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    16624 159Th St Lockport, IL 60441

    Sponsored
    For Sale
    $1,498,500

    High-yield office condo with long-term tenant.

    Property size:
    8,100 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    338
    This exceptional 8,100 square foot office condo in Lockport, Illinois, presents a compelling investment opportunity. Strategically located on West 159th Street with excellent visibility and convenient access to I-355, this property is part of a well-maintained seven-building association. The main level boasts 8,100 square feet of usable space, encompassing twelve offices, a breakroom, a vestibule, and eight restrooms. An additional 4,050 square feet of usable space and 4,050 square feet of storage are available on the lower level. The building benefits from a recently seal-coated parking lot, enhancing curb appeal and property value. Significant investment has been made in maintaining the roof and HVAC systems, ensuring long-term operational efficiency. Currently leased to a long-term tenant under a lease with several years remaining, this property offers a stable and predictable income stream. The property's location in Lockport, within Will County, provides the advantage of low property taxes. Furthermore, its proximity to new developments along 159th Street positions it for continued growth and appreciation. This is an ideal acquisition for investors seeking a secure, income-generating asset with substantial long-term potential in a thriving area.

    Property Features for 16624 159Th St

    General Information

    Property type
    Residential income properties
    Square Feet
    8,100 SF

    Building Details

    Year Built
    2005
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Nail Salon Kitchen & Bath Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.02283
    Latitude
    41.59927

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    FAQs

    What type of property is this?
    Residential income property - High-yield office condo with long-term tenant.
    Where is this residential income property located?
    The property is located at 16624 159Th St Lockport, IL.
    What is the asking price?
    The asking price for this property is $1,498,500.
    (708) 719-3444
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    16624 159Th St Lockport, IL 60441
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    Lockport, IL 60441
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    Realmo Value Estimation

    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.

    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.

    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
    16624 159Th St Lockport, IL 60441
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