Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    16165 La Grange Rd Orland Park, IL 60462

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $18 SF/Yr

    High-visibility restaurant space with ample parking in active trade area.

    Property Features for 16165 La Grange Rd

    General Information

    Standard status
    Active

    Building Details

    Year built
    2000

    We can help!

    Listing Contact
    Michael Asfour
    Source: Corcoran

    Listing Agency: BROOKLINE REAL ESTATE LLC Listing Agent: Michael Asfour

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Former Restaurant Space For Lease

    This former Champps restaurant space is available for lease. The property benefits from high visibility, three points of ingress/egress, large monument signage, and generous parking. It is situated in a highly active trade area on the La Grange Road corridor, near Orland Square, Costco, Whole Foods, Trader Joe's, Pete's Fresh Market, Jewel, Lowe's, DICK'S, Target, Walmart, and REI. Future development is planned for the southwest quadrant of 159th and La Grange Road. The intended use of the property is for conventional restaurants and other restaurant businesses.
    Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Orland Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.851941
    Latitude
    41.5954994

    Nearby Similar for Lease

    • New
      Contact for pricing
      56,192 SF

      Orland Park Professional Office Space

      Professional office building in Orland Park with high commuter traffic.
      8651 W 159Th St, Orland Park, IL 60462
      View Details
    • New
      Contact for pricing
      Pending

      Orland Park Industrial Warehouse Unit

      1,600 SF industrial unit with office space for lease.
      15527 S 70Th Ct, Orland Park, IL 60462
      View Details
    • Contact for pricing

      Orland Park Office/Medical Condo

      Prime office/medical condo for rent in Orland Park, Illinois.
      16525 106Th Ct, Orland Park, IL 60467
      View Details
    • Contact for pricing

      Orland Park Retail/Office Space

      Retail or office space in Orland Park's antique district.
      9919 W 143Rd Pl, Orland Park, IL 60462
      View Details
    • Contact for pricing

      Orland Park Premium Office Suite

      2,000 SF office suite in Orland Park's business corridor.
      13255 Southwest Hwy, Orland Park, IL 60462
      View Details
    • Contact for pricing

      Private Office Space Available

      Private office space with shared amenities in Orland Park.
      1600 Ravinia Pl, Orland Park, IL 60462
      View Details
    • Sponsored
      Contact for pricing

      Orland Park

      Workspaces, services and support to help you work better in Miami Airport
      15255 94Th Ave, Orland Park, IL 60462
      View Details
    • Contact for pricing

      Orland Park Corner Retail Space

      Corner retail/office space in Orland Park, flooded with natural light.
      11225 W 159Th St, Orland Park, IL 60467
      View Details
    • Contact for pricing

      IL, Orland Park - 94th Ave

      Discover many ways to work your way in San Antonio Airport
      15635 94Th Ave, Orland Park, IL 15635
      View Details
    • $48 SF/Yr

      Orland Park Retail Space Available

      Prime retail space in Orland Park with high visibility.
      9604 W 161St St, Orland Park, IL 60467
      View Details
    • $17 SF/Yr
      5,625 SF

      Class A Office Space Available

      Class A office building in Orland Park, immediate occupancy.
      15255 South 94Th Ave, Orland Park, IL 60462
      View Details
    • Contact for pricing
      28,000 SF

      Orland Park Flex Building For Rent

      Flex building with commercial kitchens, lab, and R&D space.
      10608 West 163Rd Pl, Orland Park, IL 60467
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - High-visibility restaurant space with ample parking in active trade area.
    Where is this conventional restaurant located?
    The property is located at 16165 La Grange Rd Orland Park, IL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - High-visibility location on La Grange Rd Corridor; - Generous parking available; - Located in a highly active trade area with major retailers (Orland Square, Costco, Whole Foods, etc.)
    (630) 590-5910
    Request Owner's contact information
    16165 La Grange Rd Orland Park, IL 60462
    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.
    16165 La Grange Rd
    Orland Park, IL 60462
    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
    16165 La Grange Rd Orland Park, IL 60462
    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

    We can help!
    Listing Contact
    Michael Asfour
    (630) 590-5910
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!