Brick Office Building with
For Sale
$550,000
15252 S Harlem Avenue, Orland Park, IL 60462
Established professional space includes private offices, shared work areas, meeting facilities, and on-site parking.
Property Size3,146 SF
Price / SF$174.83
Days on Market95
Property Features for 15252 S Harlem Avenue
General Information
Standard status
Active
Size
3,146 SF
Total Parking Spaces
25
Property subtype
Commercial
Zoning
OFFIC
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$23,713
Amenities
private foyer entrance
waiting room
reception desk
common work area
cubicles
private offices
conference room
eat-in kitchen
handicap-able bathrooms
Building Details
Building Size
3,146 SF
Year Built
1988
Buildings
1
Stories
1
Units
1
Construction
brick
Listing Agency:
Village Realty, Inc.
(708) 478-1212
Listed By:
Steven Loerop · License #475128554
(708) 478-1212
Source:
Ozmentrealestate
Added: May 8
Changed: Aug 10
Last Checked: Aug 10 at 6:08AM
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 Village Realty, Inc.
Investment Insights
Based on property information with market context.
This 3,146-square-foot brick office building, constructed in 1988, offers a practical layout for professional operations. The main level includes a private entry foyer, waiting area, reception point, shared workspace with cubicles, six windowed offices, a conference room, an eat-in kitchen with cabinetry, and two accessible bathrooms. Oak doors and trim provide consistent interior finish throughout the occupied areas.
A full basement adds substantial storage capacity and includes a flexicore ceiling. The property also provides approximately 25 parking spaces, including designated accessible spaces. Located on Harlem Avenue in Orland Park, the building is near other businesses, local shopping, and dining. Zoning is designated as OFFIC.
A full basement adds substantial storage capacity and includes a flexicore ceiling. The property also provides approximately 25 parking spaces, including designated accessible spaces. Located on Harlem Avenue in Orland Park, the building is near other businesses, local shopping, and dining. Zoning is designated as OFFIC.
Key Highlights
- 3,146 sq ft brick office building constructed in 1988
- Six private offices with window views, plus a large conference room
- Full basement with flexicore ceiling for storage
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
$43,378
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
7.89%
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%
$867,560
$867.6K
Cap Rate 7%
$619,686
$619.7K
Cap Rate 9%
$481,978
$482.0K
Market Conditions
NOI Build-Up for 3,146 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
$77.0K $24.48/SF
− Vacancy
−$19.2K −$6.10/SF
EGI
$57.8K $18.38/SF
− OpEx
−$14.5K −$4.60/SF
NOI
$43.4K $13.79/SF
Area
Cook County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$867,560
Cap Rate 7%
$619,686
Cap Rate 9%
$481,978
Alternative Uses
Best Use
Office B
$619.7K
$542.2K – $723.0K
NOI $43,378 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Established professional space includes private offices, shared work areas, meeting facilities, and on-site parking.
Where is this office building located?
The property is located at 15252 S Harlem Avenue Orland Park, IL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,146 sq ft brick office building constructed in 1988; Six private offices with window views, plus a large conference room; Full basement with flexicore ceiling for storage
