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    3101 W 87Th St Chicago, IL 60652
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    Property profile & analytics

    3101 W 87Th St Chicago, IL 60652

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    • Commercial land
    Off-Market
    Property ID
    US28-2290079
    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

    • Evergreen Scavenger Inc / Trucking Company

    Property Details for 3101 W 87Th St

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Prime Commercial Land for Sale in Evergreen Park, IL. Discover an exceptional opportunity to acquire a strategically located, 0.6 acre parcel of commercially zoned land in the heart of Evergreen Park IL. This versatile lot offers immense potential for various business ventures, making it an ideal investment for developers, entrepreneurs or businesses looking to expand. This lot consists of 5 parcels on an extremely high trafficked street; 87th street is a major artery in the area and has a large volume of vehicle and foot traffic daily. Close proximity to schools, parks, shopping, Midway International Airport and easy access to major thoroughfares. Drive by, walk by, do whatever it takes to come by and check out this beautiful bounty of land today!

    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
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.701317
    Latitude
    41.734956

    Comparable in this City

    • Contact for pricing

      Development Site on 87th & Kedzie

      Up to 30 acres at 87th & Kedzie available.
      87th S Kedzie Ave, Evergreen Park, IL 60652
      View Details
    • $3,400,000

      Prime Land on Kedzie Avenue

      7.038 AC land parcel with high traffic volume.
      7600 S Kedzie Ave, Chicago, IL 60652
      View Details
    • $550,000
      1 SF

      Restaurant on Corner Lot

      Restaurant on 1.29 acres with frontage on Columbus & Kedzie.
      3200 West Columbus Ave, Chicago, IL 60652
      View Details
    • $1,575,000

      Stabilized Mixed-Use Investment Opportunity

      Fully leased mixed-use property with commercial and residential units.
      7815 South Kedzie Ave, Chicago, IL 60652
      View Details
    • Contact for pricing
      22,174 SF

      Office Building with Secured Parking

      Single-story office building featuring secured parking and building signage.
      8658 S Sacramento Ave, Chicago, IL 60652
      View Details
    • $199,000

      Full Vehicle Service Business

      Full vehicle service business for sale with affordable lease.
      3741 W Columbus Ave, Chicago, IL 60652
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Development Site on 87th & Kedzie

      Up to 30 acres at 87th & Kedzie available.
      87th S Kedzie Ave, Evergreen Park, IL 60652
      View Details
    • $3,400,000

      Prime Land on Kedzie Avenue

      7.038 AC land parcel with high traffic volume.
      7600 S Kedzie Ave, Chicago, IL 60652
      View Details
    • $550,000
      1 SF

      Restaurant on Corner Lot

      Restaurant on 1.29 acres with frontage on Columbus & Kedzie.
      3200 West Columbus Ave, Chicago, IL 60652
      View Details
    • $1,575,000

      Stabilized Mixed-Use Investment Opportunity

      Fully leased mixed-use property with commercial and residential units.
      7815 South Kedzie Ave, Chicago, IL 60652
      View Details
    • Contact for pricing
      22,174 SF

      Office Building with Secured Parking

      Single-story office building featuring secured parking and building signage.
      8658 S Sacramento Ave, Chicago, IL 60652
      View Details
    • $199,000

      Full Vehicle Service Business

      Full vehicle service business for sale with affordable lease.
      3741 W Columbus Ave, Chicago, IL 60652
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Chicago Distribution Facility with Expansion

      Last mile distribution warehouse with expansion potential near Midway Airport.
      4100 W 76Th St, Chicago, IL 60652
      View Details
    • $25 SF/Yr

      Medical/Retail Space for Lease

      Hard corner location with ample parking and beautiful interior.
      8600 S Pulaski Rd, Chicago, IL 60652
      View Details
    • Contact for pricing

      Cicero Avenue Retail Space Available

      Retail spaces available in Chicago shopping center.
      7601 S Cicero Ave, Chicago, IL 60652
      View Details
    • Contact for pricing
      8,952 SF

      Retail Space in High-Traffic Area

      Retail spaces available in a densely populated Chicago location.
      87th St & Kedzie Ave, Chicago, IL 60652
      View Details
    • $11 SF/Yr

      Updated Commercial Space For Rent

      Spacious commercial property with recent updates near Ford City mall.
      7601 S Kostner Ave, Chicago, IL 60652
      View Details
    • Contact for pricing

      Retail Space on 87th Street

      High-visibility retail space in a thriving Chicago commercial corridor.
      2800 W 87Th St, Chicago, IL 60652
      View Details
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    Chicago, IL 60652
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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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