Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    501 Locust St Manteno, IL 60950-1654

    • Commercial real estate
    OFF-MARKET
    Last Sale
    Mar 19, 2025
    $445,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4454670
    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

    • Presence Medical Group / Medical Center
    • Fisher-Gentry Eye Care / Contact Lenses Supplier / Optician
    • Ashley Beane NP / Nurse Practitioner
    • Hashmi Samra MD / Contact Lenses Supplier / Medical Clinic
    • Dr. Gregory Macagba / Optometrist / Practitioner Service Location

    Property Details for 501 Locust St

    Property type
    Commercial real estate
    APN
    03-02-22-300-007
    APU
    30222300007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Manteno
    County
    Kankakee
    State
    Illinois
    Longitude
    -87.8376
    Latitude
    41.2408
    CBSA code
    28100
    CBSA name
    KANKAKEE-BRADLEY, IL 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
    2023
    $7,539
    $9,972
    $67,146
    $77,118
    -
    $29,916
    $201,438
    $231,354

    Comparable in this City

    • Value Estimation by Request

      50 Rte

      Land
      50 Rte, Manteno, IL 60950
      View Details
    • Value Estimation by Request
      10.56 Acres

      Spruce St

      Land • 10.56 Acres
      0 Spruce St, Manteno, IL 60950
      View Details
    • Value Estimation by Request

      Manteno, IL 60950

      COMMERCIAL (GENERAL)
      Manteno, IL 60950
      View Details
    • Value Estimation by Request

      275 Grv St

      COMMERCIAL (GENERAL)
      275 Grv St, Manteno, IL 60950-9013
      View Details
    • Value Estimation by Request

      710 Main St

      COMMERCIAL (GENERAL)
      710 Main St, Manteno, IL 60950-1234
      View Details
    • Value Estimation by Request

      555 Mulberry St

      COMMERCIAL (GENERAL)
      555 Mulberry St, Manteno, IL 60950
      View Details

    Similar Nearby for Sale

    • $2,069,973
      10.56 Acres

      Manteno Commercial Land - I-57 Frontage

      10.56 Acres, C-2 Zoning, I-57 Access
      0 Spruce St, Manteno, IL 60950
      View Details
    • $80,000

      Manteno Commercial Land - $80K

      Prime 200x250ft Commercial Lot
      0 Cook St, Manteno, IL 60950
      View Details
    • $2,903,000
      32.10 Acres

      Manteno Commercial Land - 32 Acres

      Prime 32-acre commercial lot, excellent location.
      280 9000N Rd, Manteno, IL 60950
      View Details
    • $479,900
      20,000 SF

      Manteno Industrial Condo For Sale

      Spacious Warehouse, Offices, Great Location
      450 Spruce St, Manteno, IL 60950
      View Details
    • $124,900

      Route 50 Commercial Land - Manteno, IL

      High-traffic location, ideal for development.
      0 Rte 50, Manteno, IL 60950
      View Details
    • $500,000
      5.00 Acres

      Manteno Commercial Land - 5 Acres

      Prime 5-acre commercial lot with city utilities.
      670 9000N Rd, Manteno, IL 60950
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,672 SF

      Manteno Executive Office Space

      Prime Office, 1672 sq ft, Available Now
      303 Section Line Rd, Manteno, IL 60950
      View Details
    • Contact for pricing

      Retail Center on Well-Traveled Street

      Retail and office spaces available in a high-traffic location.
      380 N Locust St, Manteno, IL 60950
      View Details
    • Contact for pricing

      Functional Office Suite in Manteno

      Highly visible office suite with easy access off Route 50.
      8174 N 2000E Rd, Manteno, IL 60950
      View Details
    • Contact for pricing

      Versatile Commercial Space with Utilities

      Warehouse, office, and retail spaces available with utilities included.
      350 N Locust St, Manteno, IL 60950
      View Details
    • Contact for pricing

      Manteno Commercial Space For Lease

      Office and retail spaces available in high-traffic Manteno location.
      350 N Locust St, Manteno, IL 60950
      View Details
    • Contact for pricing
      1,672 SF

      Bank Building with Office Space

      Office and retail space available for rent in Manteno, IL.
      303 Section Line Rd, Manteno, IL 60950
      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.
    501 Locust St
    Manteno, IL 60950-1654
    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

    Google sign-in failed. Please try again or use another login method.