Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2255 173rd St Lansing, IL 60438-6007
    Back to Search
    Property profile & analytics

    2255 173rd St, Lansing, IL 60438-6007

    View on Map
    • Motels
    • 1.11 lot acres
    Off-Market
    Last Sale Sep 7, 2022
    $4,200,000
    Property ID
    US28-5849214
    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
    $4,405,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sleep Inn near I-80 and I-94 / Hotel & Motel

    Property Details for 2255 173rd St

    Year built
    1995
    Lot size
    1.11 lot acres
    Property type
    Motels
    APN
    29-25-203-013
    APU
    2925203013

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 7, 2022 $4,200,000 Il Hospitality LLC Gateway Lansing INC Warranty Deed $3.7M · Bank Of George
    Feb 24, 2020 — Gateway Lansing INC — Deed · related $2.3M · International Bk/chicago
    Jul 23, 2018 — Gateway Lansing INC Gateway Lansing INC Intrafamily Transfer · related —
    Nov 8, 2006 $2,600,000 Gateway Sleep INC Inn-tel Of Lansing INC Grant Deed $2M · American Enterprise Bank
    Nov 8, 2006 — Inn-tel Of Lansing INC Suite-tel Of Lansing INC Quit Claim Deed · related —
    Jun 5, 2006 — Inn Tel Of Lansing INC — Trustees Deed · related $400k · National Republic Bank Chicago
    — — Gateway Lansing INC — Deed Of Trust · related $2.3M · International Bk/chicago

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,530,000
      ML approach
      $4,690,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Cook
    State
    Illinois
    Longitude
    -87.5629
    Latitude
    41.5826
    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
    $195,304
    $72,324
    $246,425
    $318,749
    -
    $289,296
    $985,700
    $1,274,996

    Comparable in this City

    • Value Estimation by Request
      0.49 Acres

      17356 Torrence Ave

      MOTEL
      17356 Torrence Ave, Lansing, IL 60438-6020
      View Details
    • Value Estimation by Request
      3.14 Acres

      3115 Rdg Rd

      MOTEL
      3115 Rdg Rd, Lansing, IL 60438-3067
      View Details
    • Value Estimation by Request
      0.90 Acres

      2455 Bernice Rd

      MOTEL
      2455 Bernice Rd, Lansing, IL 60438-1055
      View Details
    • Value Estimation by Request
      2.48 Acres

      17301 Oak Ave

      MOTEL
      17301 Oak Ave, Lansing, IL 60438-1038
      View Details
    • Value Estimation by Request
      0.52 Acres

      17356 Torrence Ave

      MOTEL
      17356 Torrence Ave, Lansing, IL 60438-6020
      View Details
    • Value Estimation by Request
      0.52 Acres

      17356 Torrence Ave

      MOTEL
      17356 Torrence Ave, Lansing, IL 60438-6020
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Rehabbed Six-Unit Apartment Building

      Turnkey investment opportunity with renovated units and new roof.
      3069 Bernice Rd, Lansing, IL 60438
      View Details
    • $259,000
      0.09 Acres

      Lansing Commercial Office Building

      All-brick, 5-unit commercial office building in downtown Lansing.
      3436 Ridge Rd, Lansing, IL 60438
      View Details
    • $750,000

      Industrial Warehouse with Expansion Potential

      7,560 SF industrial warehouse on 4.47 acres near major highways.
      3125 Glenwood Lansing Rd, Lansing, IL 60438
      View Details
    • Contact for pricing
      18,742 SF

      Lansing Self Storage For Sale

      Newly completed self-storage facility in Chicago MSA, 84% leased.
      17506 Chicago Ave, Lansing, IL 60438
      View Details
    • Contact for pricing
      4,214 SF

      Chase Bank NNN Investment Property

      NNN leased Chase Bank investment property for sale.
      16767 Torrence Ave, Lansing, IL 60438
      View Details
    • Contact for pricing

      Multi-Tenant Retail Strip Center

      Retail strip center with potential to lease vacant office space.
      3224 Ridge Rd, Lansing, IL 60438
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease in Lansing, Illinois.
      16701 Torrence Ave, Lansing, IL 60438
      View Details
    • Contact for pricing
      9,115 SF

      Retail Space in Cook County

      Retail spaces available in a shopping center with high traffic.
      16831 Torrence Ave, Lansing, IL 60438
      View Details
    • Contact for pricing
      2,000 SF

      Office Space on Ridge Road

      2,000 SF office space with easy highway access.
      2457 Ridge Rd, Lansing, IL 60438
      View Details
    • Contact for pricing
      1,593 SF

      Lansing Retail Space Available

      Retail spaces available in Cook County with high traffic.
      16775-16785 167 St, Lansing, IL 60438
      View Details
    • Contact for pricing

      Lansing Commercial Space For Rent

      Open storage unit with fenced parking and overhead doors.
      18418 Wentworth Ave, Lansing, IL 60438
      View Details
    • Contact for pricing

      Retail/Office Space on Torrence Avenue

      Retail/office space in high-traffic area near major retailers.
      17030 Torrence Ave, Lansing, IL 60438
      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.
    2255 173rd St
    Lansing, IL 60438-6007
    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
    2255 173rd St, Lansing, IL, 60438
    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!