Two-Unit Retail
New
For Sale
$499,900
14342 S La Grange Road, Orland Park, IL 60462
COMMERCIAL - Orland Park, IL
Property Size2,145 SF
Lot Size0.23 Acres
Price / SF$233.05
Days on Market6
Property Features for 14342 S La Grange Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
LaGrange Rd. South to Address - 14342
Subdivision
Orland Park
Standard status
Active
APN
27092150350000
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
19662
Utilities
Cooling system
Central Air
Building Details
Year built
1971
Floors in Building
1
Number of units
2
Building materials
Brick, Block
Listing Agency:
Village Realty, Inc.
(708) 478-1212
Listed By:
Michael Glenn · License #471022481
(708) 478-1212
Added: Aug 4
Last Checked: Aug 9 at 2:06AM
MLS# 12721830
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit retail building contains 2,145 square feet across Unit 1, measuring 800 square feet, and Unit 2, measuring 1,345 square feet. The property includes two bathrooms, brick and block construction, and central air conditioning. Both units are occupied by tenants with long-term leases, providing an existing commercial leasing arrangement for the next owner.
The building sits on a 0.2269-acre parcel at 14342 S La Grange Road in Orland Park, Illinois. It was constructed in 1971 and carries COMMR zoning. The two-suite layout offers a straightforward retail configuration with separate unit sizes for accommodating distinct commercial occupants.
The building sits on a 0.2269-acre parcel at 14342 S La Grange Road in Orland Park, Illinois. It was constructed in 1971 and carries COMMR zoning. The two-suite layout offers a straightforward retail configuration with separate unit sizes for accommodating distinct commercial occupants.
Key Highlights
- Two retail units totaling 2,145 square feet
- Unit 1 measures 800 square feet; Unit 2 measures 1,345 square feet
- Both units have current tenants with long‑term leases
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,907
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$718,140
$718.1K
Cap Rate 7%
$512,957
$513.0K
Cap Rate 9%
$398,967
$399.0K
Market Conditions
NOI Build-Up for 2,145 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.5K $24.00/SF
− Vacancy
−$3.6K −$1.68/SF
EGI
$47.9K $22.32/SF
− OpEx
−$12.0K −$5.58/SF
NOI
$35.9K $16.74/SF
Area
Cook County, IL
Vacancy
7.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$718,140
Cap Rate 7%
$512,957
Cap Rate 9%
$398,967
Alternative Uses
Best Use
Specialty Retail
$513.0K
$448.8K – $598.5K
NOI $35,907 @ 7.0% cap · market cap 7.18%
Second Best
Retail
$425.3K
$372.2K – $496.2K
NOI $29,773 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,625
Businesses Nearby
239k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Groceries 18%
Shops & Services 16%
Apparel 4%
Mariano's
Groceries
41,486 visits/mo
0.4 miles
McDonald's
Dining
30,950 visits/mo
0.1 miles
Starbucks
Dining
18,248 visits/mo
0.3 miles
BP
Shops & Services
17,059 visits/mo
0.2 miles
Giordano's
Dining
13,526 visits/mo
0.1 miles
Demographics for 60462, IL
40,539
Population
17,335
Households
2.3
Avg Household Size
45
Median Age
45%
College-Educated
94%
High-School Grad
16.0 sq mi
ZIP Area
2,534
Density / Sq Mi
$96,747
Median Household Income
$52,902
Median Earnings
$1,393
Median Rent
$330,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Brick retail property with two leased commercial units and central air conditioning.
Where is this retail space located?
The property is located at 14342 S La Grange Road Orland Park, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two retail units totaling 2,145 square feet; Unit 1 measures 800 square feet; Unit 2 measures 1,345 square feet; Both units have current tenants with long‑term leases
