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

    3101 W 87Th St Evergreen Park, IL 60805

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $193,900

    0.6 acre commercial land parcel in Evergreen Park, Illinois.

    Lot size:
    0.60 Acres

    Property Features for 3101 W 87Th St

    General Information

    Standard status
    Contract
    Lot size
    0.60 Acres

    We can help!

    Listing Contact
    Andrew Dorazio
    Source: Corcoran

    Listing Agency: DORAZIO REAL ESTATE LLC Listing Agent: Andrew Dorazio

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

    Learn more

    Property Insight Report

    Overview

    Evergreen Park Commercial Land Opportunity

    This 0.6 acre parcel of commercially zoned land is located in Evergreen Park, Illinois. The versatile lot offers potential for various business ventures, making it an investment opportunity for developers, entrepreneurs or businesses looking to expand. The lot consists of 5 parcels on a high-traffic street. 87th Street is a major artery in the area and has a large volume of vehicle and foot traffic daily. It is in close proximity to schools, parks, shopping, and Midway International Airport, with easy access to major thoroughfares. It has been approved by the Evergreen Park Building Department for commercial or industrial development per IEPA guidelines and restrictions.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Evergreen Scavenger Inc Trucking Company

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evergreen Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.701317
    Latitude
    41.734956

    Nearby Similar for Sale

    • $574,000
      4,120 SF

      Evergreen Park Commercial Lot

      10,000 sq ft commercial lot with 4,120 sq ft building.
      9122 S Kedzie Ave, Evergreen Park, IL 60805
      View Details
    • $574,000
      4,120 SF

      Evergreen Park Commercial Lot

      Commercial lot with office building in Evergreen Park, Illinois.
      9122 S Kedzie Ave, Evergreen Park, IL 60805
      View Details
    • $249,600
      2,500 SF

      Evergreen Park Commercial Building For Sale

      2500 SF commercial building with office and warehouse space.
      9311 S Kedzie Ave, Evergreen Park, IL 60805
      View Details
    • $614,700
      0.31 Acres

      Evergreen Park Commercial Building For Sale

      Well-maintained office building with garage in prime location.
      9757 S Kedzie Ave, Evergreen Park, IL 60805
      View Details
    • $425,000
      0.10 Acres

      Mixed-Use Building in Evergreen Park

      Mixed-use property with retail space and apartment in Evergreen Park.
      3408 W 95Th St, Evergreen Park, IL 60805
      View Details
    • $535,000
      1,575 SF

      Evergreen Park Mixed-Use Building

      Two-unit commercial building with storefront and remodeled apartment.
      3837 W 95Th St, Evergreen Park, IL 60805
      View Details
    • $614,700

      Evergreen Park Office Building For Sale

      Well-maintained office building with high visibility and flexible space.
      9757 S Kedzie Ave, Evergreen Park, IL 60805
      View Details
    • $395,000

      Evergreen Park Commercial Office Building

      Two-unit office building ideal for medical or professional use.
      3540 W 95Th St, Evergreen Park, IL 60805
      View Details
    • $785,000

      Turnkey Venue with Liquor License

      Fully equipped venue suitable for retail, restaurant, and event purposes.
      2701 W 87Th St, Evergreen Park, IL 60805
      View Details
    • $290,000
      Pending

      Evergreen Park Two-Unit Property

      Two-unit property in Evergreen Park with potential for investors.
      2626 W 96Th Pl, Evergreen Park, IL 60805
      View Details
    • $1,570,000

      Evergreen Park Multifamily Investment

      16-unit building with potential for rent increases.
      3011 W 87Th St, Evergreen Park, IL 60805
      View Details
    • $795,000

      Evergreen Park Retail/Commercial Opportunity

      Free-standing building in high-traffic Evergreen Park retail corridor.
      3625 W 95Th St, Evergreen Park, IL 60805
      View Details

    FAQs

    What type of property is this?
    Commercial land - 0.6 acre commercial land parcel in Evergreen Park, Illinois.
    Where is this commercial land located?
    The property is located at 3101 W 87Th St Evergreen Park, IL.
    What is the asking price?
    The asking price for this property is $193,900.
    What are key features of this property?
    This property features: - Prime 0.6 acre commercial land in Evergreen Park, IL.; - Strategically located on high-traffic 87th Street.; - Approved by Evergreen Park Building Department for commercial or industrial development.
    (224) 505-4072
    Request Owner's contact information
    3101 W 87Th St Evergreen Park, IL 60805
    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.
    3101 W 87Th St
    Evergreen Park, IL 60805
    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
    3101 W 87Th St Evergreen Park, IL 60805
    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
    Andrew Dorazio
    (224) 505-4072
    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!