Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7220 194th St Tinley Park, IL 60487-9211
    Property profile & analytics

    7220 194th St Tinley Park, IL 60487-9211

    View on Map
    • Commercial real estate
    • 5,920 SF
    • 0.50 lot acres
    Off-Market
    Last Sale Mar 1, 2025
    $999,000
    Property ID
    US28-5882583
    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
    $960,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Aprati Jeffrey R / Law Firm
    • Mark T Hickey & Associates / Law Firm
    • Garza Raymond / Law Firm
    • Ronald A. Rodger Law Group, Ltd. / Law Firm
    • Carl Evans Jr Law Offices / Law Firm

    Property Details for 7220 194th St

    Year built
    2003
    Construction
    WOOD
    Lot size
    0.50 lot acres
    Property size
    5,920 SF
    Property type
    Commercial real estate
    APN
    19-09-12-200-024
    APU
    190912200024

    Description

    This exceptional single-story, 6,139 square foot office building in Tinley Park, IL, presents a compelling investment opportunity. Located on a 0.5-acre lot at 7220 W 194th Street, this property features nine units currently occupied by seven tenants under a gross lease. Built in 2003, the building boasts high-quality construction, including brick and masonry exterior, Thermopane windows, and an architectural shingle roof. The 400-amp electrical service ensures ample power for all business needs. Interior features include private offices, a conference room, common areas, and a full finished basement. The property offers 21 parking spaces and is zoned B4 for Office and Service Business District. Its strategic location in a mixed-use area provides easy access to expressways, a Metra station, and numerous commercial businesses and shopping centers, making it highly attractive to both tenants and investors. The asking price is $1,200,000, with a Net Operating Income (NOI) of $55,177, and a price per square foot of $195.47. This property represents a strong investment opportunity in a thriving location. The Will County address and zip code 60487 further define its location.

    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
    Tinley Park
    County
    Will
    State
    Illinois
    Longitude
    -87.7921
    Latitude
    41.5378
    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
    $19,467
    $32,313
    $158,903
    $191,216
    -
    $96,939
    $476,709
    $573,648

    Comparable in this City

    • Value Estimation by Request

      9001 171st St

      COMMERCIAL (GENERAL)
      9001 171st St, Orland Hills, IL 60487-6185
      View Details
    • Value Estimation
      $19,140,000
      168,708 SF

      7300 191st St

      COMMERCIAL (GENERAL) • 168,708 SF
      7300 191st St, Tinley Park, IL 60487-9361
      View Details
    • Value Estimation by Request
      0.29 Acres

      751 159th St

      COMMERCIAL (GENERAL) • 0.29 Acres
      751 159th St, Tinley Park, IL 60487
      View Details
    • Value Estimation
      $565,000
      3,066 SF

      8150 185th St E E Ste

      COMMERCIAL (GENERAL) • 3,066 SF
      8150 185th St E E Ste, Tinley Park, IL 60487-9319
      View Details
    • Value Estimation
      $1,075,000
      9,496 SF

      8150 185th St Ste G

      COMMERCIAL (GENERAL) • 9,496 SF
      8150 185th St Ste G, Tinley Park, IL 60487-9319
      View Details
    • Value Estimation
      $675,000
      3,764 SF

      8150 185th St Ste F

      COMMERCIAL (GENERAL) • 3,764 SF
      8150 185th St Ste F, Tinley Park, IL 60487-9319
      View Details

    Similar Nearby for Sale

    • $960,000

      LaGrange Road Commercial Land

      Commercial land with high traffic and versatile zoning opportunities.
      18325 La Grange Rd, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      14,820 SF

      Tinley Park Walgreens For Sale

      NNN leased Walgreens with over 7 years remaining on primary lease.
      8400 171St St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      21,137 SF

      Flex/Industrial/Office Space Available

      Office or flex warehouse solutions with convenient access and low taxes.
      8525 W 183Rd St, Tinley Park, IL 60487
      View Details
    • Contact for pricing

      Land Near Multi-Sports Dome

      Outlots available near Interstate-80 and proposed Top Golf.
      7724 W 191St St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      35 SF

      Tinley Park Industrial Land Parcel

      35.37 acres of industrial land zoned ORI.
      80th 191St St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      5,795 SF

      Restaurant Building on High-Traffic Corner

      5,795 SF restaurant on 1.9 acres near I-80.
      7200 W 191St St, Tinley Park, IL 60487
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office and Industrial Space Available

      6,005 SqFt single tenant office and industrial space for rent.
      8200 W 185Th St, Tinley Park, IL 60487
      View Details
    • Contact for pricing

      Orland Hills Retail Leasing Opportunity

      Two retail spaces available in Orland Hills for immediate occupancy.
      8833 159Th St, Orland Hills, IL 60487
      View Details
    • Contact for pricing

      Retail Endcap with High Visibility

      Retail space available with high traffic and signage opportunities.
      9502 179Th St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Orland Square

      Retail space available in strong regional shopping area.
      9201 159Th St, Orland Hills, IL 60487
      View Details
    • $22 SF/Yr
      1,800 SF

      Retail Space with High Visibility

      1,800 SF retail space with high traffic and signage.
      9500-9502 179Th St, Tinley Park, IL 60487
      View Details
    • Contact for pricing
      1,964 SF

      Medical Office in Park Setting

      Medical office space for lease in Orland Park, Illinois.
      18220 La Grange Rd, Orland Park, IL 60487
      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.
    7220 194th St
    Tinley Park, IL 60487-9211
    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
    7220 194th St, Tinley Park, IL, 60487
    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!