Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Land Assemblage in Lockport, IL Title is generated by Realmo AI

    15940 Gougar Rd, Lockport, IL

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

    Prime land for commercial redevelopment near I-355 interchange.

    Type:LAND
    Lot size:
    6.39 Acres
    Added:
    Aug 7, 2025
    Days on Market:
    289
    Last Refresh:
    Apr 5 at 10:27 pm

    Property Features for 15940 Gougar Rd

    General Information

    Standard status
    Active
    Lot size
    6.39 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Shamus Conneely
    Shamus Conneely

    Listing agent Shamus Conneely License #475169496

    Listing office John Greene Commercial

    Listing date Aug 7, 2025

    Source Moodyscre

    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 John Greene Commercial

    HighLights

    • Prime location at the southeast corner of the 159th St interchange and I‑355.
    • Total land assemblage of 6.39± acres.
    • Ideal for commercial redevelopment.
    • Three parcels ready for annexation to Lockport as part of the I‑355 Corridor Master Plan.
    • One parcel already annexed into Lockport.
    • Electric substation on 0.23 acres could be relocated for redevelopment.

    Overview

    This land assemblage is located at the southeast corner of the 159th Street interchange and I-355 in Lockport, Illinois. The site includes four residential parcels totaling approximately 6.39 acres, making it suitable for commercial redevelopment. Three parcels are in unincorporated Homer Glen and are ready for annexation to Lockport as part of the I-355 Corridor Master Plan. One parcel is already annexed into Lockport, providing continuity for future annexation. An electric substation on 0.23 acres could be relocated for redevelopment according to the I-355 Corridor master plan.
    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 Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0578
    Latitude
    41.5895

    Nearby Similar for Sale

    • $1,200,000
      9,048 SF

      Lockport Retail Plaza For Sale

      Four-unit retail plaza with income potential in high-traffic location.
      1513 S State Street, Lockport, IL 60441
      View Details
    • $876,000

      Historic Lockport Mixed-Use Building

      Two-story building in downtown Lockport's Historic District.
      921 S State Street, Lockport, IL 60441
      View Details
    • $529,000
      1,540 SF

      Lockport Two-Unit Multifamily Property

      Two-unit multifamily property in Lockport, Illinois, rebuilt in 2014.
      1236 S Washington Street, Lockport, IL 60441
      View Details
    • $700,000

      Lockport Office Building Investment

      One-story office building with full basement and high-traffic location.
      16610 W 159th Street, Lockport, IL 60441
      View Details
    • $700,000

      Lockport Commercial Land For Sale

      4.92 acre commercial land available in Lockport, Illinois.
      15249 W 159th Street, Lockport, IL 60441
      View Details
    • $299,900

      Lockport Two-Unit Income Property

      Well-maintained two-unit property near downtown Lockport.
      218 Hughes Avenue, Lockport, IL 60441
      View Details
    • $599,000

      Lockport Multifamily Investment Opportunity

      Five-unit residential property near train, downtown, and highways.
      1709 S State Street, Lockport, IL 60441
      View Details
    • $349,000

      Lockport Two-Unit Income Property

      Well-maintained two-unit building near downtown Lockport with strong rental history.
      1509-1511 East Street, Lockport, IL 60441
      View Details
    • $329,000

      Lockport Two-Unit Income Property

      Two-unit property near downtown Lockport with strong rental appeal.
      1505 East Street, Lockport, IL 60441
      View Details
    • $950,000

      Lockport Retail Development Site

      Retail development site in Lockport's retail corridor.
      1050 E 9th St, Lockport, IL 60441
      View Details
    • $47,000

      Lockport Land Ready for Development

      Corner lot in high-traffic area with utilities ready for development.
      1200 S State Street, Lockport, IL 60441
      View Details
    • $399,000

      Commercial Lot in Lockport Development

      High-visibility commercial lot in Lockport's thriving development area.
      1260 W 159th Street, Lockport, IL 60441
      View Details

    FAQs

    What type of property is this?
    Land - Prime land for commercial redevelopment near I-355 interchange.
    Where is this land located?
    The property is located at 15940 Gougar Rd Lockport, IL.
    What is the asking price?
    The asking price for this property is $3,620,000.
    What are key features of this property?
    This property features: Prime location at the southeast corner of the 159th St interchange and I‑355.; Total land assemblage of 6.39± acres.; Ideal for commercial redevelopment.
    (773) 814-3378 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Shamus Conneely
    Shamus Conneely
    Real Estate License ID: 475169496
    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
    15940 Gougar Rd, Lockport, IL
    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!