Renovated Office
11520 183rd Place, Orland Park, IL 60467
For Sale
$344,900
Under Contract
Commercial Sale, Orland Park, IL
Property Size2,000 SF
Lot Size0.06 Acres
Price / SF$172.45
Days on Market183
Property Features for 11520 183rd Place
General Information
Property type
Property subtype
Zoning
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Cooling system
Building Details
Year built
Floors in Building
Building materials
Roof type
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Joan Stube · License IL #471020549
Added: May 12
Changed: Oct 1
Last Checked: Nov 10 at 8:06PM
MLS# 12637615
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Located at 11520 183rd Place in Orland Park, this 2,000 SF office condominium was built in 2006 and has been fully renovated. The interior includes three private offices, a reception area, kitchen and break space, an open work area, and an updated bathroom. Brick construction, central air, and a composition roof support the property’s core building systems.
The suite is currently leased through December 2026, providing an in-place occupancy profile for the next owner. The property is part of the Orland Park Business Center, which features updated landscaping and ample parking. Additional physical improvements include a new roof installed in 2021. The property carries OFFIC zoning and is located in Will County.
The suite is currently leased through December 2026, providing an in-place occupancy profile for the next owner. The property is part of the Orland Park Business Center, which features updated landscaping and ample parking. Additional physical improvements include a new roof installed in 2021. The property carries OFFIC zoning and is located in Will County.
Key Highlights
- 2,000 SF office condominium at 11520 183rd Place, Orland Park, IL 60467
- Current lease runs through December 2026
- Three private offices plus reception, kitchen/break area, and open workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,512
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,240
$570.2K
Cap Rate 7%
$407,314
$407.3K
Cap Rate 9%
$316,800
$316.8K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$52.8K $26.40/SF
− Vacancy
−$14.8K −$7.39/SF
EGI
$38.0K $19.01/SF
− OpEx
−$9.5K −$4.75/SF
NOI
$28.5K $14.26/SF
Area
Cook County, IL
Vacancy
28.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,240
Cap Rate 7%
$407,314
Cap Rate 9%
$316,800
Alternative Uses
Best Use
Office B
$407.3K
$356.4K – $475.2K
NOI $28,512 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$768.0K
$672.0K – $896.0K
NOI $53,760 @ 7.0% cap · market cap 15.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
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
$392,200
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Cook County, IL
Properties on Market for Office Units in Cook County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Leased professional suite with three private offices, reception, kitchen, and open work area.
Where is this office unit located?
The property is located at 11520 183rd Place Orland Park, IL.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: 2,000 SF office condominium at 11520 183rd Place, Orland Park, IL 60467; Current lease runs through December 2026; Three private offices plus reception, kitchen/break area, and open workspace
