Flex Condo with Mezzanine
New
For Sale
$599,900
11415 183rd Place Suite 3, Orland Park, IL 60467
An office component, open bullpen, and conference room complement the climate-controlled shop area.
Property Size4,538 SF
Price / SF$132.49
Days on Market1
Property Features for 11415 183rd Place Suite 3
General Information
Standard status
Active
Size
4,538 SF
Property subtype
Industrial
Additional Details
Conditioned Warehouse
Yes
Building Details
Building Size
4,538 SF
Buildings
1
Stories
2
Listing Agency:
John Greene Commercial
Listed By:
Chris Condon · License #471002632
(815) 693-3005
Source:
Johngreenerealestate
Added: Oct 19
Last Checked: Oct 19 at 2:11PM
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 John Greene Commercial
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,528± SF flex condominium combines office and shop space. The office portion includes two private offices, a broad open bullpen, and an upstairs conference room. The shop area is air conditioned and has a skylight, while restrooms serve both the office and shop areas. Mezzanine storage adds additional space for storage needs.
The property is in Orland Park Business Center at 11415 183rd Place, Suite 3, Orland Park, Illinois 60467.
The property is in Orland Park Business Center at 11415 183rd Place, Suite 3, Orland Park, Illinois 60467.
Key Highlights
- 4,528± SF industrial/office condominium
- Two private offices and an open bullpen
- Upstairs conference room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,680
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$953,600
$953.6K
Cap Rate 7%
$681,143
$681.1K
Cap Rate 9%
$529,778
$529.8K
Market Conditions
NOI Build-Up for 4,528 SF
Gross rent
$81.5K $18.00/SF
− Vacancy
−$8.2K −$1.80/SF
EGI
$73.4K $16.20/SF
− OpEx
−$25.7K −$5.67/SF
NOI
$47.7K $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 Rate 5%
$953,600
Cap Rate 7%
$681,143
Cap Rate 9%
$529,778
Alternative Uses
Best Use
Flex RnD
$681.1K
$596.0K – $794.7K
NOI $47,680 @ 7.0% cap · market cap 7.95%
Second Best
Warehouse
$338.1K
$295.9K – $394.5K
NOI $23,668 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,432 @ 7.0% cap · market cap 18.24%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Under-served
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
Frequently Asked Questions
What type of property is this?
Flex space - An office component, open bullpen, and conference room complement the climate-controlled shop area.
Where is this flex space located?
The property is located at 11415 183rd Place Suite 3 Orland Park, IL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4,528± SF industrial/office condominium; Two private offices and an open bullpen; Upstairs conference room
