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    16501 La Grange Rd Orland Park, IL 60467

    Sponsored
    For Sale
    $795,000

    Prime 1.58-2.2 acre lot, high traffic, I-80 access.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional 1.58 to 2.2-acre commercial land parcel, located at 16501 S. LaGrange Rd in Orland Park, Illinois (zip code 60467), presents a unique investment opportunity. Zoned COR, this property boasts excellent visibility and accessibility, featuring signalized access via cross-access with a Lifetime Fitness center. The site benefits from exceptionally high traffic counts, averaging 39,600 vehicles per day on LaGrange Road, ensuring significant exposure for any development. Its strategic location within a strong regional shopping district provides immediate access to a substantial customer base. Furthermore, the property enjoys close proximity to Interstate 80, offering convenient access to major transportation arteries. The surrounding area is anchored by established businesses, including a Marcus Cinema, Wu House Japanese restaurant, Rock Bottom Brewery, a Homewood Suites hotel, and a Houlihan's restaurant, creating a vibrant and thriving commercial environment. This prime location and high traffic volume make this land ideal for a variety of commercial developments. The asking price is $795,000. Don't miss this chance to acquire a highly desirable commercial property in a rapidly growing area.

    Property Features for 16501 La Grange Rd

    General Information

    Property type
    Land
    Lot Size
    68,825 SF

    HighLights

    • 1.58‑2.2 acre commercial lot at 16501 S. LaGrange Rd, Orland Park, IL 60467, zoned COR.
    • Signalized access via cross‑access with Lifetime Fitness.
    • Excellent visibility with 39,600 VPD on LaGrange Road.
    • Strong regional shopping district location.
    • Close proximity to I‑80.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage 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
    Orland Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.8518232
    Latitude
    41.591703

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    FAQs

    What type of property is this?
    Land - Prime 1.58-2.2 acre lot, high traffic, I-80 access.
    Where is this land located?
    The property is located at 16501 La Grange Rd Orland Park, IL.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: 1.58-2.2 acre commercial lot at 16501 S. LaGrange Rd, Orland Park, IL 60467, zoned COR.; Signalized access via cross-access with Lifetime Fitness.; Excellent visibility with 39,600 VPD on LaGrange Road.
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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.

    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
    16501 La Grange Rd Orland Park, IL 60467
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