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    21000 Olympian Way Olympia Fields, IL 60461

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    For Sale
    $998,800

    10.5-acre land offering in Cook County, Illinois.

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    Listing Contact
    Hans Hardisty
    Hans Hardisty
    Source: Svnmiller

    Listing Agent: Hans Hardisty

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

    Learn more

    Overview

    Olympia Fields Land Opportunity

    This 10.5-acre land offering is located in Cook County, Illinois. Approximately 3.5 acres are suitable for storage development, with an additional 7 acres available for creative use, access, drainage, or Boat and RV storage. The site is located only 20 minutes south of Chicago, Illinois, and benefits from 35,000 daily drive-by traffic. The property is located within one of the most populous and economically diverse counties in the Midwest, benefiting from proximity to dense residential and commercial populations. The location supports sustained demand for self-storage due to Cook County’s established infrastructure, extensive transportation network, and strong employment base. Anticipated approval for a 3-story climate-controlled facility with approximately 137,214 NRSF. Owner financing and land banking are available. Additional Retail Out-lots listed separately. The property represents an opportunity to develop within a mature, supply-constrained market where barriers to entry and long-term fundamentals continue to support well-located self-storage assets.
    Location Intelligence

    Current Use by Public Records

    Self storage 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
    Olympia Fields
    County
    Cook
    State
    Illinois
    Longitude
    -87.69995
    Latitude
    41.50697

    Nearby Similar for Sale

    • $750,000
      5,560 SF

      Olympia Fields Retail Redevelopment

      1.86-acre vacant bank, redevelopment opportunity.
      20900 Western Ave, Olympia Fields, IL 60461
      View Details
    • Contact for pricing
      18,100 SF

      Lincoln Hwy Creative Office Space

      18,100 SF Multi-Tenant Office Building
      3612 Lincoln Hwy, Olympia Fields, IL 60461
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    • $1,100,000
      7.13 Acres

      Olympian Way Multifamily Investment

      High-traffic, multifamily opportunity in Olympia Fields, IL.
      21000 Olympian Way, Olympia Fields, IL 60461
      View Details

    FAQs

    What type of property is this?
    Land - 10.5-acre land offering in Cook County, Illinois.
    Where is this land located?
    The property is located at 21000 Olympian Way Olympia Fields, IL.
    What is the asking price?
    The asking price for this property is $998,800.
    What are key features of this property?
    This property features: - 137,214 NRSF anticipated for a 3-story climate-controlled storage development.; - Located in Cook County, Illinois, a supply-constrained market.; - 10.5-acre property includes 3.5 acres ideal for self-storage development.
    (914) 489-7909
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    21000 Olympian Way Olympia Fields, IL 60461
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    Olympia Fields, IL 60461
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    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
    21000 Olympian Way Olympia Fields, IL 60461
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    Listing Contact
    Hans Hardisty
    Hans Hardisty
    (914) 489-7909
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