Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15947 Laramie Ave Oak Forest, IL 60452-3872

    • Residential income homes
    • 3,788 SF
    • 0.17 lot acres
    OFF-MARKET
    Value Estimations
    $565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2638954
    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

    • Residential income homes

    Property Details for 15947 Laramie Ave

    Year built
    1978
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.17 lot acres
    Property size
    3,788 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    28-21-200-019
    APU
    2821200019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $355,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $820,000
      6.5%
      $755,000
      7%
      $700,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $655,000
      Market price range: $376k - $892k
      AI Estimate
      $484,000
      Market price range: $329k - $610k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $630,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $830,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $565,000
      Change: -10% Conversion: Difficult
      OFFICE BUILDING
      $505,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Forest
    County
    Cook
    State
    Illinois
    Longitude
    -87.7459
    Latitude
    41.6016
    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
    $14,099
    $2,608
    $31,078
    $33,686
    -
    $26,080
    $310,780
    $336,860

    Comparable in this City

    • Value Estimation by Request
      1,589 SF

      15632 Lamon Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,589 SF
      15632 Lamon Ave, Oak Forest, IL 60452-3519
      View Details
    • Value Estimation by Request
      2,340 SF

      5002 155th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,340 SF
      5002 155th St, Oak Forest, IL 60452-3486
      View Details
    • Value Estimation by Request
      3,274 SF

      15316 Cicero Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,274 SF
      15316 Cicero Ave, Oak Forest, IL 60452-2502
      View Details
    • Value Estimation by Request
      2,726 SF

      15943 Laramie Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,726 SF
      15943 Laramie Ave, Oak Forest, IL 60452-3804
      View Details
    • Value Estimation by Request
      810 SF

      5329 159th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 810 SF
      5329 159th St, Oak Forest, IL 60452-3304
      View Details
    • Value Estimation by Request
      3,993 SF

      5120 160th St, Unit 1W

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,993 SF
      5120 160th St, Oak Forest, IL 60452-3967
      View Details

    Similar Nearby for Sale

    • $550,000

      Cicero Avenue Development Opportunity

      Prime development site on Cicero Ave with high traffic counts.
      16224 Cicero Ave, Oak Forest, IL 60452
      View Details
    • $199,900

      Unincorporated Cook County Land

      Approximately 8 acres of land with utilities available.
      17301 Lockwood Ave, Oak Forest, IL 60452
      View Details
    • Contact for pricing

      Land Near Metra Station

      Commercial land for sale near transportation and retail.
      4815 W 159Th St, Oak Forest, IL 60452
      View Details
    • $49,900
      0.30 Acres

      Oak Forest Vacant Land Parcel

      Vacant lot in Oak Forest, perfect for building a home.
      16207 Long Ave, Oak Forest, IL 60452
      View Details
    • $850,000
      5,000 SF

      Oak Forest Investment Opportunity

      Profitable strip center anchored by a historic day care.
      4815 155Th St, Oak Forest, IL 60452
      View Details
    • $550,000

      Cicero Avenue Commercial Land Available

      0.92 acre commercial land with utilities and frontage.
      16240 S Cicero Ave, Oak Forest, IL 60452
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Oak Forest Commercial Property For Rent

      High-visibility commercial property with strong tenant mix in Oak Forest.
      15510 S Cicero Ave, Oak Forest, IL 60452
      View Details
    • Contact for pricing
      94,525 SF

      Oak Forest Commercial Space Available

      10,000 sq ft building on 2+ acres for lease.
      5333 W 151St St, Oak Forest, IL 60452
      View Details
    • Contact for pricing
      94,525 SF

      Oak Forest Commercial Facility For Lease

      10,000 SF divisible building on 2+ acres for lease.
      5333 W 151St St, Oak Forest, IL 60452
      View Details
    • Contact for pricing
      94,525 SF

      Oak Forest Commercial Facility For Lease

      10,000 Sq Ft building on 2+ acres for lease.
      5333 W 151St St, Oak Forest, IL 60452
      View Details
    • Contact for pricing

      New Retail Space at Metra

      New construction retail space near Metra station in Oak Forest.
      15848 S Cicero Ave, Oak Forest, IL 60452
      View Details
    • Contact for pricing

      Cicero Avenue Commercial Land Available

      Commercial land for ground lease or build-to-suit on Cicero.
      15201 S Cicero Ave, Oak Forest, IL 60452
      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.
    15947 Laramie Ave
    Oak Forest, IL 60452-3872
    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.
    Sign Up Successful!
    You now have access to more from Realmo!