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
    The Largest CRE Database in the US with Over 1 Million Listings

    450 Degroate Rd New Lenox, IL 60451

    Sponsored
    For Sale
    $695,000

    I-80 Frontage, Build-to-Suit Available

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    423
    This exceptional 60451 New Lenox, IL industrial land parcel, located at 450 DeGroate Road, presents a unique investment opportunity. Priced at $695,000, this property boasts unparalleled visibility and accessibility due to its strategic location at the full interchange of I-80 and Route 30. The site benefits from excellent I-80 frontage, ensuring high traffic exposure for any development. Its proximity to other major expressways, including I-355 and I-55, further enhances its logistical advantages, providing easy access to regional transportation networks. The property is ideally suited for a variety of development projects, including hotels, office buildings, or flexible-use facilities. Retention is included, simplifying the development process. This prime location and versatile zoning make this an exceptional opportunity for investors seeking high-impact industrial land in a rapidly growing area of Will County. The property's address is 450 DeGroate Road, New Lenox, IL 60451. Serious inquiries are encouraged.

    Property Features for 450 Degroate Rd

    General Information

    Property type
    Land

    We can help!

    Listing Contact
    Edward Wabick
    Edward Wabick

    Learn more

    Property Insight Report

    HighLights

    • $695,000 asking price for industrial land.
    • Located in New Lenox, IL, at 450 Degroate Rd, zip code 60451.
    • Excellent I‑80 visibility, situated at the I‑80 and Route 30 interchange.
    • Close proximity to I‑355 and I‑55 expressways.
    • Available for sale or build‑to‑suit; retention included.
    • Ideal for hotel, office, or flex development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    New Lenox
    County
    Will
    State
    Illinois
    Longitude
    -87.988604338162
    Latitude
    41.517545352918

    Nearby Comparable

    • $695,000
      2 SF

      Land for Hotel, Office, Flex

      Located at I-80 and Route 30, ideal for development.
      450 Degroate Rd, New Lenox, IL 60451
      View Details
    • $695,000
      2 SF

      Land For Sale or Lease

      Located at I-80 and Route 30 full interchange.
      450 Degroate Rd, New Lenox, IL 60451
      View Details
    • $229,900
      1,056 SF

      End Unit with Private Entrance

      End unit with updated bath, stainless appliances, and private entrance.
      218 Manor Dr, New Lenox, IL 60451
      View Details
    • $5,704,000
      5,773 SF

      Bank of America Investment Opportunity

      NN+ leased fee interest in Bank of America branch.
      251 E Maple St, New Lenox, IL 60451
      View Details
    • $3,471,050

      63 Acre Parcel Near Hospital

      63 acre parcel near Silver Cross Hospital in New Lenox.
      I-80 N Cedar Rd, New Lenox, IL 60451
      View Details
    • Contact for pricing
      144 SF

      New Lenox Development Opportunity

      Prime mixed-use development site near Metra station in New Lenox.
      S Cedar Rd, New Lenox, IL 60451
      View Details
    • $14,476,265

      New Lenox Commercial Land Opportunity

      35 acres near I-355 and Silver Cross Hospital.
      N Cedar Rd, New Lenox, IL 60451
      View Details
    • Contact for pricing
      1 SF

      Land on Corner Lot

      1.768 acres of commercial land at Francis and Cedar Rd.
      1301 North Cedar Rd, New Lenox, IL 60451
      View Details
    • $495,000

      Development Ready Commercial Land

      Commercial land available near major interchanges in a pro-business community.
      1306 N Cedar Rd, New Lenox, IL 60451
      View Details
    • $1,250,000
      3.47 Acres

      New Lenox Commercial Land Opportunity

      3.47-acre commercial property with redevelopment potential in New Lenox.
      1352 N Cedar Rd, New Lenox, IL 60451
      View Details
    • Contact for pricing
      1 SF

      Land Parcel at Francis & Cedar

      1.768 acre land parcel at Francis and Cedar Roads.
      New Lenox, IL 60451
      View Details

    Nearby Similar for Sale

    • $229,900
      1,056 SF

      End Unit with Private Entrance

      End unit with updated bath, stainless appliances, and private entrance.
      218 Manor Dr, New Lenox, IL 60451
      View Details
    • $5,704,000
      5,773 SF

      Bank of America Investment Opportunity

      NN+ leased fee interest in Bank of America branch.
      251 E Maple St, New Lenox, IL 60451
      View Details
    • $391,900
      1,772 SF

      New Duplex Townhomes Under Construction

      New duplex townhomes with first-floor primary bedroom, full basement.
      1591 Glenbrooke Ln, New Lenox, IL 60451
      View Details
    • Contact for pricing
      20,000 SF

      Executive Office Space, New Lenox

      Premium Office Building - Spring 2024 Delivery
      433 Landings Dr, New Lenox, IL 60451
      View Details

    FAQs

    What type of property is this?
    Land - I-80 Frontage, Build-to-Suit Available
    Where is this land located?
    The property is located at 450 Degroate Rd New Lenox, IL.
    What is the asking price?
    The asking price for this property is $695,000.
    What are key features of this property?
    This property features: $695,000 asking price for industrial land.; Located in New Lenox, IL, at 450 Degroate Rd, zip code 60451.; Excellent I-80 visibility, situated at the I-80 and Route 30 interchange.
    Request Owner's contact information
    450 Degroate Rd New Lenox, IL 60451
    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.
    450 Degroate Rd
    New Lenox, IL 60451
    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
    450 Degroate Rd New Lenox, IL 60451
    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
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Edward Wabick
    Edward Wabick
    Real Estate License ID: 471011379
    Learn more
    Google sign-in failed. Please try again or use another login method.