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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3615 215th St Matteson, IL 60443-2727

    • Residential income homes
    • 4,012 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    $580,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5670127
    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 3615 215th St

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.14 lot acres
    Property size
    4,012 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    31-26-105-004
    APU
    3126105004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $870,000
      6.5%
      $800,000
      7%
      $745,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $683,000
      Market price range: $399k - $945k
      AI Estimate
      $464,000
      Market price range: $329k - $567k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $665,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $880,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $600,000
      Change: -10% Conversion: Difficult
      OFFICE BUILDING
      $535,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Matteson
    County
    Cook
    State
    Illinois
    Longitude
    -87.7041
    Latitude
    41.4981
    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
    $13,949
    $2,100
    $23,611
    $25,711
    -
    $21,000
    $236,110
    $257,110

    Comparable in this City

    • Value Estimation by Request
      3,042 SF

      21710 Richton Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,042 SF
      21710 Richton Rd, Matteson, IL 60443-2469
      View Details
    • Value Estimation by Request
      2,910 SF

      3536 Frnt St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,910 SF
      3536 Frnt St, Matteson, IL 60443-2732
      View Details
    • Value Estimation by Request
      2,088 SF

      3704 214th Pl

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,088 SF
      3704 214th Pl, Matteson, IL 60443-2706
      View Details
    • Value Estimation by Request
      2,100 SF

      3711 214th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,100 SF
      3711 214th St, Matteson, IL 60443-2613
      View Details
    • Value Estimation by Request
      2,304 SF

      3623 214th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,304 SF
      3623 214th St, Matteson, IL 60443-2553
      View Details
    • Value Estimation by Request
      2,100 SF

      3715 214th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,100 SF
      3715 214th St, Matteson, IL 60443-2611
      View Details

    Similar Nearby for Sale

    • $80,000

      Spacious Mobile Home in Gated Community

      Mobile home with garage, shed, and community amenities.
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    • $124,900

      Matteson Multi-Family Investment Opportunity

      Two-unit building on an oversized lot with rental income potential.
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    • $450,000
      5.75 Acres

      Matteson Land: 5.75 Acres

      Prime Residential Development Land
      560 Homan Ave, Matteson, IL 60443
      View Details
    • $350,000
      2,281 SF

      New Townhome with Full Basement

      Move-in ready 3 bed, 2.5 bath townhome with 2-car garage.
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    • $299,000

      Updated Split-Level Townhome

      Updated townhome with open layout, modern finishes, and versatile spaces.
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    • $775,000
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      Matteson Retail Center Investment Opportunity

      High-traffic retail site, flexible options.
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    Similar Nearby for Lease

    • Contact for pricing
      7,753 SF

      Matteson Retail Space For Sale

      High-traffic location, 7,753 sqft, flexible options
      300 Towne Ctr Rd, Matteson, IL 60443
      View Details
    • $14 SF/Yr
      73,256 SF

      Southwick Corporate Park Offices

      Class A Office Space in Matteson, IL
      4801 Southwick Dr, Matteson, IL 60443
      View Details
    • Contact for pricing
      3,500 SF

      Crossroads Plaza Retail Endcap

      High-traffic retail space, prime location.
      4801 211Th St, Matteson, IL 60443
      View Details
    • $14 SF/Yr
      130,000 SF

      Class A Matteson Office Building

      130,000 SF Office Space Available
      600 Holiday Plaza Dr, Matteson, IL 60443
      View Details
    • Contact for pricing
      7,731 SF

      Former Restaurant Space Available

      Equipped former restaurant space for sale, lease, or build-to-suit.
      300 Town Center Rd, Matteson, IL 60443
      View Details
    • $16 SF/Yr
      78,000 SF

      Lincoln Center Office Suites

      Class A Office Space in Matteson, IL
      4747 Lincoln Hwy, Matteson, IL 60443
      View Details
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    3615 215th St
    Matteson, IL 60443-2727
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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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