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    7101 183Rd St Tinley Park, IL 60477

    • Retail properties
    • 12,161 SF
    For Lease
    View listing
    $19 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Open Bottle / Bar & Pub
    • Coin Cloud Bitcoin ATM / Atm / Currency Exchange Service
    • Tropical Smoothie Cafe / Restaurant
    • In & out Liqour / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • Bitcoin ATM Tinley Park - Coinhub / Currency Exchange Service / Crypto Atm

    Property Details for 7101 183Rd St

    Year built
    2008
    Property size
    12,161 SF
    Property type
    Retail properties

    Description

    This exceptional retail property, located at 7101 W. 183rd Street in Tinley Park, Illinois, presents a compelling investment opportunity. The property, known as Convention Plaza, boasts a total building size of 12,161 square feet and is situated within a B3 zoned area of Tinley Park, Cook County. Built in 2008, the building currently features a single tenant occupancy, with 2,746 square feet of space currently vacant, offering significant potential for expansion or lease to new tenants. The property's convenient location in Tinley Park, zip code 60477, provides excellent visibility and accessibility for businesses. The structure is offered as a Triple Net Lease, meaning the tenant is responsible for property taxes, insurance, and maintenance, making this an attractive low-maintenance investment. With its substantial size and prime location, this property is ideal for a variety of retail businesses seeking a strong foothold in the Tinley Park market. The existing infrastructure and modern construction provide a solid foundation for immediate occupancy or future development. Serious inquiries are encouraged to explore the possibilities this property offers. The property's coordinates are 41.5699614 latitude and -87.7861711 longitude.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tinley Park
    County
    Tinley Park
    State
    Illinois
    Longitude
    -87.7862
    Latitude
    41.57

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      17120 Harlem Ave

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      5,350 SF

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      7108 171St St

      Lifestyle centers • 10,000 SF
      7108 171St St, Tinley Park, IL 60477
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      9,321 SF

      17016 Oak Park Ave

      Neighborhood centers • 9,321 SF
      17016 Oak Park Ave, Tinley Park, IL 60477
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    • Value Estimation by Request
      0.18 Acres

      17608 Oak Park Ave

      COMMERCIAL (GENERAL) • 0.18 Acres
      17608 Oak Park Ave, Tinley Park, IL 60477
      View Details

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    Similar Nearby for Lease

    • $19 SF/Yr
      12,161 SF

      Tinley Park Retail Space For Sale

      Prime Retail Location, 12,161 SF Total
      7101 183Rd St, Tinley Park, IL 60477
      View Details
    • Contact for pricing
      8,500 SF

      Tinley Park Retail Space Available

      Retail space for lease in Tinley Park, Illinois.
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      8,000 SF

      Retail Space in Major Corridor

      Retail spaces available in grocery-anchored shopping center.
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      Tinley Park Freestanding Retail Building

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      Retail suite available in Tinley Park with ample parking.
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      2,270 SF

      Retail Space on Heavily Traveled Road

      Retail space available on a heavily traveled road.
      7101-7125 183Rd St, Tinley Park, IL 60477
      View Details
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    Tinley Park, IL 60477
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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.

    More about this property
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