Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    88th Ave Frankfort, IL 60423
    Back to Search
    Property profile & analytics

    88th Ave, Frankfort, IL 60423

    View on Map
    • Land
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 88th Ave

    Property type
    Land

    Description

    This exceptional 8.83-acre commercial land parcel presents a unique investment opportunity in the thriving Frankfort, IL market (zip code 60423). Located at the intersection of 88th Avenue and LaPorte, this property boasts an enviable location surrounded by established single-family home developments, ensuring strong demand and potential for high returns. The site's proximity to the new Lincolnway High School and Dr. Julian Rogers Grade School makes it particularly attractive for residential development. Furthermore, its convenient access to major thoroughfares like LaGrange Road and Lincoln Highway, as well as easy connectivity to I-80 and I-355, provides excellent accessibility for residents. The asking price is $470,000, and the seller is open to negotiations. This property is also part of a larger portfolio offering, details of which are available upon request. This is a rare opportunity to acquire a substantial land parcel in a highly desirable location with excellent potential for future growth. Don't miss out on this chance to secure a prime piece of Frankfort real estate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8353
    Latitude
    41.481

    Comparable in this City

    • Value Estimation by Request
      4.00 Acres

      Rt 30 & Harlem Ave

      Land
      0 Rt 30 & Harlem Ave, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      27.31 Acres

      Sec Larway & Lagrange

      Land
      0 Sec Larway & Lagrange, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      7.00 Acres

      1 To 7

      Commercial land
      1 To 7, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      1.00 Acre

      Laraway & Commerce

      Land
      0 Laraway & Commerce, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      3.19 Acres

      Lincoln Hwy

      Land
      0 Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      1.00 Acre

      23036 Pinehurst Dr

      Land
      23036 Pinehurst Dr, Frankfort, IL 60423
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      68.2 Acres of Land

      68.2 acres of land available for sale.
      22900 Center Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing

      Land in Frankfort, Illinois

      Land with development potential near major transportation routes.
      22149 Rosemary Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing

      Prime Land on Hard Corner

      Ideal site for gas station, senior living, multi-family.
      W Laraway Rd, Frankfort, IL 60423
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space on LaGrange Road

      Retail space with great access on LaGrange Road.
      20825 South La Grange Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing
      4,153 SF

      Frankfort Office or Medical Suites

      Office and medical suites available in retail center.
      9645 Lincolnway Ln, Frankfort, IL 60423
      View Details
    • Contact for pricing
      2,370 SF

      Retail Space in Frankfort, Illinois

      Retail space available in a premier power center.
      11043 W Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Contact for pricing
      2,993 SF

      Freestanding Restaurant with Drive Thru

      2,993 SF restaurant with drive-thru on LaGrange Road.
      20551 S La Grange Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing

      Frankfort, IL Commercial Space

      Commercial space for rent in Frankfort, Illinois.
      1018 Lambrecht Dr, Frankfort, IL 60423
      View Details
    • Contact for pricing

      Professional Office Suite in Frankfort

      4,126 sq ft office suite in Abbey Woods Office Park.
      20646 Abbey Woods Ct, Frankfort, IL 60423
      View Details
    Request Owner's contact information
    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.
    88th Ave
    Frankfort, IL 60423
    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
    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

    Thank You for Inquiry
    88th Ave, Frankfort, IL, 60423
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!