Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    7724 W Joliet Rd Peotone, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    240 acres of farmland near Peotone, Illinois for sale.

    Type:LAND
    Lot size:
    240.00 Acres
    Added:
    Oct 6, 2025
    Days on Market:
    205
    Last Refresh:
    Apr 5 at 10:39 pm

    Property Features for 7724 W Joliet Rd

    General Information

    Standard status
    Active
    Lot size
    240.00 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Mark Goodwin
    Mark Goodwin

    Listing agent Mark Goodwin License #471003664

    Listing office Goodwin & Associates Realestate

    Listing date Oct 6, 2025

    Source Moodyscre

    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 Goodwin & Associates Realestate

    Overview

    240 Acres Farmland in Will

    This property features 240 acres of vacant farmland located just outside the city limits north of Peotone, Illinois, in Will County. The land comprises three connecting parcels and includes approximately 227.56 tillable acres. The average Soil PI is 125.5. The property benefits from substantial road frontage and access, along with close proximity to both a state highway and an interstate. This location is suitable for continued agricultural use or potential redevelopment.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Peotone
    County
    Will
    State
    Illinois
    Longitude
    -87.7983
    Latitude
    41.3421

    Nearby Similar for Sale

    • $775,000

      Peotone Multifamily Property For Sale

      Multifamily property available in Peotone, Illinois.
      536 Schroeder Avenue, Peotone, IL 60468
      View Details
    • $300,000

      10 Acres Farmland Near Peotone

      10 acres of farmland suitable for agriculture or development.
      123 Eagle Lake Rd, Peotone, IL
      View Details
    • $600,000

      20 Acres Farmland Near Peotone

      20 acres of farmland suitable for agriculture or development.
      S Center Rd, Peotone, IL
      View Details
    • $830,125

      57 Acres of Farmland

      57 acres of farmland with development potential.
      00 S Egyptian Trail, Peotone, IL 60468
      View Details
    • $700,000

      Land at I-57 Interchange

      Land with pylon signage and high traffic counts.
      South 88th Ave, Peotone, IL
      View Details
    • $479,900
      146,793 SF

      Peotone Commercial Land Opportunity

      3.5 acres with existing structures, ideal for commercial development.
      28429 South Route 50, Peotone, IL 60468
      View Details
    • $2,055,486

      Farmland Quarter Section For Sale

      160-acre farmland with high soil productivity index, long-term tenant.
      4750 W Kennedy Rd, Peotone, IL 60468
      View Details
    • $39,000

      Vacant Land For Sale

      Vacant land available for sale.
      206 Hickory Street, Peotone, IL 60468
      View Details
    • $3,400,000

      Land For Sale Peotone, IL

      Land available for sale in Peotone, Illinois.
      10919 W Wilmington Rd, Peotone, IL
      View Details
    • Contact for pricing

      Land For Sale Peotone

      Land available for sale in Peotone, Illinois.
      8409 W Wilmington Rd, Peotone, IL
      View Details
    • $659,000

      1.37 Acre Outlot Opportunity

      1.37 acre outlot available for sale or ground lease.
      411 S 88th Ave, Peotone, IL 60468
      View Details
    • $299,900

      Prime Land Near I-57

      19+ acres of commercial land for development near I-57.
      Rt 57 W Wilmington Peotone Rd, Peotone, IL 60468
      View Details

    FAQs

    What type of property is this?
    Agricultural land / Farmland - 240 acres of farmland near Peotone, Illinois for sale.
    Where is this agricultural land / farmland located?
    The property is located at 7724 W Joliet Rd Peotone, IL.
    What is the asking price?
    The asking price for this property is $3,704,500.
    What are key features of this property?
    This property features: High Soil Productivity: Average Soil PI of 125.5 indicates highly productive farmland.; Large Tillable Acreage: Approximately 227.56 tillable acres suitable for farming.; Significant Road Frontage/Access: Offers easy access and potential for various uses.
    (815) 741-2226 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mark Goodwin
    Mark Goodwin
    Real Estate License ID: 471003664
    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!