Renovated Office
For Sale
$344,900
11520 183rd Place, Orland Park, IL 60467
Commercial Sale, Orland Park, IL
Property Size2,000 SF
Lot Size0.06 Acres
Price / SF$172.45
Days on Market137
Property Features for 11520 183rd Place
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
I-80 to Rt 45/LaGrange South to 191st west to Wolf Rd north to 183rd St west to address
Subdivision
Orland Park
Standard status
Active
APN
1909062030270000
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5677
Utilities
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
1
Building materials
Brick
Roof type
Composition
Listing Agency:
Redfin Corporation
(224) 699-5002
Listed By:
Joan Stube · License #471020549
Added: May 12
Changed: Sep 9
Last Checked: Sep 25 at 7:06AM
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.
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 = 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
$27,577
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
8.00%
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%
$551,540
$551.5K
Cap Rate 7%
$393,957
$394.0K
Cap Rate 9%
$306,411
$306.4K
Market Conditions
NOI Build-Up for 2,000 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
$49.0K $24.48/SF
− Vacancy
−$12.2K −$6.10/SF
EGI
$36.8K $18.38/SF
− OpEx
−$9.2K −$4.60/SF
NOI
$27.6K $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%
$551,540
Cap Rate 7%
$393,957
Cap Rate 9%
$306,411
Alternative Uses
Best Use
Office B
$394.0K
$344.7K – $459.6K
NOI $27,577 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.5K
$604.2K – $805.6K
NOI $48,336 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Leased professional suite with three private offices, reception, kitchen, and open work area.
Where is this office units 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
