Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    @ Exeter Turn William Latham Dr Bourbonnais, IL 60914

    Sponsored
    For Sale
    $299,000

    4.85 Acres, R-5 Zoning, $299K

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 4.85-acre parcel presents a prime opportunity for multifamily development in the desirable Briarcliff Estates community of Bourbonnais, Illinois. Located in Kankakee County (APN 170919300023), this R-5 zoned land offers the potential to construct up to three separate multifamily pads, each capable of accommodating up to ten units. Priced at $299,000 ($61,649/acre), this property boasts a highly sought-after location between Route 102 and the scenic Kankakee River. Briarcliff Estates is a well-established neighborhood of approximately 800 residences, featuring rolling terrain, walking trails, and community lakes. The property's address is William Latham Dr @ Exeter Turn, Bourbonnais, IL 60914. The Briarcliff Estates Community Association (BECA) actively maintains the community's common areas, ensuring a well-managed and attractive environment for residents. This development opportunity benefits from its proximity to both a large established neighborhood and the Kankakee River, offering future residents a desirable blend of community and natural amenities. The mature trees, winding streets, and rolling landscapes of Briarcliff Estates create a unique and appealing setting within the surrounding plains. The BECA Board is committed to enhancing the community, aiming to make it the premier walking community in Kankakee County. This is a rare chance to build a significant multifamily project in a highly desirable and established location.

    Property Features for @ Exeter Turn William Latham Dr

    General Information

    Property type
    Multifamily properties
    Lot Size
    211,266 SF

    HighLights

    • Excellent neighborhood location with nearby riverfront access.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Bourbonnais
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.8907417
    Latitude
    41.1541291

    Nearby Comparable

    • Contact for pricing
      1.64 Acres

      Bourbonnais Retail Outlots

      Prime 1.635-acre retail land, ideal for development.
      455 Main St, Bourbonnais, IL 60914
      View Details
    • $90,000

      Land Available in Bourbonnais, IL

      Land for sale at 750 Almar Pkwy, Bourbonnais, Illinois.
      750 Almar Pkwy, Bourbonnais, IL 60914
      View Details
    • $150,000

      Land For Sale Bourbonnais

      Land available for sale in Bourbonnais, Illinois.
      319 Gettysburg Dr, Bourbonnais, IL 60914
      View Details
    • $100,000

      Land For Sale Bourbonnais

      Land available for sale in Bourbonnais, Illinois.
      Heritage Dr, Bourbonnais, IL 60914
      View Details
    • $289,900
      4,876 SF

      Retail Property in Bradley, IL

      Retail property with 4,876 square feet of space.
      1010 W Broadway St, Bradley, IL 60915
      View Details
    • $950,000

      Land For Sale Bourbonnais, IL

      Land available for sale in Bourbonnais, Illinois.
      777 N Convent St, Bourbonnais, IL 60914
      View Details
    • $950,000
      900 SF

      Bourbonnais Mixed-Use Investment Opportunity

      High-yield, 3-house, tree service property.
      777 Convent St, Bourbonnais, IL 60914
      View Details
    • $200,000
      2,500 SF

      Retail Property in Bradley, IL

      2,500 SF retail property available for sale.
      120 N Cleveland Ave, Bradley, IL 60915
      View Details
    • $200,000
      2,500 SF

      Bradley Industrial Space - $200K

      Versatile 2,500 sq ft building, great location.
      120 Cleveland Ave, Bradley, IL 60915
      View Details
    • $1,600,000
      8,820 SF

      Bourbonnais Retail Property for Sale

      Retail property in Bourbonnais, Illinois, offering 8,820 square feet.
      233 Mooney Dr, Bourbonnais, IL 60914
      View Details
    • $150,000

      Land Available For Sale

      Land available for sale at 105 Mooney Dr, Bourbonnais, IL.
      105 Mooney Dr, Bourbonnais, IL 60914
      View Details
    • $1,400,000

      Land For Sale Bradley, IL

      Land available for purchase in Bradley, Illinois.
      730 N Bradley Blvd, Bradley, IL
      View Details

    Nearby Similar for Sale

    • $8,000,000
      155,000 SF

      Class A Office Building

      Class A office building with flexible floorplans and abundant parking.
      4882 N Convent St, Bourbonnais, IL 60914
      View Details
    • $4,817,000
      7,300 SF

      Bourbonnais Retail Investment Opportunity

      Multi-tenant retail property for sale in Bourbonnais, Illinois.
      1601-1605 N State Route 50, Bourbonnais, IL 60914
      View Details
    • $1,600,000
      8,820 SF

      Bourbonnais Retail Property for Sale

      Retail property in Bourbonnais, Illinois, offering 8,820 square feet.
      233 Mooney Dr, Bourbonnais, IL 60914
      View Details
    • $565,000
      4,900 SF

      Bourbonnais Retail Space - High Traffic!

      Prime Retail Location, Two Buildings, High Visibility.
      1321 Arthur Burch Dr, Bourbonnais, IL 60914
      View Details
    • $565,000
      4,900 SF

      Bourbonnais Retail Storefront Investment

      High-traffic location, two buildings, 4,900 SF
      1321 Arthur Burch Dr, Bourbonnais, IL 60914
      View Details
    • $950,000
      900 SF

      Bourbonnais Mixed-Use Investment Opportunity

      High-yield, 3-house, tree service property.
      777 Convent St, Bourbonnais, IL 60914
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 4.85 Acres, R-5 Zoning, $299K
    Where is this multifamily property located?
    The property is located at @ Exeter Turn William Latham Dr Bourbonnais, IL.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Excellent neighborhood location with nearby riverfront access.; ;
    (815) 929-9381
    Request Owner's contact information
    @ Exeter Turn William Latham Dr Bourbonnais, IL 60914
    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.
    @ Exeter Turn William Latham Dr
    Bourbonnais, IL 60914
    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
    @ Exeter Turn William Latham Dr Bourbonnais, IL 60914
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.