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    Prime Commercial Corner Lot Title is generated by Realmo AI

    15249 W 159th St, Lockport, IL 60441

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    4.92 acre commercial corner lot in Lockport, Illinois.

    Type:Land
    Lot size:
    4.92 Acres
    Added:
    Oct 20, 2023
    Days on Market:
    960
    Last Refresh:
    May 12 at 9:41 pm

    Property Features for 15249 W 159th St

    General Information

    Standard status
    Active
    Lot size
    4.92 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Jeff Jakob

    Listing agent Jeff Jakob License #IL706166

    Listing office Coldwell Banker Commercial Real Estate Group

    Listing date Oct 20, 2023

    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 Coldwell Banker Commercial Real Estate Group

    HighLights

    • Prime corner lot location directly off I‑355 exit with high visibility and easy access.
    • High traffic counts (over 17,000 VPD) on 159th Street, ensuring strong customer flow.
    • Located in an affluent market with a median household income of approximately $113,252.
    • Significant frontage (585 ft on 159th St and 354 ft on Leach Dr) and dual access points.
    • Flexible commercial zoning (COMMR) allows for various high‑demand uses, including QSR, medical office, gas station, and retail.
    • Low property taxes due to unincorporated location in Will County/Homer Township.

    Overview

    This 4.92-acre commercial corner lot is located at 15249 W 159th St, Lockport, IL 60441, in unincorporated Homer Township. Zoned COMMR (Commercial), the property has high potential for various high-demand commercial uses, including a quick-service restaurant with a drive-thru, medical, dental, or professional office building, gas station or convenience store, or a retail strip center. The site benefits from a lack of major retail and quick-service restaurant competition immediately following the I-355 exit. It is located only 1 mile East of the I-355 (Veterans Memorial Tollway) full interchange at 159th Street (Route 7), ensuring constant traffic flow. The property features significant frontage on both 159th Street (approximately 585 ft) and Leach Drive (approximately 354 ft), providing dual-access points. Traffic counts exceed 17,000 vehicles per day on 159th Street. The Lockport/Homer Glen area boasts a strong demographic profile, with the median household income in Lockport approximately $113,252 as of 2023 data. Located in unincorporated Will County/Homer Township, this property benefits from lower Will County property taxes. Utilities, including electric, gas, water, and sanitary sewer, are available nearby at the street. The corner configuration is ideal for subdividing into two or three high-value outlots.
    Property Profile 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 Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -87.9952
    Latitude
    41.6004

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    FAQs

    What type of property is this?
    Commercial land - 4.92 acre commercial corner lot in Lockport, Illinois.
    Where is this commercial land located?
    The property is located at 15249 W 159th St Lockport, IL.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: Prime corner lot location directly off I‑355 exit with high visibility and easy access.; High traffic counts (over 17,000 VPD) on 159th Street, ensuring strong customer flow.; Located in an affluent market with a median household income of approximately $113,252.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeff Jakob
    Real Estate License ID: IL706166
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    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.

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