Office Building With Full
For Sale
$550,000
15252 S Harlem Avenue, Orland Park, IL 60462
Commercial Sale, Orland Park, IL
Property Size3,146 SF
Lot Size0.44 Acres
Price / SF$174.83
Days on Market141
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
Amenities
private foyer entrance
spacious waiting room
reception desk
common work area with cubicles
6 private offices
large conference room
eat-in kitchen with cabinetry
2 handicap-able bathrooms
full basement with storage
Building Details
Year built
1988
Floors in Building
1
Number of units
1
Flooring type
Tile, Carpet
Building materials
Brick
Roof type
Composition
Listing Agency:
Village Realty, Inc.
(708) 478-1212
Listed By:
Steven Loerop · License #475128554
(708) 945-4005
Added: May 8
Changed: Sep 12
Last Checked: Sep 25 at 6:06AM
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.
This 3,146-square-foot brick office building, constructed in 1988, combines a private entry foyer with a waiting area, reception station, shared workspace, six enclosed offices, and a conference room. An eat-in kitchen with cabinetry and two accessible bathrooms support daily operations. Oak doors and trim, tile and carpet flooring, and central air conditioning complete the finished interior.
A full basement with a flexicore ceiling provides additional storage. The property sits on 0.4435 acres and includes approximately 25 parking spaces, including designated handicap spaces. The composition roof is approximately 15 years old. Located on S Harlem Avenue in Orland Park, the building is near other businesses, shopping, and dining, with access to local commercial activity along the corridor.
A full basement with a flexicore ceiling provides additional storage. The property sits on 0.4435 acres and includes approximately 25 parking spaces, including designated handicap spaces. The composition roof is approximately 15 years old. Located on S Harlem Avenue in Orland Park, the building is near other businesses, shopping, and dining, with access to local commercial activity along the corridor.
Key Highlights
- 3,146‑square‑foot brick office building constructed in 1988
- Six private offices, conference room, reception area, and shared work area
- Full basement with flexicore ceiling for additional 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
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Current Use
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with private offices, conference space, kitchen, accessible bathrooms, 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‑square‑foot brick office building constructed in 1988; Six private offices, conference room, reception area, and shared work area; Full basement with flexicore ceiling for additional storage
