Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Cicero Avenue Commercial Site Title is generated by Realmo AI

    15230 S Cicero Avenue, Oak Forest, IL 60452

    View on Map
    Claim this Listing
    For Sale
    $160,000

    Prime commercial land with drive-thru potential on Cicero Avenue.

    Type:Land or Vacant Lot
    Lot size:
    0.50 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    63
    Last Refresh:
    Apr 1 at 8:35 pm

    Property Features for 15230 S Cicero Avenue

    General Information

    Standard status
    Active
    Lot size
    0.50 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    CHARLES GROEBE

    Listing agent CHARLES GROEBE License #475091121

    Listing office COLDWELL BANKER REALTY

    Listing date Apr 1, 2026

    Source Corcoran

    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 COLDWELL BANKER REALTY

    HighLights

    • Premier Cicero Avenue frontage offers high visibility and exposure.
    • Ideal for a drive‑thru restaurant, coffee shop, or medium‑sized building.
    • Expansion possibilities exist on the 1/2 acre site.
    • Commercial incentives include TIF and Economic Development benefits.
    • Conveniently located on the west side of Cicero Avenue for morning commuters.
    • Proximity to I‑57 and the 158th Street train station.

    Overview

    This 0.5-acre commercial site offers expansion possibilities and frontage on Cicero Avenue. The location provides depth and exposure along a thoroughfare on the southwest side. Commercial incentives, including TIF and economic development benefits, are available. The site is suitable for a drive-thru restaurant, coffee shop, or other medium-sized building. It is located on the west side of the street, convenient for commuters to I-57 and the train station at 158th Street.
    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
    -87.7374653
    Latitude
    41.6151991

    Nearby Similar for Sale

    • $400,000
      2,000 SF

      Oak Forest Commercial Opportunity

      Storefront property with additional space and oversized lot for sale.
      15530 Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $1,699,000
      20,025 SF

      Oak Forest Industrial Building For Sale

      20,025 SF industrial building with office space on 1.3-acre lot.
      16420 KILBOURN Avenue, Oak Forest, IL 60452
      View Details
    • $850,000
      5,000 SF

      Oak Forest Investment Opportunity

      Profitable strip center anchored by a historic day care.
      4815 155th St, Oak Forest, IL 60452
      View Details
    • $49,999

      Commercial Lot on Cicero Avenue

      High-traffic commercial lot with utilities in Oak Forest, Illinois.
      14901 S Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $850,000

      Oak Forest Strip Center Investment

      Profitable strip center anchored by a historic day care.
      4815 155th St, Oak Forest, IL 60452
      View Details
    • $390,000

      High-Visibility Site on 159th Street

      Prime development opportunity with strong demographics and high traffic.
      5310 W 159th Street, Oak Forest, IL 60452
      View Details
    • $750,000

      Prime Corner Commercial Land Available

      High-traffic corner lot with development incentives and expansion potential.
      15260 S Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $580,000

      Cicero Avenue Commercial Land Available

      Commercial land with high-traffic frontage on Cicero Avenue.
      15200 S Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $79,000

      Oak Forest Land Bank Property

      Land bank authority-owned flex/industrial/commercial property available for purchase.
      5320 W 159th St, Oak Forest, Illinois 60452
      View Details
    • $49,999

      Commercial Lot on Cicero Avenue

      High-traffic commercial lot with utilities in place.
      14901 S Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $499,000

      Gas Station Food Mart ForSale

      Gas station with food mart and additional income streams.
      15100 Cicero Avenue, Oak Forest, IL 60452
      View Details
    • $389,900
      7,424 SF

      Corner Lot Office Building

      Office building on corner lot, suitable for medical or residential.
      5601 Victoria Drive, Oak Forest, IL 60452,
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime commercial land with drive-thru potential on Cicero Avenue.
    Where is this commercial land located?
    The property is located at 15230 S Cicero Avenue Oak Forest, IL.
    What is the asking price?
    The asking price for this property is $160,000.
    What are key features of this property?
    This property features: Premier Cicero Avenue frontage offers high visibility and exposure.; Ideal for a drive‑thru restaurant, coffee shop, or medium‑sized building.; Expansion possibilities exist on the 1/2 acre site.
    (312) 981-5500
    We can help!
    Listing Contact
    CHARLES GROEBE
    Real Estate License ID: 475091121
    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
    15230 S Cicero Avenue, Oak Forest, IL 60452
    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!