End-Unit Office Condo with Two
For Sale
$409,900
11504 183rd Pl NE, Orland Park, IL 60467
End-unit office condo in a business center with two studios, hardwood floors, and large windows for natural light.
Property Size1,994 SF
Price / SF$205.57
Days on Market91
Property Features for 11504 183rd Pl NE
General Information
Standard status
Active
Size
1,994 SF
Amenities
wall-to-wall mirrors
ballet barres
professional sound systems with built-in speakers
hardwood floors
large windows
updated landscaping
Building Details
Year Built
2002
Listing Agency:
Olivieri Real Estate LLC
Listed By:
Jacqueline Montvidas · License #475138574
(708) 595-0702
Source:
Theluxliferealty
Added: Jul 27
Changed: Oct 9
Last Checked: Oct 7 at 5:10PM
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 Olivieri Real Estate LLC
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Investment Insights
Based on property information with market context.
This end-unit office condo in the Orland Park Business Center offers an open, flexible layout with two spacious studios. The space includes wall-to-wall mirrors, ballet barres, professional sound systems with built-in speakers, gorgeous hardwood floors, and large windows designed to bring in abundant natural light. At approximately 1,994 square feet, it’s set up for a variety of professional and wellness-related uses, including dance, yoga, Pilates, fitness, physical therapy, personal training, medical, office, and educational applications.
Positioned in the first building of the complex, the unit is described as providing convenient access and visibility for clients and visitors, with ample parking available. The property was built in 2002, and a new roof was installed in 2021.
The current configuration supports businesses that benefit from studio-style rooms and sound-ready spaces while maintaining the flexibility to support multiple workplace or client-facing uses within a commercial condo setting.
Positioned in the first building of the complex, the unit is described as providing convenient access and visibility for clients and visitors, with ample parking available. The property was built in 2002, and a new roof was installed in 2021.
The current configuration supports businesses that benefit from studio-style rooms and sound-ready spaces while maintaining the flexibility to support multiple workplace or client-facing uses within a commercial condo setting.
Key Highlights
- End‑unit office condo in the first building of the complex for visibility and convenient access
- Two spacious studios with wall‑to‑wall mirrors and ballet barres
- Professional sound systems with built‑in speakers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,494
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,880
$549.9K
Cap Rate 7%
$392,771
$392.8K
Cap Rate 9%
$305,489
$305.5K
Market Conditions
NOI Build-Up for 1,994 SF
Gross rent
$48.8K $24.48/SF
− Vacancy
−$12.2K −$6.10/SF
EGI
$36.7K $18.38/SF
− OpEx
−$9.2K −$4.60/SF
NOI
$27.5K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,880
Cap Rate 7%
$392,771
Cap Rate 9%
$305,489
Alternative Uses
Best Use
Office B
$392.8K
$343.7K – $458.2K
NOI $27,494 @ 7.0% cap · market cap 6.71%
Second Best
Healthcare Medical
$377.4K
$330.2K – $440.3K
NOI $26,417 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$688.4K
$602.4K – $803.2K
NOI $48,191 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - End-unit office condo in a business center with two studios, hardwood floors, and large windows for natural light.
Where is this office unit located?
The property is located at 11504 183rd Pl NE Orland Park, IL.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: End‑unit office condo in the first building of the complex for visibility and convenient access; Two spacious studios with wall‑to‑wall mirrors and ballet barres; Professional sound systems with built‑in speakers
