Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    24 Acres Rt. 31 Chicago, IL 60606
    Back to Search
    Property profile & analytics

    24 Acres Rt. 31 Chicago, IL 60606

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

    Current Use by Public Records

    • Land

    Property Details for 24 Acres Rt. 31

    Lot size
    24.00 lot acres
    Property type
    Land

    Description

    This exceptional 24-acre commercial land parcel presents a unique investment opportunity in Chicago, Illinois. Located on Route 31 in Cook/DuPage County (zip code 60606), this property boasts approximately 1,383 feet of frontage, offering unparalleled visibility and accessibility. Currently zoned M-1 within the Village of Lake in the Hills, the site is ideally positioned for significant development, with the Village's Future Land Use Map designating this area for future commercial use, suggesting a strong potential for re-zoning to Unincorporated C - Conditional Zoning District. Utilities are readily available on-site. The land's size and location make it exceptionally suitable for large-scale commercial projects, such as dealerships, furniture showrooms, micro-breweries, or facilities requiring substantial storage, warehouse space, and ample parking. Its strategic location across from a new Walmart Supercenter and other retail establishments further enhances its appeal and potential for high returns. The property includes three parcel numbers: 19-15-100-048; 19-15-300-016; 19-15-300-017. The land is priced at $3.95 per square foot. This is a rare opportunity to acquire a substantial, well-located commercial property with significant development potential in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook/DuPage
    State
    Illinois
    Longitude
    -87.6371
    Latitude
    41.8818

    Comparable in this City

    • Value Estimation by Request
      76,827 SF

      223 Jackson Blvd

      Medical Office Space • 76,827 SF
      223 Jackson Blvd, Chicago, IL 60606
      View Details
    • Value Estimation
      $520,000
      0.40 Acres

      200 Monroe St

      COMMERCIAL (GENERAL) • 0.40 Acres
      200 Monroe St, Chicago, IL 60606-5075
      View Details
    • Value Estimation by Request
      0.42 Acres

      55 Wacker Dr

      COMMERCIAL (GENERAL) • 0.42 Acres
      55 Wacker Dr, Chicago, IL 60606
      View Details
    • Value Estimation by Request

      100 Canal St

      COMMERCIAL (GENERAL)
      100 Canal St, Chicago, IL 60606-3723
      View Details
    • Value Estimation by Request

      100 Canal St

      COMMERCIAL (GENERAL)
      100 Canal St, Chicago, IL 60606-3723
      View Details
    • Value Estimation by Request
      0.07 Acres

      356 Canal St

      COMMERCIAL (GENERAL) • 0.07 Acres
      356 Canal St, Chicago, IL 60606
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Chicago Development Opportunity

      Strategically located near major developments and downtown Chicago demand drivers.
      1 South Franklin St, Chicago, IL 60606
      View Details
    • Contact for pricing

      24 Acres Development Site

      24 +/- acre site ready for development.
      24 Acres Rt. 31, Chicago, IL 60606
      View Details
    • Contact for pricing

      Office Space at Wacker Drive

      Commercial office space available in Chicago, Illinois.
      225 West Wacker Dr, Chicago, IL 60606
      View Details
    • Contact for pricing
      162,000 SF

      Wacker Drive Turnkey Office Space

      Rehabbed office space in prime location with easy access.
      211 W Wacker Dr, Chicago, IL 60606
      View Details
    • Contact for pricing

      Office Asset in Chicago's West Loop

      Distinctive office asset at the intersection of Chicago’s West Loop.
      205 West Randolph St, Chicago, IL 60606
      View Details
    • $7,500,000
      66,029 SF

      Corner Unit Warehouse with Office

      Warehouse with 3800 SF office space and ample power.
      1300 W Washington St W, Chicago, IL 60606
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Versatile Workspace Solutions Available

      Global network of workspaces offering flexible office solutions.
      10 South Riverside Plz, Chicago, IL 60606
      View Details
    • $43 SF/Yr
      24,846 SF

      High-End Office Space Sublease

      Sublease opportunity with high-end design, amenities, and stunning views.
      151 N Franklin St, Chicago, IL 60606
      View Details
    • Contact for pricing
      1,230 SF

      Prime Office Space Near Willis

      Office space near Willis Tower with convenient transportation access.
      223-235 W Jackson Blvd, Chicago, IL 60606
      View Details
    • Contact for pricing
      18,755 SF

      Office Space with Multiple Amenities

      Office space featuring balconies, conferencing, and on-site management.
      225 W Washington St, Chicago, IL 60606
      View Details
    • Contact for pricing
      25,465 SF

      Chicago Office Space For Rent

      25,465 square feet of office space in Chicago.
      222 W Adams St, Chicago, IL 60606
      View Details
    • Contact for pricing
      3,048 SF

      Office Space Near Train Stations

      Office space with amenities, near Ogilvie and Union Stations.
      150 S Wacker Dr, Chicago, IL 60606
      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.
    24 Acres Rt. 31
    Chicago, IL 60606
    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
    24 Acres Rt. 31, Chicago, IL, 60606
    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!