Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Matteson Multi-Tenant Office Building Title is generated by Realmo AI

    21141 Governors Highway, Matteson, IL 60443

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $469,000

    Multi-tenant office building on 2.62 acres in Matteson, IL.

    Type:Office
    Property size:
    22,523 SF
    Price / SF:
    $20/SF
    Added:
    Dec 3, 2025
    Days on Market:
    157
    Last Refresh:
    Apr 5 at 8:20 pm

    Property Features for 21141 Governors Highway

    General Information

    Standard status
    Active
    Size
    22,523 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Mike Velasco
    Mike Velasco

    Listing agent Mike Velasco

    Listing office Coldwell Banker Realty | Naperville

    Listing date Dec 3, 2025

    Source Cbcworldwide

    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 Coldwell Banker Realty | Naperville

    HighLights

    • Prime investment, development, or owner/user opportunity.
    • Multi‑tenant office building.
    • Large lot size: 2.62± acres.
    • Includes a parking lot.
    • Recent HVAC improvements.
    • Priced to sell.

    Overview

    Available for sale is a multi-tenant office building with a parking lot, situated on approximately 2.62 acres of land. The property is located in Matteson, IL. The building has seen recent HVAC improvements and is being sold in as-is condition. The property, with a building size of 22523 square feet, presents an opportunity for investment, development, or owner-users.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Viewpoint Neurology Medical Clinic vip security inc Security Service Evelyn Randle, Managing ... Real Estate Agency Robyn Morgan Physician Sheraine Lathon Evangelistic Church

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Matteson
    County
    Cook
    State
    Illinois
    Longitude
    -87.7114
    Latitude
    41.5046

    Nearby Similar for Sale

    • $515,000

      Versatile Commercial Space on Corner Lot

      Adaptable commercial space with high visibility and accessibility.
      6363 W Lincoln Highway, Matteson, IL 60443
      View Details
    • $515,000

      Versatile Commercial Space on Corner

      Adaptable commercial space with high visibility and accessibility.
      6363 W Lincoln Highway, Matteson, IL 60443
      View Details
    • $200,000
      2,480 SF

      Historic Landmark Office Building

      1875 landmark property, ideal for professional office use.
      3624 216th Street, Matteson, IL 60443
      View Details
    • $200,000
      2,480 SF

      Historic Matteson Landmark Office Building

      Historic 2,480 SF office building on 12,000 SF lot.
      3624 216th Street, Matteson, IL 60443
      View Details
    • $695,000

      Established Day Care Opportunity

      Day care business, building, and lots for sale.
      3535 W LINCOLN Highway, Matteson, IL 60443
      View Details
    • $469,000

      Commercial

      21141 Governors Highway, Matteson, IL 60443
      View Details
    • $1,400,000
      2,200 SF

      Retail Property on Cicero Avenue

      Retail property for sale with 2,200 square feet.
      20602 S Cicero Ave, Matteson, IL
      View Details
    • Contact for pricing
      36,646 SF

      Renovated Retail Space with Planet Fitness

      Retail property with long-term leases and rent growth potential.
      20909-20939 S Cicero Ave, Matteson, IL
      View Details
    • $2,100,000
      62,002 SF

      Matteson Adaptive Reuse Opportunity

      Versatile 14.8-acre property with five buildings totaling 62,002 square feet.
      4101 Saint Lawrence Avenue, Matteson, IL 60443
      View Details
    • $145,900
      832 SF

      Matteson Workshop with Office Space

      Versatile workshop with office, storage, and bathroom in Matteson.
      21622 Oak St, Matteson, IL 60443
      View Details
    • $144,900
      832 SF

      Matteson Workshop with Office Space

      Versatile workshop with office, storage, and prime industrial location.
      21622 Oak Street, Matteson, IL 60443
      View Details
    • Contact for pricing
      6,530 SF

      Matteson Automotive Property and Business

      Turn-key automotive property and business opportunity in Matteson, Illinois.
      3627 216th St, Matteson, IL
      View Details

    FAQs

    What type of property is this?
    Office building - Multi-tenant office building on 2.62 acres in Matteson, IL.
    Where is this office building located?
    The property is located at 21141 Governors Highway Matteson, IL.
    What is the asking price?
    The asking price for this property is $469,000.
    What are key features of this property?
    This property features: Prime investment, development, or owner/user opportunity.; Multi‑tenant office building.; Large lot size: **2.62± acres**.
    (847) 409-0232
    We can help!
    Listing Contact
    Mike Velasco
    Mike Velasco
    Learn More
    Request Owner's contact information
    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.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    21141 Governors Highway, Matteson, IL 60443
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!