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    20900 Western Ave Olympia Fields, IL 60461

    Sponsored
    For Sale
    $750,000

    1.86-acre vacant bank, redevelopment opportunity.

    Property size:
    5,560 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 1.86-acre parcel presents a prime redevelopment opportunity in Olympia Fields, Illinois. The property features a 5,560-square-foot vacant single-story building constructed in 1974, offering significant potential for various retail uses, including banks, quick-service restaurants (QSRs), and other retail establishments. The site boasts excellent visibility and access from Western Avenue, with two separate access points and a dedicated drive-thru lane, ideal for QSR conversions. The property benefits from high traffic counts exceeding 17,000 vehicles per day on Western Avenue, situated on Olympia Fields' main retail corridor. Its proximity to a Walmart Supercenter, consistently ranking in the top 73% nationally in terms of annual visits (approximately 2.9 million), provides a significant advantage. The 75-space parking lot further enhances the property's appeal. The property is zoned as a Special Use District and is offered fee simple. The asking price is $750,000, translating to $134.89 per square foot. Its location near the prestigious Olympia Fields Country Club, a renowned golf course hosting numerous major championships, adds to its desirability. This is a rare chance to acquire a substantial retail property with high visibility and strong traffic in a desirable location.

    Property Features for 20900 Western Ave

    General Information

    Property type
    Restaurants
    Square Feet
    5,560 SF
    Lot Size
    81,022 SF

    Building Details

    Year Built
    1974
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • Excellent visibility and access from Western Avenue with two access points.
    • Features a dedicated drive‑thru lane, ideal for QSR conversion.
    • Adjacent to a high‑performing Walmart Supercenter (2.9M annual visits, top 73% nationally).
    • High traffic counts exceeding 17,000 vehicles per day on Western Avenue.
    • Located on Olympia Fields' main retail corridor.
    • 1.5 miles from the prestigious Olympia Fields Country Club.
    Property Profile Location Intelligence

    Current Use by Public Records

    ShagDesigns Graphic Designer

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Olympia Fields
    County
    Cook
    State
    Illinois
    Longitude
    -87.674427228053
    Latitude
    41.50907881967

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    FAQs

    What type of property is this?
    Restaurant - 1.86-acre vacant bank, redevelopment opportunity.
    Where is this restaurant located?
    The property is located at 20900 Western Ave Olympia Fields, IL.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Excellent visibility and access from Western Avenue with two access points.; Features a dedicated drive-thru lane, ideal for QSR conversion.; Adjacent to a high-performing Walmart Supercenter (2.9M annual visits, top 73% nationally).
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    Olympia Fields, IL 60461
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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
    20900 Western Ave Olympia Fields, IL 60461
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