Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    3 Elwood St Frankfort, IL 60423

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $325,000

    Land suitable for retail, restaurant, office, or residential development.

    Lot size:
    1.34 Acres

    Property Features for 3 Elwood St

    General Information

    Lot size
    1.34 Acres

    Source: Network Commercial Real Estate Agent Eileen Burke - Olson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Land in Historic Downtown Frankfort

    This commercial land is located in a historic downtown location with heavy foot traffic and a walking-friendly atmosphere. The area is characterized by high income and disposable income. Walking and biking paths surround the downtown area. The Village prefers retail and restaurant uses for the property, and tax-producing uses must occupy the majority of the first floor. The second floor may be used for office or residential purposes, presenting an opportunity to bring development ideas to this location.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Building Supply Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8496
    Latitude
    41.49964

    Nearby Similar for Sale

    • $1,200,000
      8,840 SF

      Frankfort Office Building For Sale

      Fully occupied office building with updates and ample parking.
      21016 S 80Th Ave, Frankfort, IL 60423
      View Details
    • $839,000
      2,688 SF

      Frankfort Commercial End Cap Unit

      Commercial end cap unit in Frankfort's Historic District.
      1 Old Frankfort Way, Frankfort, IL 60423
      View Details
    • $245,000
      1,250 SF

      Modern Frankfort Office Condo

      Single-story office condo in Frankfort, ideal for small business.
      19558 S Harlem Ave, Frankfort, IL 60423
      View Details
    • $95,000
      20,000 SF

      Frankfort Restaurant Business Opportunity

      Well-established Frankfort restaurant with full kitchen, bar, and outdoor seating.
      21000 S Frankfort Square Rd, Frankfort, IL 60423
      View Details
    • $225,000
      4,186 SF

      Established Children's Entertainment Business

      Family-owned indoor playground with cafe in Frankfort, Illinois.
      20815 S La Grange Rd, Frankfort, IL 60423
      View Details
    • $1,200,000
      8,400 SF

      Frankfort Office Building For Sale

      Two-story office building with finished basement in Frankfort, Illinois.
      9999 W Lincoln Hwy, Frankfort, IL 60423
      View Details

    FAQs

    What type of property is this?
    Land - Land suitable for retail, restaurant, office, or residential development.
    Where is this land located?
    The property is located at 3 Elwood St Frankfort, IL.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: - High income / disposable income area; - Heavy foot traffic, walking friendly atmosphere; - Opportunity to develop in historic downtown location
    (708) 873-5540
    Request Owner's contact information
    3 Elwood St Frankfort, IL 60423
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3 Elwood St
    Frankfort, IL 60423
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3 Elwood St Frankfort, IL 60423
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.