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    15201 S Cicero Ave Oak Forest, IL 60452

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    Commercial land for ground lease or build-to-suit on Cicero.

    Type:Land
    Added:
    Jul 31, 2024
    Days on Market:
    628
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 15201 S Cicero Ave

    General Information

    Standard status
    Active
    Property subtype
    Land

    Spaces For Lease

    at 15201 S Cicero Ave Contact us

    We can help!

    Listing Contact
    Kelsey Gross

    Listing agent Kelsey Gross License #IL

    Listing office Brookline Real Estate

    Listing date Jul 31, 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 Brookline Real Estate

    Overview

    Cicero Avenue Commercial Land Available

    Commercial land situated on Cicero Avenue is available for ground lease or build-to-suit. This hard corner parcel benefits from high visibility and is located directly at a PACE bus stop. A drive-thru building is proposed for the site, with a size ranging from 1,950 to 2,240 square feet. The property is located one block from the intersection at 147th Street, which features businesses such as Walgreens, Dunkin', Subway, Dollar General, and Thorntons. The location is densely surrounded by residential neighborhoods and is a few blocks from the Metra Train Station and Oak Forest High School.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Forest
    County
    Cook
    State
    Illinois
    Longitude
    -87.7365539
    Latitude
    41.6159304

    Nearby Similar for Lease

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      Oak Forest Retail Leasing Opportunity

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      Holistic Medical Suites Available

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      New Retail Space in Oak Forest

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      15541 S Cicero Ave, Oak Forest, IL 60452
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      Oak Forest Commercial Facility For Lease

      10,000 Sq Ft building on 2+ acres for lease.
      5333 W 151st Street, Oak Forest, IL 60452
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      Oak Forest Commercial Space Available

      10,000 sq ft building on 2+ acres for lease.
      5333 W 151st Street, Oak Forest, IL 60452
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      Oak Forest Commercial Facility For Lease

      10,000 SF divisible building on 2+ acres for lease.
      5333 W 151st Street, Oak Forest, IL 60452
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      Oak Forest Commercial Property For Rent

      High-visibility commercial property with strong tenant mix in Oak Forest.
      15510 S Cicero Ave, Oak Forest, IL 60452
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      Land for Lease in Oak Forest

      Prime corner lot available for lease in Oak Forest, IL.
      5550 159 St, Oak Forest, IL
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      Retail Space on Cicero Avenue

      Retail space with high exposure near transportation and amenities.
      4800 157th St, Oak Forest, IL
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      New Retail Space at Metra

      New construction retail space near Metra station in Oak Forest.
      15848 S Cicero Avenue, Oak Forest, IL 60452
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      Versatile Building Ideal for Non-Profit

      10,000 SF building on 2 acres, perfect for non-profit.
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      Oak Forest Retail Complex

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    FAQs

    What type of property is this?
    Commercial land - Commercial land for ground lease or build-to-suit on Cicero.
    Where is this commercial land located?
    The property is located at 15201 S Cicero Ave Oak Forest, IL.
    What are key features of this property?
    This property features: High‑visibility hard corner location on busy Cicero Avenue.; Ground lease or build‑to‑suit opportunity for commercial development.; Proposed drive‑thru building (1,950 - 2,240 SF).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kelsey Gross
    Real Estate License ID: IL
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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
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