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    14620 Laraway Rd New Lenox, IL 60451

    For Sale
    $9,437,500

    Prime Agricultural Land, Development Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional 151-acre property in New Lenox, Illinois, presents a unique investment opportunity. Currently zoned for agriculture, the land boasts significant future development potential, as indicated by the comprehensive plan allowing for mixed-use residential development at higher densities. Located on Laraway Road, just west of Cedar Road, this expansive parcel offers excellent access to major transportation arteries, including I-80, I-55, I-355, and I-57. The property's proximity to two Metra stations (one just half a mile east on Laraway Road, and another approximately 2.6 miles north at Cedar and Route 30) provides convenient commuter access to Chicago. The area also benefits from highly-rated New Lenox grade schools and Lincoln-Way High School, and a thriving shopping district along Route 30. The property's APN is 15-08-28-300-003-0000 and 15-08-28-400-001-0000. The asking price is $9,437,500, representing a land value of $62,500 per square foot. This presents a rare chance to acquire a substantial land holding in one of the fastest-growing suburbs of Chicago, offering both immediate agricultural use and significant long-term development upside.

    Property Features for 14620 Laraway Rd

    General Information

    Property type
    Farms
    Lot Size
    6,577,560 SF

    HighLights

    • $9,437,500 asking price for 151 acres of agricultural land.
    • Located in New Lenox, IL, a rapidly growing Chicago suburb with highly‑rated schools.
    • Zoned agricultural, but future development potential exists due to the comprehensive plan allowing mixed‑use residential.
    • Excellent access to major highways (I‑80, I‑55, I‑355, I‑57) and Metra stations.
    • Frontage on Laraway Road, near Cedar Road and a strong retail corridor along Route 30.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    New Lenox
    County
    Will
    State
    Illinois
    Longitude
    -87.978155309111
    Latitude
    41.482908762166

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    FAQs

    What type of property is this?
    Farm - Prime Agricultural Land, Development Potential
    Where is this farm located?
    The property is located at 14620 Laraway Rd New Lenox, IL.
    What is the asking price?
    The asking price for this property is $9,437,500.
    What are key features of this property?
    This property features: $9,437,500 asking price for 151 acres of agricultural land.; Located in New Lenox, IL, a rapidly growing Chicago suburb with highly-rated schools.; Zoned agricultural, but future development potential exists due to the comprehensive plan allowing mixed-use residential.
    Request Owner's contact information
    14620 Laraway Rd New Lenox, IL 60451
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    New Lenox, IL 60451
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    Realmo Value Estimation

    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.

    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.

    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
    14620 Laraway Rd New Lenox, IL 60451
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