Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1507 Schoolhouse Rd New Lenox, IL 60451

    • Industrial properties
    • 5.40 lot acres
    OFF-MARKET
    Last Sale
    May 07, 2025
    Value Estimations
    $365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-3434743
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Industrial properties

    Property Details for 1507 Schoolhouse Rd

    Lot size
    5.40 lot acres
    Property type
    Industrial properties
    APN
    15-08-26-400-016
    APU
    150826400016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Lenox
    County
    Will
    State
    Illinois
    Longitude
    -87.9295
    Latitude
    41.4901
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,930
    $92,327
    $87,606
    $179,933
    -
    $276,981
    $262,818
    $539,799

    Comparable in this City

    • Value Estimation
      $370,000
      0.92 Acres

      21751 Ctr Ave

      INDUSTRIAL (GENERAL) • 0.92 Acres
      21751 Ctr Ave, New Lenox, IL 60451-2803
      View Details
    • Value Estimation
      $365,000
      1.30 Acres

      22007 Howell Dr

      INDUSTRIAL (GENERAL) • 1.30 Acres
      22007 Howell Dr, New Lenox, IL 60451-3743
      View Details
    • Value Estimation
      $295,000
      0.04 Acres

      1026 Industry Rd

      INDUSTRIAL (GENERAL) • 0.04 Acres
      1026 Industry Rd, New Lenox, IL 60451-2673
      View Details
    • Value Estimation
      $185,000
      0.93 Acres

      21719 Ctr Ave Ste B

      INDUSTRIAL (GENERAL) • 0.93 Acres
      21719 Ctr Ave Ste B, New Lenox, IL 60451-2818
      View Details
    • Value Estimation
      $655,000
      1.28 Acres

      1928 Clearing Ct

      INDUSTRIAL (GENERAL) • 1.28 Acres
      1928 Clearing Ct, New Lenox, IL 60451-2744
      View Details
    • Value Estimation
      $305,000
      0.99 Acres

      14527 Edison Dr

      INDUSTRIAL (GENERAL) • 0.99 Acres
      14527 Edison Dr, New Lenox, IL 60451-3672
      View Details

    Similar Nearby for Sale

    • $695,000

      Prime Industrial Land, New Lenox IL

      I-80 Frontage, Build-to-Suit Available
      450 Degroate Rd, New Lenox, IL 60451
      View Details
    • $9,437,500

      151 Acres in New Lenox

      151 acres in a rapidly growing Chicago suburb.
      14620 W Laraway 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
    • $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
    • $515,000
      50,965 SF

      Prime Development Site in New Lenox

      ±1.17 AC development site at signalized corner in Will County.
      111 E Illinois Hwy, 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

    Similar Nearby for Lease

    • $179 SF/Yr
      5,220 SF

      New Lenox Commercial Space

      Versatile Office Space for Lease
      702 Maple St, New Lenox, IL 60451
      View Details
    • $8 SF/Yr
      53,395 SF

      New Lenox Warehouse Space

      53,395 SF warehouse space available for lease.
      2401-2405 W Haven Ave, New Lenox, IL 60451
      View Details
    • $15 SF/Yr

      Industrial Warehouse Spaces Available

      Industrial warehouse spaces for lease, ideal for small businesses.
      21601-21627 S Schoolhouse Rd, New Lenox, IL 60451
      View Details
    • $24 SF/Yr
      3,300 SF

      Haven Avenue Retail Space

      New Lenox Restaurant Space Available
      273 Haven Ave, New Lenox, IL 60451
      View Details
    • Contact for pricing
      45,121 SF

      Medical Suites for Lease

      Medical suites available for lease in professional office building.
      410 E Lincoln Hwy, New Lenox, IL 60451
      View Details
    • Contact for pricing
      1,436 SF

      Retail Space Near High School

      Retail space with high visibility near school and transportation.
      800-838 Laraway Rd, New Lenox, IL 60451
      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.
    1507 Schoolhouse 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
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.