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    Property profile & analytics

    Oak Forest, IL 60452

    • Office Properties & Spaces
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2611003
    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

    • Office Properties & Spaces

    Property Details

    Property type
    Office Properties & Spaces
    APN
    28-22-424-015-1002
    APU
    28224240151002

    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
    Oak Forest
    County
    Cook
    State
    Illinois
    Longitude
    -87.7203
    Latitude
    41.5916
    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
    $24,939
    $13,913
    $35,056
    $48,969
    -
    $55,652
    $140,224
    $195,876

    Comparable in this City

    • Value Estimation
      $350,000
      0.61 Acres

      5119 159th St

      CONDOMINIUM OFFICES • 0.61 Acres
      5119 159th St, Oak Forest, IL 60452-3489
      View Details
    • Value Estimation
      $85,000
      1.22 Acres

      6006 159th St8a

      CONDOMINIUM OFFICES • 1.22 Acres
      6006 159th St8a, Oak Forest, IL 60452-2904
      View Details
    • Value Estimation
      $85,000
      0.99 Acres

      5320 159th St, Unit 1

      CONDOMINIUM OFFICES • 0.99 Acres
      5320 159th St, Oak Forest, IL 60452-4705
      View Details
    • Value Estimation
      $330,000
      0.99 Acres

      5320 159th St, Unit 10

      CONDOMINIUM OFFICES • 0.99 Acres
      5320 159th St, Oak Forest, IL 60452-4705
      View Details
    • Value Estimation
      $160,000
      1.46 Acres

      6320 159th St Ste F

      CONDOMINIUM OFFICES • 1.46 Acres
      6320 159th St Ste F, Oak Forest, IL 60452-2780
      View Details
    • Value Estimation
      $275,000
      0.82 Acres

      15028 Cicero Ave Ste I

      CONDOMINIUM OFFICES • 0.82 Acres
      15028 Cicero Ave Ste I, Oak Forest, IL 60452-1466
      View Details

    Similar Nearby for Sale

    • $449,000
      0.39 Acres

      High-Visibility Commercial Building in Oak Forest

      Standalone commercial building with high traffic exposure and development potential.
      15126 Cicero Ave, Oak Forest, IL 60452
      View Details
    • New
      $379,900
      7,688 SF

      Office/Warehouse Building on Cicero Avenue

      Versatile office/warehouse building with expansion potential in Oak Forest, IL.
      15331 Cicero Ave, Oak Forest, IL 60452
      View Details
    • $89,900

      Oak Forest Move-In Ready Condo

      Charming 1-bedroom condo with modern updates and convenient location.
      15302 Kenton Ave, Oak Forest, IL 60452
      View Details
    • $550,000
      40,250 SF

      Cicero Avenue Development Opportunity

      Prime development site on Cicero Ave with high traffic counts.
      16224 Cicero Ave, Oak Forest, IL 60452
      View Details
    • Contact for pricing

      Land Near Metra Station

      Commercial land for sale near transportation and retail.
      4815 W 159Th St, Oak Forest, IL 60452
      View Details
    • $99,900
      0.45 Acres

      Commercial Land on Cicero Avenue

      Commercial land with high visibility and utilities on site.
      14901 S Cicero Ave, Oak Forest, IL 60452
      View Details

    Similar Nearby for Lease

    • $264 SF/Yr
      1,250 SF

      Oak Forest Retail Space For Lease

      1,250 SF Retail Space, High Traffic
      14723 Central Ave, Oak Forest, IL 60452
      View Details
    • $900 /Mo
      5,000 SF

      Retail Space in Oak Forest

      Affordable retail location in business-friendly Oak Forest, Illinois.
      4815 155Th St, Oak Forest, IL 60452
      View Details
    • Contact for pricing

      Land for Lease in Oak Forest

      Prime corner lot available for lease in Oak Forest, IL.
      5550 159Th St, Oak Forest, IL 60452
      View Details
    • $23 SF/Yr
      24,419 SF

      Oak Forest Retail Plaza

      Prime Retail Space Available
      4142 167Th St, Oak Forest, IL 60452
      View Details
    • Contact for pricing
      13,908 SF

      Scarborough Fare Retail Complex

      Oak Forest, IL retail space available
      5544 147Th St, Oak Forest, IL 60452
      View Details
    • $35 SF/Yr
      2,771 SF

      New Retail Building with Drive-Thru

      New construction retail building with drive-thru in Oak Forest.
      15541 Cicero Ave, Oak Forest, IL 60452
      View Details
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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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