Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1601 Oak St Chicago Heights, IL 60411

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $435,000

    Over 10,000 sq ft furnished church with school.

    Property Features for 1601 Oak St

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Dimitia Mcintyre
    Source: Corcoran

    Listing Agency: BLUE MASTER LLC Listing Agent: Dimitia Mcintyre

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

    Learn more

    Overview

    Spacious Furnished Church with Potential

    This is a historic all-brick building offering a great opportunity. The fully furnished church is ready for immediate occupancy and presents loads of potential within its over 10,000 square feet. An attached operating school, featuring 8 classrooms and a fellowship hall that serves as a dining room, is negotiable with the purchase of the building. Rear and street parking are available. A bus line is located near the building off the alleyway. The building is being sold AS-IS.
    Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.6389845
    Latitude
    41.5023508

    Nearby Similar for Sale

    • New
      $799,900
      2,980 SF

      Sauk Village Commercial Redevelopment Opportunity

      Vacant building suitable for redevelopment in Sauk Village, Illinois.
      2700 E Sauk Trl, Sauk Village, IL 60411
      View Details
    • New
      $575,000
      0.38 Acres

      Rehabbed Multifamily Building

      Five-unit building with strong rents in Chicago Heights, Illinois.
      394 W Lincoln Hwy, Chicago Heights, IL 60411
      View Details
    • $150,000
      0.09 Acres

      Church with Large Fellowship Hall

      Church with seating for 100+, large hall, kitchen.
      1100 Greenwood Ave, Ford Heights, IL 60411
      View Details
    • $1,199,000
      6,250 SF

      Former Bank Building Redevelopment Opportunity

      6,250 SF former bank on 1.5 acres in Chicago Heights.
      25 E 16Th St, Chicago Heights, IL 60411
      View Details
    • New
      $245,000
      0.08 Acres

      Rehabbed Chicago Heights Income Property

      Turnkey, income-producing 2-flat, fully rehabbed in 2025.
      40 W Main St, Chicago Heights, IL 60411
      View Details
    • $1,199,000
      6,250 SF

      Former Bank Building Redevelopment Opportunity

      6,250 SF former bank on 1.5 acres.
      25 E 16Th St, Chicago Heights, IL 60411
      View Details
    • $1,199,000

      Former Bank Building in Chicago Heights

      6,250 SF former bank on 1.5 acres in central business district.
      25 E 16Th St, Chicago Heights, IL 60411
      View Details
    • $208,000
      0.25 Acres

      Renovated Duplex in Central Location

      Two renovated 1-bedroom apartments generating $2,000 monthly income.
      3706 Chicago Rd, Steger, IL 60475
      View Details
    • $775,000

      Fully Leased Investment Opportunity

      Seven-unit building with value-add potential in South Chicago Heights.
      3229 Commercial Ave, South Chicago Heights, IL 60411
      View Details
    • New
      $249,900

      Chicago Heights Residential Income Property

      Two spacious units with hardwood floors on an extra-wide lot.
      63 Hickory St, Chicago Heights, IL 60411
      View Details
    • New
      $189,900

      Updated Triplex in Chicago Heights

      Income-generating triplex with updated 4-bedroom unit and hardwood floors.
      1631 Buena Vista Ave, Chicago Heights, IL 60411
      View Details
    • New
      $180,000
      0.14 Acres

      Steger Solid Brick Income Property

      Three-unit residential income property in great location with cash flow.
      39 Mckinley Ave, Steger, IL 60475
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Over 10,000 sq ft furnished church with school.
    Where is this church & religious facility located?
    The property is located at 1601 Oak St Chicago Heights, IL.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: - Fully furnished, move-in ready church.; - Over 10,000 square feet of potential.; - Attached operating school with 8 classrooms (negotiable).
    (708) 275-8740
    Request Owner's contact information
    1601 Oak St Chicago Heights, IL 60411
    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.
    1601 Oak St
    Chicago Heights, IL 60411
    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
    1601 Oak St Chicago Heights, IL 60411
    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

    We can help!
    Listing Contact
    Dimitia Mcintyre
    Real Estate License ID: 471019898
    (708) 275-8740 (708) 221-6364
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!