Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Commercial Land in Oak Lawn Title is generated by Realmo AI

    8700 South Ridgeland Avenue, Oak Lawn, IL 60453

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

    Located in a major shopping district at 87th & Ridgeland.

    Type:Land
    Added:
    May 17, 2024
    Days on Market:
    728
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 8700 South Ridgeland Avenue

    General Information

    Standard status
    Active
    Property subtype
    Land

    Spaces For Lease

    at 8700 South Ridgeland Avenue Contact us

    We can help!

    Listing Contact
    Neil Haleem

    Listing agent Neil Haleem License #IL 37077037778HN

    Listing office Network Real Estate Group

    Listing date May 17, 2024

    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 Network Real Estate Group

    HighLights

    • Prime location at the intersection of 87th St & Ridgeland Ave.
    • Situated in a major shopping and business district.
    • High‑traffic area with established national and regional businesses nearby.
    • Located in Oak Lawn, a densely populated southwest suburb of Chicago.
    • Part of a vibrant strip center.
    • Close proximity to a variety of conveniences and attractions.

    Overview

    The site is located at the southwest corner of 87th St & Ridgeland Ave in a major shopping and business district in Oak Lawn, Illinois. Oak Lawn is a southwest suburb of Chicago. Businesses along Ridgeland Ave include Jewel Food Store, Dunkin Donuts, Dollar Tree, and Athletico, along with other national and regional businesses. The location is in the heart of Oak Lawn, offering an array of conveniences and attractions, making it a hub for locals and visitors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Lawn
    County
    Cook
    State
    Illinois
    Longitude
    -87.7808401
    Latitude
    41.7335835

    Nearby Similar for Lease

    • Contact for pricing

      Oak Lawn Retail Space Available

      Freestanding retail space in Oak Lawn's premier retail corridor.
      5420 W 95th Street, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Oak Lawn Commercial Space Available

      650 SF commercial space at a high-traffic Oak Lawn location.
      4608 W 103rd Street, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Retail Space Near Chicago Ridge

      Retail space available near Chicago Ridge Regional Mall.
      6762 95th Street, Oak Lawn, IL, 60453
      View Details
    • Contact for pricing

      Medical Office Near Advocate Christ

      Office space one block from Advocate Christ Medical Center.
      4457 Southwest Highway, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Retail Space with Ample Parking

      Retail property with high visibility and abundant parking.
      4830 West 111th Street | Oak Lawn, IL 60453
      View Details
    • $27 SF/Yr

      Retail Space Available For Rent

      Retail space for rent with fully built-out office.
      9544-9554 S Knox Ave, Oak Lawn, IL
      View Details
    • Contact for pricing

      Oak Lawn Freestanding Retail Opportunity

      Prime retail space in Oak Lawn's commercial corridor.
      5420 West 95th Street, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Oak Lawn Office Space Available

      Office space for lease in a well-maintained Oak Lawn building.
      10522 S Cicero Avenue 301, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Retail Space in Oak Lawn

      Retail space available in a busy, accessible Oak Lawn location.
      5041 W 95th St, Oak Lawn, IL
      View Details
    • Contact for pricing

      Oak Lawn Office Space Available

      Office space available for rent in Oak Lawn, Illinois.
      4400 W 95th St, Oak Lawn, IL
      View Details
    • Contact for pricing

      Retail Space in Oak Lawn

      Retail spaces available in high-traffic Oak Lawn shopping center.
      5129-5145 W 95th St, Oak Lawn, IL 60453
      View Details
    • Contact for pricing

      Renovated Office Space Available

      Recently renovated 600 SF office space for rent.
      10610 S Cicero Ave, Oak Lawn, IL 60453
      View Details

    FAQs

    What type of property is this?
    Commercial land - Located in a major shopping district at 87th & Ridgeland.
    Where is this commercial land located?
    The property is located at 8700 South Ridgeland Avenue Oak Lawn, IL.
    What are key features of this property?
    This property features: Prime location at the intersection of 87th St & Ridgeland Ave.; Situated in a major shopping and business district.; High‑traffic area with established national and regional businesses nearby.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Neil Haleem
    Real Estate License ID: IL 37077037778HN
    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
    8700 South Ridgeland Avenue, Oak Lawn, IL 60453
    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!