End-Unit Office
For Sale
$409,900
11504 183rd Place #NE, Orland Park, IL 60467
Flexible interior includes two studio areas with mirrors, sound equipment, and hardwood flooring.
Property Size1,994 SF
Days on Market41
Property Features for 11504 183rd Place #NE
General Information
Standard status
Active
Size
1,994 SF
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$5,677
Building Details
Building Size
1,994 SF
Year Built
2002
Stories
1
Listing Agency:
Olivieri Real Estate LLC
(708) 719-3444
Listed By:
Jacqueline Montvidas · License #475138574
(708) 719-3444
Source:
Birdrealtysells
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 7:08PM
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
Investment Insights
Based on property information with market context.
This office condominium is configured as an end unit within the first building of the business center. The interior includes two spacious studio areas, wall-mounted mirrors, ballet barres, built-in speaker systems, hardwood flooring, and large windows that provide natural light. The open layout has supported dance and may accommodate professional, wellness, educational, medical, or office-oriented operations as permitted by applicable requirements.
The property carries OFFIC zoning and was built in 2002. Exterior improvements include a roof installed in 2021, updated landscaping across the complex, and ample parking. Its placement within the business center provides convenient access for clients and visitors, with the end-unit position offering exposure within the development.
The property carries OFFIC zoning and was built in 2002. Exterior improvements include a roof installed in 2021, updated landscaping across the complex, and ample parking. Its placement within the business center provides convenient access for clients and visitors, with the end-unit position offering exposure within the development.
Key Highlights
- End‑unit office condominium in the first building of the business center
- Two spacious studio areas with wall‑mounted mirrors and ballet barres
- Built‑in speaker systems, hardwood flooring, and large windows
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
$27,494
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
6.71%
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%
$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
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
$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 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%
$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
—
—
no second resolved use
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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
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 Office 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?
Office units - Flexible interior includes two studio areas with mirrors, sound equipment, and hardwood flooring.
Where is this office units located?
The property is located at 11504 183rd Place #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 condominium in the first building of the business center; Two spacious studio areas with wall‑mounted mirrors and ballet barres; Built‑in speaker systems, hardwood flooring, and large windows
