Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Frankfort Farmland with Warehouse Title is generated by Realmo AI

    9815 W Laraway Rd, Frankfort, IL 60423

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    21 acres with warehouse, potential for industrial zoning.

    Type:Land
    Property size:
    2,500 SF
    Lot size:
    21.00 Acres
    Price / SF:
    $339/SF
    Added:
    Apr 6, 2024
    Days on Market:
    772
    Last Refresh:
    Mar 16 at 1:00 pm

    Property Features for 9815 W Laraway Rd

    General Information

    Standard status
    Active
    Size
    2,500 SF
    Lot size
    21.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Chuck Groebe

    Listing agent Chuck Groebe License #IL

    Listing office Chicago-Coldwell Banker Commercial NRT

    Listing date Apr 6, 2024

    Source Crexi

    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 Chicago-Coldwell Banker Commercial NRT

    HighLights

    • 21 acres of prime Frankfort farmland with potential for future industrial zoning.
    • 2,500 sq. ft. heated warehouse with two large overhead doors and ample parking.
    • Strategic location with easy access to I‑57, LaGrange Road, and I‑355.
    • Ideal layout for small businesses with significant upside for future development.
    • Two handicapped‑accessible bathrooms with heated floors in the warehouse.
    • Front acreage includes two outbuildings and elevated land ready for immediate use.

    Overview

    This property features 21 acres of farmland in Frankfort, presenting potential for future industrial zoning. Located near the intersection of Laraway Road and Center Road, the site includes a 2,500 sq. ft. heated warehouse. The warehouse is equipped with two large overhead doors, ample parking space, and two handicapped-accessible bathrooms with heated floors. The front acreage contains two outbuildings and elevated land suitable for immediate use. The property layout is suited for small businesses, offering investment potential with opportunities for future development on the 21 acres towards the rear. A ComEd easement separates the back 11.25 acres, but access is maintained. The location provides access to I-57, LaGrange Road, and I-355. An adjacent 35-acre farm with Laraway frontage and an additional 20 acres south of the ComEd easement is also available for sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8540749
    Latitude
    41.4840792

    Nearby Similar for Sale

    • $839,000
      2,700 SF

      Downtown Frankfort Commercial End Cap

      Commercial space in historic district with high-end finishes.
      1 Old Frankfort Way, Frankfort, IL 60423
      View Details
    • $3,950,000

      Turn-Key Medical/Wellness Building Frankfort, IL

      4,800 SF turn-key medical/wellness building completed in 2024.
      11240 W Laraway Road, Frankfort, IL 60423
      View Details
    • $245,000
      1,250 SF

      Modern Office Condo in Frankfort

      Well-maintained office condo with convenient access and functional layout.
      19558 S Harlem Avenue, Frankfort, IL 60423
      View Details
    • $510,000

      Commercial Lot in Frankfort Business Area

      Highly visible commercial lot ideal for retail or restaurant development.
      7825 W Lincoln Highway, Frankfort, IL 60423
      View Details
    • $2,850,000
      24,125 SF

      Frankfort Medical Office Building For Sale

      Three-story medical office building with national tenant and available space.
      10043 Lincoln Highway, Frankfort, IL 60423
      View Details
    • $1,200,000
      8,400 SF

      Two-Story Office Building with Basement

      Two-story office building with finished basement and flexible layout.
      9999 W Lincoln Highway, Frankfort, IL 60423
      View Details
    • $500,000

      Frankfort Land For Sale

      4.1 acre commercial land available in Frankfort, Illinois.
      10850 W Laraway Road, Frankfort, IL 60423
      View Details
    • $385,000
      1,566 SF

      Professional Office Condo For Sale

      Professional office condo with build-out potential in Frankfort, Illinois.
      10331 W Lincoln Hwy, Frankfort, IL 60423
      View Details
    • $555,000
      2,625 SF

      Frankfort Triplex Investment Opportunity

      Three-unit property in Frankfort, Illinois, near transportation and amenities.
      20224 S Frankfort Square Rd, Frankfort, IL 60423
      View Details
    • $850,000
      3 SF

      Frankfort Land For Sale

      3 acres of land suitable for various commercial uses.
      W. Laraway Rd., Frankfort, IL 60423
      View Details
    • Contact for pricing

      Frankfort Land for Mixed-Use Development

      Approximately 11 acres of land for mixed-use development.
      795 Center Road, Frankfort, IL 60423
      View Details
    • $2,650,000
      22,052 SF

      Free Standing Manufacturing Property

      Manufacturing property with extra land, excellent condition, close to highways.
      9325 Corsair Road, Frankfort, IL 60423
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 21 acres with warehouse, potential for industrial zoning.
    Where is this agricultural land / farmland located?
    The property is located at 9815 W Laraway Rd Frankfort, IL.
    What is the asking price?
    The asking price for this property is $849,000.
    What are key features of this property?
    This property features: 21 acres of prime Frankfort farmland with potential for future industrial zoning.; **2,500 sq. ft. heated warehouse with two large overhead doors and ample parking.**; Strategic location with easy access to I‑57, LaGrange Road, and I‑355.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Chuck Groebe
    Real Estate License ID: IL
    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
    9815 W Laraway Rd, Frankfort, IL 60423
    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!