Standalone Flex Space with
For Sale
Under Contract
$1,699,000
16420 KILBOURN Avenue, Oak Forest, IL 60452
Commercial Sale, Oak Forest, IL
Property Size20,025 SF
Lot Size1.31 Acres
Price / SF$84.84
Days on Market223
Property Features for 16420 KILBOURN Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUS
Directions
I-57 TO 167th STREET EAST TO KILBOURN AVE. NORTH TO THE BUILDING
Subdivision
Oak Forest
Standard status
Active Under Contract
APN
28224240140000
Lot size
1.31 Acres
Additional Details
Property Use
Industrial
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
24859
Utilities
Utilities
Water Available
Cooling system
Central Air
Amenities
conference room
kitchen & lunch room
Building Details
Year built
1977
Floors in Building
1
Number of units
1
Flooring type
Tile, Carpet, Concrete
Building materials
Brick, Concrete, Steel Siding
Buildings
1
Listing Agency:
Village Realty, Inc.
Listed By:
Ruben Vallejo · License #475130714
(708) 478-1212
Added: Mar 25
Changed: Oct 27
Last Checked: Nov 2 at 3:06AM
MLS# 12452259
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.
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Investment Insights
Based on property information with market context.
This standalone flex property combines warehouse, manufacturing, and office functions within a brick, concrete, and steel-sided building. The office component includes a main office, conference room, cubicle area, IT room, kitchen and lunch room, blueprint room, shop manager’s office, four bathrooms, storage, and a loft area. A demising wall separates the warehouse from manufacturing space. The building also features two interior docks, one drive-in door, 18-foot clear ceilings, fire sprinklers, central air, newer LED lighting with motion sensors, and a combination of carpet, tile, and concrete flooring. Racks and office furniture remain with the property.
The facility offers access to I-57, I-80, I-294, and I-94. Electrical service includes 800 amp, 3-phase capacity. The property was built in 1977 and has been freshly painted, with new carpet and ceiling tiles in portions of the building. A Cook County 6B property tax incentive is in place, expires in 7 years, and is renewable.
The facility offers access to I-57, I-80, I-294, and I-94. Electrical service includes 800 amp, 3-phase capacity. The property was built in 1977 and has been freshly painted, with new carpet and ceiling tiles in portions of the building. A Cook County 6B property tax incentive is in place, expires in 7 years, and is renewable.
Key Highlights
- Two interior loading docks plus one drive‑in door
- Approximately 4,500 SF of office space
- 18 FT clear ceiling height
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$104,673
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,093,460
$2.1M
Cap Rate 7%
$1,495,329
$1.5M
Cap Rate 9%
$1,163,033
$1.2M
Market Conditions
NOI Build-Up for 20,025 SF
Gross rent
$129.8K $6.48/SF
− Vacancy
−$6.6K −$0.33/SF
EGI
$123.1K $6.15/SF
− OpEx
−$18.5K −$0.92/SF
NOI
$104.7K $5.23/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,093,460
Cap Rate 7%
$1,495,329
Cap Rate 9%
$1,163,033
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.60M
NOI $276,112 @ 7.0% cap · market cap 16.25%
Second Best
Flex RnD
$3.01M
$2.64M – $3.51M
NOI $210,863 @ 7.0% cap · market cap 12.41%
Theoretical Best
Office A
$6.91M
$6.05M – $8.07M
NOI $483,960 @ 7.0% cap · market cap 28.48%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60452, IL
27,363
Population
10,557
Households
2.6
Avg Household Size
40
Median Age
30%
College-Educated
92%
High-School Grad
8.6 sq mi
ZIP Area
3,182
Density / Sq Mi
$89,167
Median Household Income
$47,519
Median Earnings
$1,287
Median Rent
$249,100
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property with separated warehouse and manufacturing areas, substantial office buildout, and upgraded lighting.
Where is this flex space located?
The property is located at 16420 KILBOURN Avenue Oak Forest, IL.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Two interior loading docks plus one drive‑in door; Approximately 4,500 SF of office space; 18 FT clear ceiling height
