Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    15249 159Th St Lockport, IL 60441
    Back to Search
    Property profile & analytics

    15249 159Th St, Lockport, IL 60441

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

    Current Use by Public Records

    • Land

    Property Details for 15249 159Th St

    Lot size
    4.92 lot acres
    Property type
    Land

    Description

    This exceptional 4.92-acre commercial land parcel presents a unique investment opportunity in Lockport, Illinois. Strategically located on 159th Street, it boasts 585 feet of frontage on 159th Street and an additional 354 feet of frontage on Leach Avenue. The property is zoned for commercial use and enjoys a highly visible location just one mile from the I-355 exit, ensuring excellent accessibility and exposure to a substantial daily traffic volume exceeding 17,000 vehicles. Its position in unincorporated Homer Township, between Lockport and Homer Glen, offers a blend of suburban convenience and strategic commercial potential. A key advantage is the relative lack of immediate retail competition; when exiting I-355 eastbound, motorists encounter only one gas station before reaching this property, with minimal retail options for over a mile in either direction. This scarcity of established businesses creates a prime opportunity for a variety of commercial ventures, making it an ideal site for businesses seeking high visibility and minimal competition. The asking price for this exceptional property is $700,000. The property's size, location, and zoning make it an attractive investment for developers and businesses alike.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Will
    State
    Illinois
    Longitude
    -88.0412
    Latitude
    41.5945

    Comparable in this City

    • Value Estimation by Request
      0.50 Acres

      1260 159Th St

      Land
      1260 159Th St, Lockport, IL 60441
      View Details
    • Value Estimation by Request
      0.84 Acres

      602-604 7Th St

      Land
      602-604 7Th St, Lockport, IL 60441
      View Details
    • Value Estimation by Request
      41,913 SF

      16101 Farrell Rd

      Restaurants
      16101 Farrell Rd, Lockport, IL 60441
      View Details
    • Value Estimation by Request

      2653 Briggs St

      Land
      2653 Briggs St, Lockport, IL 60441
      View Details
    • Value Estimation by Request
      6.63 Acres

      159th St And Thornton St

      Land
      159th St And Thornton St, Lockport, IL 60441
      View Details
    • Value Estimation by Request
      1.07 Acres

      14701 Bell Rd

      Land
      14701 Bell Rd, Lockport, IL 60441
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      45 SF

      Lockport Land Parcel For Sale

      45 acres of land available in Lockport, Illinois.
      14750 Archer Ave, Lockport, IL 60441
      View Details
    • Contact for pricing

      Land For Sale Lockport

      Land available on Dellwood Avenue, Lockport, Illinois.
      216 Dellwood Ave, Lockport, IL 60441
      View Details
    • Contact for pricing
      0.15 Acres

      Lockport Land Package For Sale

      Vacant land package in Lockport, Illinois available for purchase.
      2141 California Ave, Lockport, IL 60441
      View Details
    • Contact for pricing

      Vacant Land Package For Sale

      Seven vacant lots available as a package deal.
      2141 California Ave, Lockport, IL 60441
      View Details
    • Contact for pricing

      9.13 Acres Vacant Land Lockport

      9.13 acres of vacant land in Lockport, Illinois.
      151 151 St, Lockport, IL 60441
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      6 Acre Development Site

      6-acre development site in the Lockport market for rent.
      16556 W 159 St, Lockport, IL 60441
      View Details
    • Contact for pricing

      Retail Build-to-Suit Opportunity

      Retail space for rent in Lockport, Illinois.
      16101 Farrell Rd, Lockport, IL 60441
      View Details
    • Contact for pricing

      Retail Space For Sale/Lease

      Retail property available for sale or lease in Lockport, IL.
      16732 W 159 St, Lockport, IL 60441
      View Details
    • Contact for pricing
      3,620 SF

      Freestanding Building with Drive-Thru

      3,620 SF freestanding building with drive-thru in Lockport, IL.
      16732 West 159 St, Lockport, IL 60441
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space Near Walmart

      Retail space available in Lockport near major retailers.
      16101-16155 Farrell Rd, Lockport, IL 60441
      View Details
    • Contact for pricing
      7,460 SF

      Retail Space Near I-355

      Retail space shadow-anchored by Walmart & Jewel/Osco near I-355.
      W 159 St, Lockport, IL 60441
      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.
    15249 159Th St
    Lockport, IL 60441
    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
    15249 159Th St, Lockport, IL, 60441
    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!