Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Restaurant Unit in Midlothian Title is generated by Realmo AI

    4659 147th Street, Midlothian, IL 60445

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    COMMERCIAL - Midlothian, IL

    Type:Retail
    Property size:
    1,500 SF
    Added:
    Apr 15, 2026
    Days on Market:
    48
    Last Refresh:
    Jun 1 at 12:06 am

    Property Features for 4659 147th Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    Size
    1,500 SF

    Taxes and HOA fees

    Tax Year
    2025

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1986
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile
    Building materials
    Brick

    We can help!

    Listing Contact
    Jaime Birks
    Jaime Birks

    Listing agent Jaime Birks License #471005614

    Listing office eXp Realty 13034 Western Avenue, Chicago, IL

    Listing date Apr 15, 2026

    MLS# 12616079

    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.

    HighLights

    • Turnkey, fully equipped restaurant space (pizza/restaurant configuration).
    • High‑traffic location with outstanding visibility and accessibility.
    • Approximately 1,500 sq ft combined units.
    • Commercial kitchen with oven, walk‑in cooler, fryer, sink, and range hoods.
    • Dedicated sitting and gaming area with table/chair seating.
    • Large shared parking lot with ample parking.

    Overview

    This commercial property offers an exceptional opportunity to own two connected units, configured as a fully equipped pizza/restaurant space. The combined units total approximately 1,500 sq ft. The space features a commercial kitchen complete with an oven, walk-in cooler, fryer, sink, and range hoods. There is also a dedicated sitting and gaming area that includes table and chair seating and access to a public restroom, ideal for dine-in service, casual gatherings, or small events. Situated in Midlothian, Illinois, within a well-positioned 5-6 unit strip center, the property benefits from a large shared parking lot with ample parking. The property is located in a thriving, high-exposure location. The property is currently configured as a fully equipped pizza/restaurant space, providing a turnkey opportunity for food service operators or investors. The property is located at 4659 147th Street. There is also an opportunity to purchase additional units or the entire property for expanded investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kenootz Pizza Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Midlothian
    County
    Cook
    State
    Illinois
    Longitude
    -87.73418
    Latitude
    41.624874

    Nearby Similar for Lease

    • Contact for pricing
      2,250 SF

      Versatile Commercial Space Available

      Three connected units ideal for entertainment or event space.
      4663 147th Street, Midlothian, IL 60445
      View Details
    • Contact for pricing
      750 SF

      Prime Commercial Leasing Opportunity

      High-traffic commercial space with flexible leasing options.
      4657 147th Street, Midlothian, IL 60445
      View Details
    • Contact for pricing
      750 SF

      Midlothian Commercial Unit For Rent

      High-traffic commercial unit available for rent in Midlothian, IL.
      4657 147th Street, Midlothian, IL 60445
      View Details
    • Contact for pricing
      1,800 SF

      New Construction Car Lot

      New construction car lot, sales office, and detailing garage.
      14344 S Pulaski Road, Midlothian, IL 60445
      View Details
    • Contact for pricing
      1,925 SF

      Regional Center Retail Space Available

      Retail space in a dominant regional center with high traffic.
      13134-13154 S Cicero Ave, Midlothian, IL
      View Details
    • Contact for pricing
      55,000 SF

      Retail Space in Regional Center

      Dominant regional center with high traffic and dense population.
      4837-4981 W Cal Sag Rd, Midlothian, IL
      View Details
    • $14 SF/Yr
      1,800 SF

      Retail Space with Excellent Traffic

      Former credit union space suitable for banking or retail.
      4816-4850 147th St, Midlothian, IL
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant space in high-traffic commercial property.
    Where is this conventional restaurant located?
    The property is located at 4659 147th Street Midlothian, IL.
    What are key features of this property?
    This property features: Turnkey, fully equipped restaurant space (pizza/restaurant configuration).; High‑traffic location with outstanding visibility and accessibility.; Approximately 1,500 sq ft combined units.
    (888) 574-9405
    We can help!
    Listing Contact
    Jaime Birks
    Jaime Birks
    Real Estate License ID: 471005614
    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
    4659 147th Street, Midlothian, IL 60445
    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!