Add Listing
    For Sale
    • 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

    21141 Governors Hwy Matteson, IL 60443

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $469,000

    Office buildings

    Lot size:
    2.62 Acres

    Property Features for 21141 Governors Hwy

    General Information

    Standard status
    Active
    Lot size
    2.62 Acres

    Building Details

    Year built
    1972

    We can help!

    Listing Contact
    Michael Velasco
    Source: Corcoran

    Listing Agency: COLDWELL BANKER REALTY Listing Agent: Michael Velasco

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

    Learn more

    Overview

    Prime Investment, Development, or Owner/User Opportunity in Matteson, IL. Available for sale is a multi-tenant office building with a parking lot situated on 2.62+/- acres of land. Property is priced to sell!! Building has seen recent HVAC improvements and is being sold in as-is condition.
    Location Intelligence

    Current Use by Public Records

    Viewpoint Neurology Medical Clinic vip security inc Security Service Evelyn Randle, Managing ... Real Estate Agency Robyn Morgan Physician Sheraine Lathon Evangelistic Church

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Matteson
    County
    Cook
    State
    Illinois
    Longitude
    -87.7113987
    Latitude
    41.5045518

    Nearby Similar for Sale

    • $124,900

      Matteson Multi-Family Investment Opportunity

      Two-unit building on an oversized lot with rental income potential.
      21829-1/2 Richton Rd, Matteson, IL 60443
      View Details
    • $469,000
      22,523 SF

      Matteson Multi-Tenant Office Building

      Multi-tenant office building on 2.62 acres in Matteson, IL.
      21141 Governors Hwy, Matteson, IL 60443
      View Details
    • $2,820,000
      13,600 SF

      Retail Strip Center Investment Opportunity

      Two-tenant retail building with value-add parcel in a retail hub.
      Confidential, Matteson, IL
      View Details
    • New
      $200,000

      Historic Matteson Landmark Office Building

      Historic 2,480 SF office building on 12,000 SF lot.
      3624 216Th St, Matteson, IL 60443
      View Details
    • New
      $200,000

      Historic Landmark Office Building

      1875 landmark property, ideal for professional office use.
      3624 216Th St, Matteson, IL 60443
      View Details
    • Contact for pricing
      6,530 SF

      Matteson Automotive Property and Business

      Turn-key automotive property and business opportunity in Matteson, Illinois.
      3627 216Th St, Matteson, IL 60443
      View Details
    • Contact for pricing
      36,646 SF

      Renovated Retail Space with Planet Fitness

      Retail property with long-term leases and rent growth potential.
      20909-20939 S Cicero Ave, Matteson, IL 60443
      View Details
    • Contact for pricing
      2,200 SF

      Retail Property on Cicero Avenue

      Retail property for sale with 2,200 square feet.
      20602 S Cicero Ave, Matteson, IL 60443
      View Details
    • $2,100,000

      Matteson Adaptive Reuse Opportunity

      Versatile 14.8-acre property with five buildings totaling 62,002 square feet.
      4101 Saint Lawrence Ave, Matteson, IL 60443
      View Details
    • $775,000
      7,731 SF

      Matteson Retail Center Investment Opportunity

      High-traffic retail site, flexible options.
      300 Town Center Rd, Matteson, IL 60443
      View Details
    • $80,000

      Spacious Mobile Home in Gated Community

      Mobile home with garage, shed, and community amenities.
      746 Chapparel Ter, Matteson, IL 60443
      View Details
    • $299,000

      Updated Split-Level Townhome

      Updated townhome with open layout, modern finishes, and versatile spaces.
      21334 Knightbridge Ct, Matteson, IL 60443
      View Details

    FAQs

    Where is this office building located?
    The property is located at 21141 Governors Hwy Matteson, IL.
    What is the asking price?
    The asking price for this property is $469,000.
    What are key features of this property?
    This property features: - Prime investment, development, or owner/user opportunity.; - Multi-tenant office building.; - Large 2.62+/- acre lot.
    (847) 409-0232
    Request Owner's contact information
    21141 Governors Hwy Matteson, IL 60443
    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.
    21141 Governors Hwy
    Matteson, IL 60443
    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
    21141 Governors Hwy Matteson, IL 60443
    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 Velasco
    Real Estate License ID: 471002915
    (847) 409-0232 (630) 369-9000
    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!