL.
      1351 E Lincoln Highway, New Lenox, IL 60451
      View Details
    • $6,900,000
      45,260 SF

      Renovated Retail Center with Upside

      Value-add retail opportunity in a high-traffic location.
      340-358 W. Maple St, New Lenox, IL 60451
      View Details
    • $5,704,000
      5,773 SF

      Bank of America Investment Opportunity

      NN+ leased fee interest in Bank of America branch.
      251 E Maple St, New Lenox, IL
      View Details
    • $495,000

      Development Ready Commercial Land

      Commercial land available near major interchanges in a pro-business community.
      1306 N Cedar Rd, New Lenox, IL
      View Details
    • $459,000

      New Lenox Development Opportunity

      Over an acre of vacant land in high-traffic area.
      328 E Lincoln Highway, New Lenox, IL 60451
      View Details

    FAQs

    What type of property is this?
    Commercial land - 4.15 acre commercial lot with utilities in New Lenox.
    Where is this commercial land located?
    The property is located at LARAWAY Road lot 8 New Lenox, IL.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: Prime Commercial Location: Situated behind McDonald's and a bank on Laraway Rd, offering high visibility and traffic.; **Large Graded Lot: Over 4.5 acres of graded land, ready for development.**; All Utilities at Site: Simplifies and reduces the cost of development.
    (708) 857-1500
    We can help!
    Listing Contact
    Michael Clendenning
    Real Estate License ID: 475143920
    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

    Thank You for Inquiry
    LARAWAY Road lot: 8, New Lenox, IL 60451
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!