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    21220 Central Ave Matteson, IL 60443
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    21220 Central Ave Matteson, IL 60443

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    • Commercial land
    For Sale
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    Development Site Near I-57 For Sale
    Contact for pricing

    Development Site Near I-57

    Commercial land available for development near I-57 interchange.

    21220 Central Ave, Matteson, IL 60443
    View Listing
    Property ID
    US28-0979072
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 21220 Central Ave

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Development Site Available on Hard Corner Next to I-57 Interchange Opportunity for Build-To-Suit and Facility Customization Trailer Parking Potential Utilities Adjacent to Site TIF Eligible

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Matteson
    County
    Cook
    State
    Illinois
    Longitude
    -87.753286
    Latitude
    41.504942

    Comparable in this City

    • $35,000

      Vacant Lot in Matteson

      Vacant lot available for development in Matteson, Illinois.
      4300 Davis St, Matteson, IL 60443
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      37,386 SF

      Prime Commercial Site on Route 30

      37,386 SF site ideal for retail, office, or restaurant.
      3601-3611 W Lincoln Hwy, Matteson, IL 60443
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    • $450,000

      Prime Commercial Land on Route 30

      37,386 SF site ideal for retail or office development.
      3601 W Lincoln Hwy, Matteson, IL 60443
      View Details
    • Contact for pricing

      9.8 Acres Developable Land

      9.8 acres of developable land zoned for mixed use.
      Swc Of Vollmer Rd & Cicero Ave, Matteson, IL 60443
      View Details
    • Contact for pricing
      42 SF

      Matteson Commercial Land For Sale

      42 acres of commercial land zoned for highway commercial.
      20401 South Cicero Ave, Matteson, IL 60443
      View Details
    • Contact for pricing

      Matteson Developable Land For Sale

      9.8 acres of developable land with mixed-use zoning.
      Swc Of Vollmer Rd & Cicero Ave, Matteson, IL 60443
      View Details

    Similar Nearby for Sale

    • $35,000

      Vacant Lot in Matteson

      Vacant lot available for development in Matteson, Illinois.
      4300 Davis St, Matteson, IL 60443
      View Details
    • Contact for pricing
      37,386 SF

      Prime Commercial Site on Route 30

      37,386 SF site ideal for retail, office, or restaurant.
      3601-3611 W Lincoln Hwy, Matteson, IL 60443
      View Details
    • $450,000

      Prime Commercial Land on Route 30

      37,386 SF site ideal for retail or office development.
      3601 W Lincoln Hwy, Matteson, IL 60443
      View Details
    • Contact for pricing

      9.8 Acres Developable Land

      9.8 acres of developable land zoned for mixed use.
      Swc Of Vollmer Rd & Cicero Ave, Matteson, IL 60443
      View Details
    • Contact for pricing
      42 SF

      Matteson Commercial Land For Sale

      42 acres of commercial land zoned for highway commercial.
      20401 South Cicero Ave, Matteson, IL 60443
      View Details
    • Contact for pricing

      Matteson Developable Land For Sale

      9.8 acres of developable land with mixed-use zoning.
      Swc Of Vollmer Rd & Cicero Ave, Matteson, IL 60443
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land in Cook County Available

      Located off I-57 near major retailers in Southland Chicago.
      200 Lincoln Mall Dr, Matteson, IL 60443
      View Details
    • $8 SF/Yr
      48,000 SF

      Industrial Space Near Major Interstates

      Available industrial space near I-57, I-80, and US-30.
      21800 South Cicero Ave, Matteson, IL 60443
      View Details
    • $10 SF/Yr

      Retail Space Near Pete's Market

      Retail space available in Matteson Plaza near major intersection.
      4147 Lincoln Hwy, Matteson, IL 60443
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      Class A Office Building

      Class A office building for lease in Matteson, Illinois.
      4801 Southwick Dr, Matteson, IL 60443
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    • $23 SF/Yr

      Retail Space on Lincoln Highway

      1,300 SF retail space available in Matteson, Illinois.
      4453 Lincoln Hwy, Matteson, IL 60443
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    • Contact for pricing

      Retail Space in Matteson Center

      Retail space available in a fully leased shopping center.
      4806 211Th St, Matteson, IL 60443
      View Details
    View Listing
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    Matteson, IL 60443
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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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