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

    57 Old Frankfort Way Frankfort, IL 60423-1719

    • Commercial real estate
    • 1,420 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2114076
    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

    • Forero Rug & Carpet Cleaning / Big Box & Wholesale Store

    Property Details for 57 Old Frankfort Way

    Year built
    2004
    Construction
    STEEL FRAME
    Lot size
    0.19 lot acres
    Property size
    1,420 SF
    Property type
    Commercial real estate
    APN
    19-09-21-411-027-1001
    APU
    1909214110271001

    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
    Frankfort
    County
    Will
    State
    Illinois
    Longitude
    -87.8506
    Latitude
    41.5027
    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
    2023
    $5,560
    $13,741
    $52,052
    $65,793
    -
    $41,223
    $156,156
    $197,379

    Comparable in this City

    • Value Estimation by Request
      4.00 Acres

      Rt 30 & Harlem Ave

      Land • 4.00 Acres
      0 Rt 30 & Harlem Ave, Frankfort, IL 60423
      View Details
    • Value Estimation by Request
      1.95 Acres

      8847 Lincoln Hwy

      COMMERCIAL (GENERAL) • 1.95 Acres
      8847 Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Value Estimation
      $8,195,000
      77,632 SF

      20000 La Grange Rd

      COMMERCIAL (GENERAL) • 77,632 SF
      20000 La Grange Rd, Frankfort, IL 60423-1336
      View Details
    • Value Estimation
      $2,720,000
      25,050 SF

      9275 Laraway Rd

      COMMERCIAL (GENERAL) • 25,050 SF
      9275 Laraway Rd, Frankfort, IL 60423-1656
      View Details
    • Value Estimation
      $625,000
      4,029 SF

      7826 Lincoln Hwy

      COMMERCIAL (GENERAL) • 4,029 SF
      7826 Lincoln Hwy, Frankfort, IL 60423-9401
      View Details
    • Value Estimation
      $540,000
      3,568 SF

      29 White St

      COMMERCIAL (GENERAL) • 3,568 SF
      29 White St, Frankfort, IL 60423-1438
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      30.00 Acres

      Frankfort, IL Commercial Land

      30 Acres, Excellent Development Potential
      0 Citation Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing
      7.00 Acres

      Frankfort, IL Industrial Land

      Seven acres, prime development site.
      1 To 7, Frankfort, IL 60423
      View Details
    • Contact for pricing
      27.31 Acres

      Frankfort, IL Commercial Land

      27 Acres, I-80/I-57 Access, Development Site
      0 Sec Larway & Lagrange, Frankfort, IL 60423
      View Details
    • $725,000
      4.70 Acres

      Frankfort Commercial Land - $725K

      Prime 4.7-acre lot, B2 zoning, development plans included.
      0 Sec Laraway And Wolf Rd, Frankfort, IL 60423
      View Details
    • $350,000
      11.35 Acres

      Frankfort Commercial Land Development

      11.35-acre prime commercial parcel, ready to build.
      8779 Laraway Rd, Frankfort, IL 60423
      View Details
    • Contact for pricing
      30.00 Acres

      Frankfort, IL Industrial Land

      30-Acre Development Opportunity in Will County
      0 Citation Rd, Frankfort, IL 60423
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      6,033 SF

      Frankfort Office Space Available

      Flexible Offices, Coworking & More
      7777 Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Contact for pricing

      Frankfort Office Space For Rent

      2,100 SF office space in brick building, Frankfort, IL.
      20960 Frankfort Square Rd, Frankfort, IL 60423
      View Details
    • $35 SF/Yr
      8,000 SF

      Frankfort Retail Space For Lease

      Prime Frankfort restaurant, 6,800 SF
      10211 Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Contact for pricing
      43,200 SF

      Frankfort, IL Coworking Suites

      Modern Office Suites, 225-275 sq ft
      20635 Abbey Woods Ct, Frankfort, IL 60423
      View Details
    • Contact for pricing
      35,216 SF

      Retail Space in Frankfort, Illinois

      Premier power center with national retailers in growing southwest suburbs.
      11055 W Lincoln Hwy, Frankfort, IL 60423
      View Details
    • Contact for pricing
      1,255 SF

      Frankfort Retail Space For Lease

      Retail space in a grocery-anchored center in Frankfort, Illinois.
      21110-21122 S La Grange Rd, Frankfort, IL 60423
      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.
    57 Old Frankfort Way
    Frankfort, IL 60423-1719
    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.