Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    218 Blackhawk Dr Park Forest, IL 60466
    Property profile & analytics

    218 Blackhawk Dr, Park Forest, IL 60466

    View on Map
    • Commercial real estate
    • 3,600 SF
    • 2.84 lot acres
    Off-Market
    Property ID
    US28-0713691
    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 real estate

    Property Details for 218 Blackhawk Dr

    Lot size
    2.84 lot acres
    Property type
    Commercial real estate
    APN
    31-36-313-019-0000

    Description

    This exceptional 2.84-acre commercial property at 218 Blackhawk Drive, Park Forest, IL 60466, presents a prime redevelopment opportunity. Located in the C-1 Neighborhood Commercial District, the site boasts 566 feet of frontage on Blackhawk Drive and 170 feet on Indianwood Boulevard, ensuring high visibility and accessibility. The property includes existing structures with varying square footage: one building at 4,102 square feet, another at 7,650 square feet, and a third at 3,600 square feet, totaling a potential buildable area between 3,600 and 7,650 square feet. The level topography simplifies development, and existing paved parking is already in place. While the property shows deferred maintenance, the existing footings from a former Jewel grocery store remain. Previous uses have included a pharmacy, pizza restaurant, screen printer, daycare, and music conservatory, demonstrating the site's versatility. This location offers significant potential for various redevelopment scenarios, including multi-family residential, commercial, multiple-use, or mixed-use projects. The Cook County APN is 31-36-313-019-0000. This is a rare chance to acquire a substantial commercial parcel in a desirable location with significant upside potential.

    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
    Park Forest
    County
    Cook
    State
    Illinois
    Longitude
    -87.6931267
    Latitude
    41.4731322

    Comparable in this City

    • Contact for pricing
      9,929 SF

      Two-Story Building For Sale/Lease

      Two-story building available for sale or lease.
      24341 Western Ave, University Park, IL 60466
      View Details
    • Contact for pricing

      Park Forest Land For Sale

      2.03 acre commercial land plat in Park Forest, Illinois.
      46-48 W South St, Park Forest, IL 60466
      View Details
    • Contact for pricing
      1 SF

      1.96 Acres Zoned Planned Business

      1.96-acre commercial land parcel zoned for business use.
      101 N Weber Rd, Romeoville, IL 60466
      View Details
    • Contact for pricing

      University Park Land Parcel

      Land parcel available in University Park, Illinois.
      Dralle Rd. & Central Rd, University Park, IL 60466
      View Details
    • Contact for pricing
      12,600 SF

      Free-Standing Building in Park Forest

      Well-maintained building, divisible, with potential cannabis use approval.
      49-59 North St, Park Forest, IL 60466
      View Details
    • Contact for pricing
      123,600 SF

      Industrial and Cold Storage Warehouse

      80,116 SF industrial and cold storage warehouse for sale.
      80-90 St N, Park Forest, IL 60466
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,929 SF

      Two-Story Building For Sale/Lease

      Two-story building available for sale or lease.
      24341 Western Ave, University Park, IL 60466
      View Details
    • Contact for pricing

      Park Forest Land For Sale

      2.03 acre commercial land plat in Park Forest, Illinois.
      46-48 W South St, Park Forest, IL 60466
      View Details
    • Contact for pricing
      12,600 SF

      Free-Standing Building in Park Forest

      Well-maintained building, divisible, with potential cannabis use approval.
      49-59 North St, Park Forest, IL 60466
      View Details
    • Contact for pricing
      1 SF

      1.96 Acres Zoned Planned Business

      1.96-acre commercial land parcel zoned for business use.
      101 N Weber Rd, Romeoville, IL 60466
      View Details
    • Contact for pricing

      University Park Land Parcel

      Land parcel available in University Park, Illinois.
      Dralle Rd. & Central Rd, University Park, IL 60466
      View Details
    • Contact for pricing
      123,600 SF

      Industrial and Cold Storage Warehouse

      80,116 SF industrial and cold storage warehouse for sale.
      80-90 St N, Park Forest, IL 60466
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Freestanding Bank Building For Lease

      1,767 SF bank building with drive-thru and ATM.
      2 Main St, Park Forest, IL 60466
      View Details
    • Contact for pricing

      Retail Space in Park Forest

      Located near 373 Sauk Trail, ideal for retail tenants.
      373 Sauk Trl, Park Forest, IL 60466
      View Details
    • New
      Contact for pricing

      Office and Cold Storage Warehouse

      Redevelopable office-and-warehouse facility with multiple cold rooms, substantial pallet capacity, and docked loading for manufacturing users.
      80 North St, Park Forest, IL 60466
      View Details
    • Contact for pricing

      University Park Corporate Center Space

      Industrial and warehouse spaces available at University Park Corporate Center.
      University Park Corporate Ctr, University Park, IL 60466
      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.
    218 Blackhawk Dr
    Park Forest, IL 60466
    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
    218 Blackhawk Dr, Park Forest, IL, 60466
    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!