Office Condominium with Three
For Sale
$344,900
11520 183rd Place #NE, Orland Park, IL 60467
The suite combines reception space, a kitchen and break area, and an open workspace.
Property Size2,000 SF
Price / SF$172.45
Days on Market167
Property Features for 11520 183rd Place #NE
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$5,676
Building Details
Building Size
2,000 SF
Year Built
2006
Stories
1
Tenancy
Single
Listing Agency:
Redfin Corporation
Listed By:
Joan Stube · License #471020549
(224) 699-5002
Source:
Fishmangroup
Added: May 12
Changed: Oct 23
Last Checked: Oct 23 at 1:23PM
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 Redfin Corporation
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Investment Insights
Based on property information with market context.
This 2,000 SF office condominium has three private offices, a reception area, a kitchen and break area, and open workspace. Improvements include fresh paint, new flooring, updated bathroom fixtures and a replacement toilet. The building was constructed in 2006, and its roof was replaced in 2021.
The suite is currently leased through December 2026. The property is zoned OFFIC and is located at 11520 183rd Place in Orland Park, Illinois.
The suite is currently leased through December 2026. The property is zoned OFFIC and is located at 11520 183rd Place in Orland Park, Illinois.
Key Highlights
- 2,000 SF office condominium
- Three private offices, reception area, kitchen/break area and open workspace
- Currently leased through December 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,577
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - The suite combines reception space, a kitchen and break area, and an open workspace.
Where is this office unit located?
The property is located at 11520 183rd Place #NE 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; Three private offices, reception area, kitchen/break area and open workspace; Currently leased through December 2026
