Office Building with Full
For Sale
$550,000
15252 S Harlem Avenue, Orland Park, IL 60462
COMMERCIAL - Orland Park, IL
Property Size3,146 SF
Lot Size0.44 Acres
Price / SF$174.83
Days on Market95
Property Features for 15252 S Harlem Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
Harlem Ave to the Building.
Subdivision
Orland Park
Standard status
Active
APN
27132060050000
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
23713
Utilities
Cooling system
Central Air
Building Details
Year built
1988
Floors in Building
1
Number of units
1
Flooring type
Carpet, Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Village Realty, Inc.
(708) 478-1212
Listed By:
Steven Loerop · License #475128554
(708) 478-1212
Added: May 8
Changed: Aug 4
Last Checked: Aug 10 at 11:06PM
MLS# 12615192
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.
Brick office building offering 3,146 SF of finished space with a full basement. The layout begins with a private foyer entrance into a spacious waiting room, flowing to a reception desk and a well-lit common work area with cubicles. The office space includes six private offices with window views, a large conference room, and an eat-in kitchen with cabinetry. Two handicap-able bathrooms are also included, along with tile and carpet flooring, oak doors, and oak trim throughout.
The property includes central air cooling and a composition roof that is approximately 15 years old. Ample parking is available, approximately 25 spaces including dedicated handicap spaces. The full basement has a flexicore ceiling and is designed for practical storage, with excellent potential to double the work space.
Built in 1988, this office building is positioned on S Harlem Avenue in Orland Park, convenient to other businesses and local shopping and dining.
The property includes central air cooling and a composition roof that is approximately 15 years old. Ample parking is available, approximately 25 spaces including dedicated handicap spaces. The full basement has a flexicore ceiling and is designed for practical storage, with excellent potential to double the work space.
Built in 1988, this office building is positioned on S Harlem Avenue in Orland Park, convenient to other businesses and local shopping and dining.
Key Highlights
- 3,146 SF brick office building with full basement
- Private foyer, waiting room, reception desk, and cubicle common work area
- Six private offices with window views plus a large conference room
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
1
Office units
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 - Brick office building with a private foyer, six private offices, and a full basement plus ample 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 SF brick office building with full basement; Private foyer, waiting room, reception desk, and cubicle common work area; Six private offices with window views plus a large conference room
