Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Markham Retail Outlot For Sale Title is generated by Realmo AI

    2941 W 159th St, Markham, IL 60428

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Retail property in a high-traffic location with drive-thru availability.

    Type:Retail
    Property size:
    2,832 SF
    Price / SF:
    $282/SF
    Added:
    Jul 13, 2023
    Days on Market:
    1059
    Last Refresh:
    May 12 at 10:23 pm

    Property Features for 2941 W 159th St

    General Information

    Standard status
    Active
    Size
    2,832 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Vladimir Ganz

    Listing agent Vladimir Ganz License #INNN

    Listing office Ascend Real Estate Advisors

    Listing date Jul 13, 2023

    Source Crexi

    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 Ascend Real Estate Advisors

    HighLights

    • High‑traffic location at the main intersection of Markham (Kedzie Ave and 159th Street) with over 40,000 vehicles per day.
    • Located at a hard corner, offering high visibility.
    • Drive‑thru available.
    • Outlot position in front of a 265,000 square foot shopping center.
    • Surrounded by retail businesses.
    • Proximity to major interstates (I‑57 and I‑294).

    Overview

    The subject property is a 2,832 square foot retail space located in Markham, IL, at the hard corner intersection of Kedzie Avenue and 159th Street. This location is central to accessing neighboring communities via Interstates I-57 and I-294. Situated as an outlot in front of a 265,000 square foot shopping center, the property benefits from high visibility and is surrounded by other retail businesses. The intersection sees over 40,000 vehicles per day. The area includes residential dwellings, contributing to consistent through traffic to adjacent communities from the main highways. A drive-thru is available at this property, potentially suiting a variety of retail uses.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Markham
    County
    Cook
    State
    Illinois
    Longitude
    -87.6903393
    Latitude
    41.6004436

    Nearby Similar for Sale

    • $1,050,000
      5,066 SF

      Markham Retail Shopping Center For Sale

      5,066 SF shopping center on heavily-trafficked Kedzie Avenue.
      3200 W 159th Street, Markham, IL 60428
      View Details
    • $949,500
      5,400 SF

      Commercial Property in Prime Location

      Versatile commercial property suitable for various business uses.
      2920 159th Street, Markham, IL 60428
      View Details
    • $150,000

      Markham Residential Income Opportunity

      Three-unit building on 0.91 acres near I-57.
      15742 Central Park Avenue, Markham, IL 60428
      View Details
    • Contact for pricing
      5,066 SF

      Fully Occupied Retail Shopping Center

      5,066 SF retail center on busy Kedzie Avenue.
      3204 W 159th St, Markham, IL
      View Details
    • $949,500
      5,400 SF

      Prime Commercial Property For Sale

      5,400 SF building on 1-acre site in high-traffic location.
      2920 159th Street, Markham, IL 60428
      View Details
    • $150,000

      Three-Unit Building on Large Lot

      Three-unit building on 0.91 acres near I-57.
      15742 Central Park Avenue, Markham, IL 60428
      View Details

    FAQs

    What type of property is this?
    Retail property - Retail property in a high-traffic location with drive-thru availability.
    Where is this retail property located?
    The property is located at 2941 W 159th St Markham, IL.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: High‑traffic location at the main intersection of Markham (Kedzie Ave and 159th Street) with over 40,000 vehicles per day.; Located at a hard corner, offering **high visibility**.; **Drive‑thru available**.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Vladimir Ganz
    Real Estate License ID: INNN
    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
    2941 W 159th St, Markham, IL 60428
    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!