Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Freestanding Restaurant in Orland Park Title is generated by Realmo AI

    15765 S Harlem Ave, Orland Park, IL 60462

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Freestanding Arby's with over 9 years remaining on lease.

    Type:Retail
    Property size:
    2,321 SF
    Price / SF:
    $602/SF
    Added:
    Jun 20, 2025
    Days on Market:
    327
    Last Refresh:
    Mar 17 at 1:19 pm

    Property Features for 15765 S Harlem Ave

    General Information

    Standard status
    Active
    Size
    2,321 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1993

    We can help!

    Listing Contact
    Steve Sauter

    Listing agent Steve Sauter License #CA 01084092

    Listing office Marcus & Millichap - Palo Alto

    Listing date Jun 20, 2025

    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 Marcus & Millichap - Palo Alto

    HighLights

    • Absolute NNN lease with over 9 years remaining.
    • 10% fixed rent increases every 5 years.
    • Located as a pad site to a Meijer grocery anchored shopping center.
    • High Average Household Income of $117,122 within a 3‑mile radius.
    • Located in Orland Park, IL, 25 miles southwest of downtown Chicago.
    • Surrounded by national retailers.

    Overview

    The subject property is a freestanding Arby’s restaurant situated as a pad to a Meijer grocery anchored shopping center. Over 9 years remain on the absolute NNN lease with 10% fixed rent increases every 5 years. The property is located in Orland Park, Illinois, approximately 25 miles southwest of downtown Chicago. The building size is 2,321 square feet. Other national retailers in this shopping center are Chili’s, Panda Express, White Castle and AutoZone. A Home Depot anchored center is located directly across the street, with a Hobby Lobby and Menard’s positioned within the same intersection of South Harlem Avenue & 159th Street. The average household income within a 3-mile radius is reported at $117,122.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Arby's Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Orland Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.7935212
    Latitude
    41.6046471

    Nearby Similar for Sale

    • $550,000
      3,146 SF

      Orland Park Commercial Property

      3146 sq ft commercial property with full basement.
      15252 S Harlem Avenue, Orland Park, IL 60462
      View Details
    • $649,000

      Orland Park Commercial Redevelopment Opportunity

      Closed car wash suitable for redevelopment in Orland Park, IL.
      7225 W 151st Street, Orland Park, IL 60462
      View Details
    • $400,000

      Orland Park Commercial Property For Sale

      2600 sq ft commercial property on busy 159th Street.
      7620 W 159th Street, Orland Park, IL 60462
      View Details
    • $99,000

      Established Dog Grooming Business

      Turnkey dog grooming business for sale in Orland Park.
      999 Main Street, Orland Park, IL 60467
      View Details
    • $749,000
      5,500 SF

      Turnkey Medical Building in Orland

      Fully built-out medical building ideal for health practice or professional.
      10751 163rd Place, Orland Park, IL 60467
      View Details
    • $799,900
      7,500 SF

      Orland Park Flex Space Investment

      Two units: office/warehouse and pure warehouse space available.
      15426-15428 S. 70th Court, Orland Park, IL 60462
      View Details
    • $459,900
      3,500 SF

      Office/Warehouse Building with Deluxe Suite

      Office/warehouse with executive suite, kitchen, and possible financing.
      15426 South 70th Court, Orland Park, IL 60462
      View Details
    • $389,900

      Free Standing Office Building

      Central Orland location, ideal for various professional office uses.
      14310 Jefferson Avenue, Orland Park, IL 60462
      View Details
    • $369,900

      Orland Park Office Condo

      Office condo with private offices, open space, and entrances.
      11520 183rd Place, Orland Park, IL 60467
      View Details
    • $389,900

      Move-in Ready Medical Office Space

      Well-maintained medical office in Winterset Office Park.
      10743 165th Street, Orland Park, IL 60467
      View Details
    • $368,890
      1,994 SF

      Orland Park Office Condo Suites

      Versatile office condo in Orland Park Business Center.
      11520 183rd Pl, Orland Park, IL 60467
      View Details
    • $399,900
      4,000 SF

      Orland Park Warehouse Space Available

      4000 sq ft warehouse near Harlem Ave. for sale.
      15428 South 70th Court, Orland Park, IL 60462
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - Freestanding Arby's with over 9 years remaining on lease.
    Where is this drive through restaurant located?
    The property is located at 15765 S Harlem Ave Orland Park, IL.
    What is the asking price?
    The asking price for this property is $1,398,000.
    What are key features of this property?
    This property features: Absolute NNN lease with over 9 years remaining.; 10% fixed rent increases every 5 years.; Located as a pad site to a Meijer grocery anchored shopping center.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steve Sauter
    Real Estate License ID: CA 01084092
    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
    15765 S Harlem Ave, Orland Park, IL 60462
    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!