Brick Flex Space with
For Sale
$799,000
10470 164 Place, Orland Park, IL 60467
Industrially zoned property with a reception area, private offices, kitchenette, restrooms, and adaptable commercial workspace.
Property Size4,000 SF
Lot Size1.00 Acre
Price / SF$199.75
Days on Market49
Property Features for 10470 164 Place
General Information
Standard status
Active
Size
4,000 SF
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
INDUS
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$23,141
Building Details
Building Size
4,000 SF
Year Built
1989
Buildings
1
Stories
1
Construction
brick
Listing Agency:
Century 21 Circle
(708) 361-0800
Listed By:
Mike McCatty · License #471002650
(708) 361-0800
Source:
Allinonerealestateco
Added: Jul 15
Changed: Aug 31
Last Checked: Aug 2 at 10:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Circle
Investment Insights
Based on property information with market context.
Built in 1989, this brick flex space contains 4,000 square feet on a 1-acre lot and is zoned INDUS. The interior includes a secure vestibule, reception area, two private offices, a kitchenette with storage, and two private restrooms, including one with a shower. A newer roof and HVAC system support the existing improvements. Electrified shipping containers provide additional storage or workspace and may remain or be removed.
The property is located at 10470 164 Place in Orland Park, just south of 159th Street and 104th Avenue, with access to nearby expressways. An onsite leased communication tower reaches 199 feet and generates income. The layout and existing features support a range of flex, office, warehouse, contractor, distribution, or service-based operations, subject to applicable requirements.
The property is located at 10470 164 Place in Orland Park, just south of 159th Street and 104th Avenue, with access to nearby expressways. An onsite leased communication tower reaches 199 feet and generates income. The layout and existing features support a range of flex, office, warehouse, contractor, distribution, or service-based operations, subject to applicable requirements.
Key Highlights
- 4,000‑square‑foot brick building on a 1‑acre lot
- INDUS zoning in Orland Park
- Two private offices, kitchenette, two restrooms, and reception area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,120
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$842,400
$842.4K
Cap Rate 7%
$601,714
$601.7K
Cap Rate 9%
$468,000
$468.0K
Market Conditions
NOI Build-Up for 4,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.0K $18.00/SF
− Vacancy
−$7.2K −$1.80/SF
EGI
$64.8K $16.20/SF
− OpEx
−$22.7K −$5.67/SF
NOI
$42.1K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$842,400
Cap Rate 7%
$601,714
Cap Rate 9%
$468,000
Alternative Uses
Best Use
Flex RnD
$601.7K
$526.5K – $702.0K
NOI $42,120 @ 7.0% cap · market cap 5.27%
Second Best
Warehouse
$298.7K
$261.4K – $348.5K
NOI $20,908 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,671 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60467, IL
26,098
Population
10,055
Households
2.6
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
14.8 sq mi
ZIP Area
1,763
Density / Sq Mi
$109,329
Median Household Income
$63,685
Median Earnings
$2,202
Median Rent
$392,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrially zoned property with a reception area, private offices, kitchenette, restrooms, and adaptable commercial workspace.
Where is this flex space located?
The property is located at 10470 164 Place Orland Park, IL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 4,000‑square‑foot brick building on a 1‑acre lot; INDUS zoning in Orland Park; Two private offices, kitchenette, two restrooms, and reception area
