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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15515 116th Ct Orland Park, IL 60467

    • Parking lots & garages
    • 1,812 SF
    • 0.27 lot acres
    OFF-MARKET
    Last Sale
    May 08, 2023
    $80,000
    Value Estimations
    $85,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1466425
    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

    • Parking lots & garages

    Property Details for 15515 116th Ct

    Year built
    1949
    Lot size
    0.27 lot acres
    Property size
    1,812 SF
    Property type
    Parking lots & garages
    APN
    27-18-305-002
    APU
    2718305002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $85,000
      ML approach
      $100,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Orland Park
    County
    Cook
    State
    Illinois
    Longitude
    -87.9021
    Latitude
    41.6073
    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
    2022
    $982
    $2,991
    $608
    $3,599
    -
    $29,910
    $6,080
    $35,990

    Comparable in this City

    • Value Estimation by Request

      15607 115th Ave

      RESIDENTIAL PARKING GARAGE
      15607 115th Ave, Orland Park, IL 60467
      View Details
    • Value Estimation
      $395,000
      4,781 SF

      11112 139th St

      RESIDENTIAL PARKING GARAGE • 4,781 SF
      11112 139th St, Orland Park, IL 60467-6847
      View Details
    • Value Estimation
      $295,000
      0.30 Acres

      15520 112th Ct

      RESIDENTIAL PARKING GARAGE • 0.30 Acres
      15520 112th Ct, Orland Park, IL 60467-4401
      View Details
    • Value Estimation
      $95,000
      0.30 Acres

      156 113th Ct

      RESIDENTIAL PARKING GARAGE • 0.30 Acres
      156 113th Ct, Orland Park, IL 60467
      View Details
    • Value Estimation
      $295,000
      0.35 Acres

      15824 113th Ct

      RESIDENTIAL PARKING GARAGE • 0.35 Acres
      15824 113th Ct, Orland Park, IL 60467-5835
      View Details
    • Value Estimation
      $295,000
      0.37 Acres

      11350 159th St

      RESIDENTIAL PARKING GARAGE • 0.37 Acres
      11350 159th St, Orland Park, IL 60467-4425
      View Details

    Similar Nearby for Sale

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      5,333 SF

      Adaptable Commercial Building Near I-80

      5,333 SF building on 1.59 acres near I-80.
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      Retail center with long-term tenants and value-add opportunity.
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    • $795,000
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      Orland Park Commercial Land - $795K

      2.2-acre commercial lot, prime location.
      16501 La Grange Rd, Orland Park, IL 60467
      View Details
    • Contact for pricing
      5.00 Acres

      Orland Park 5-Acre Development Land

      Prime Orland Park land; residential & commercial zoning.
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    • Contact for pricing
      9.60 Acres

      Orland Park Commercial Land - 9.6 Acres

      Prime Commercial Land Near Costco & Malls
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    Similar Nearby for Lease

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      8,250 SF

      Orland Park Retail Development Opportunity

      Retail space available in a super regional market.
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      19,322 SF

      Orland Park Retail Development Opportunity

      Ground-up retail development in a super-regional Chicago market.
      9801 W 159Th St, Orland Park, IL 60467
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    • Contact for pricing
      562 SF

      Orland Park Retail Development Opportunity

      Land available for ground-up retail development in Orland Park, IL.
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      Orland Park Corner Retail Space

      Corner retail/office space in Orland Park, flooded with natural light.
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      1,080 SF

      Orland Park Retail Space Available

      Retail or office space in established Orland Park strip center.
      11923-11979 W 143Rd St, Orland Park, IL 60467
      View Details
    • $14 SF/Yr

      Retail Space with Immediate Occupancy

      Retail unit available for rent with immediate occupancy.
      17845 Wolf Rd, Orland Park, IL 60467
      View Details
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    15515 116th Ct
    Orland Park, IL 60467
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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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