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

    22900 Center Road Frankfort, IL 60423

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    68.2 acres of I-1 zoned land in Frankfort, Illinois.

    Type:Land
    Lot size:
    68.20 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    28
    Last Refresh:
    Apr 1 at 11:17 pm

    Property Features for 22900 Center Road

    General Information

    Standard status
    Active
    Lot size
    68.20 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    John Whitehead

    Listing agent John Whitehead

    Listing office NAI Hiffman | Oakbrook Terrace

    Listing date Mar 6, 2026

    Source Naiglobal

    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 NAI Hiffman | Oakbrook Terrace

    Overview

    Frankfort Industrial Land For Sale

    This 68.2-acre site, divisible to accommodate user needs, is located at 22900 Center Road in Frankfort, Illinois. The property is zoned I-1, offering flexibility for various uses, including outdoor storage and logistics operations. The location benefits from its proximity to the I-80/LaGrange Road full interchange, located 5.9 miles away, and the I-57 via the Laraway Road or Sauk Trail full interchange. The site is located within a business-friendly municipality with favorable demographics and a dense labor pool. The 2022 real estate taxes were $1,546 in Will County. The property consists of multiple parcels: Parcel 1 is 19.42 acres (19-09-34-300-013), Parcel 2 is 27.42 acres (19-09-34-300-011), Parcel 3 is 6.5 acres (19-09-34-300-014), Parcel 4 is 5.0 acres (19-09-34-300-015), Parcel 5 is 5.0 acres (19-09-34-300-016), and Parcel 6 is 5.0 acres (19-09-34-300-017).
    Location Intelligence

    Current Use by Public Records

    Industrial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Big Box & Wholesale Store Building Supply Auto Repair Shop Auto Parts Store Gym & Fitness Center Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8489
    Latitude
    41.4794

    Nearby Similar for Sale

    • $839,000

      Downtown Frankfort Commercial End Cap

      Commercial space in historic district with high-end finishes.
      1 Old Frankfort Way unit: 1-5, Frankfort, IL 60423
      View Details
    • $245,000

      Modern Office Condo in Frankfort

      Well-maintained office condo with convenient access and functional layout.
      19558 S Harlem Avenue unit: 5, Frankfort, IL 60423
      View Details
    • $579,900

      Vacant Land in Frankfort, IL

      2.14 acres of commercial land ready for development.
      Laraway Road lot: 2, Frankfort, IL 60423
      View Details
    • $520,000

      Commercial Lot on Lincoln Highway

      Highly visible commercial lot in Frankfort's expanding business area.
      7825 W Lincoln Highway, Frankfort, IL 60423
      View Details
    • $50,000

      Residential Lot in Frankfort, IL

      0.78 acre residential lot in the heart of Frankfort.
      W Lincoln Highway lot: 230, Frankfort, IL 60423
      View Details
    • $1,100,000

      Commercial Building with Adjacent Lot

      Fully occupied commercial building with updates and adjacent lot.
      21016 S 80th Avenue, Frankfort, IL 60423
      View Details
    • $90,000

      Residential Land in Frankfort, Illinois

      3.4 acre wooded residential parcel in unincorporated Frankfort.
      S River Road lot: 223, Frankfort, IL 60423
      View Details
    • $69,900

      Land Near Green Garden Club

      Nearly one-acre lot ready for building near Green Garden.
      26037 Golfview Court, Frankfort, IL 60423
      View Details
    • $500,000

      Frankfort Land For Sale

      4.1 acre commercial land available in Frankfort, Illinois.
      10850 W Laraway Road, Frankfort, IL 60423
      View Details
    • $1,200,000

      Two-Story Office Building in Frankfort

      Two-story office building with finished basement in Presidents Row.
      9999 W Lincoln Highway, Frankfort, IL 60423
      View Details
    • $385,000
      1,566 SF

      Professional Office Condo For Sale

      Professional office condo with build-out potential in Frankfort, Illinois.
      10331 W Lincoln Hwy, Frankfort, IL 60423
      View Details
    • $850,000
      3 SF

      Frankfort Land For Sale

      3 acres of land suitable for various commercial uses.
      W. Laraway Rd., Frankfort, IL 60423
      View Details

    FAQs

    What type of property is this?
    Industrial land - 68.2 acres of I-1 zoned land in Frankfort, Illinois.
    Where is this industrial land located?
    The property is located at 22900 Center Road Frankfort, IL.
    What are key features of this property?
    This property features: Up to 68.2 acres of land divisible to accommodate user needs.; Zoned I‑1, offering flexibility for various uses, including outdoor storage and logistics.; Located in business‑friendly Frankfort.
    (630) 693-0643
    We can help!
    Listing Contact
    John Whitehead
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!