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    2435 Green Bay Road unit 1 North Chicago, IL 60064

    View on Map
    For Lease
    $1,999 /Mo

    COMMERCIAL - North Chicago, IL

    Type:Office
    Added:
    Feb 6, 2025
    Days on Market:
    420
    Last Refresh:
    Apr 2 at 1:06 pm

    Property Features for 2435 Green Bay Road unit 1

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    COMMR
    Standard status
    Active

    Building Details

    Year built
    1940
    Floors in Building
    2
    Number of units
    1

    We can help!

    Listing Contact
    Maria Ovallos
    Maria Ovallos

    Listing agent Maria Ovallos License #475206182

    Listing office Chicagoland Brokers, Inc. 5151 N Harlem Suite 201, Chicago, IL

    Listing date Feb 6, 2025

    MLS# 12273639

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Remodeled Commercial Space For Lease

    This commercial space for lease in North Chicago has been recently remodeled. The versatile and well-lit unit features new doors, a water heater, a furnace, and an updated bathroom. The space provides exposure for business with front and rear access, ample parking, and natural light. The property is located near established offices, local businesses, a gas station, and Starbucks. The tenant is responsible for all utilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Chicago
    County
    Lake
    State
    Illinois
    Longitude
    -87.8639141
    Latitude
    42.3144731

    Nearby Similar for Lease

    • $9/mo

      Industrial Unit in Business Center

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    • $65/mo

      Office and Laboratory Space Available

      Innovation and Research Park offering collaboration and creativity.
      3333 N Green Bay Rd, North Chicago, IL
      View Details
    • Contact for pricing

      North Chicago Warehouse Space Available

      Industrial warehouse space for lease in North Chicago, Illinois.
      3200 Skokie Hwy, North Chicago, IL
      View Details

    FAQs

    What type of property is this?
    Office units - Recently remodeled commercial space with excellent exposure in North Chicago.
    Where is this office units located?
    The property is located at 2435 Green Bay Road unit 1 North Chicago, IL.
    What is the lease rate?
    The lease rate is $1,999 /Mo.
    What are key features of this property?
    This property features: Prime commercial location in North Chicago with high visibility.; Recently remodeled with **new doors, water heater, furnace, and updated bathroom.**; Dual front and rear access for convenience.
    (773) 745-1000
    We can help!
    Listing Contact
    Maria Ovallos
    Maria Ovallos
    Real Estate License ID: 475206182
    Learn More
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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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