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    Stately Home with Commercial Zoning Title is generated by Realmo AI

    37733 N IL Route 59, Lake Villa, IL 60046

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    Claim this Listing
    New
    For Sale
    $487,400

    COMMERCIAL - Lake Villa, IL

    Lot size:
    2.00 Acres
    Added:
    May 7, 2026
    Days on Market:
    2
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for 37733 N IL Route 59

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active
    APN
    05012000210000
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6186

    Utilities

    Utilities
    Water Available
    Cooling system
    Window Unit(s)

    Building Details

    Floors in Building
    3
    Building materials
    Concrete, Wood
    Roof type
    Composition, Fiberglass

    We can help!

    Listing Contact
    Todd Marler

    Listing agent Todd Marler License #471005053

    Listing office Northwest Suburban Real Estate 77 E Crystal Lake Ave, Suite, Crystal Lake, IL

    Listing date May 7, 2026

    MLS# 12641826

    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.

    HighLights

    • Commercial zoning offers diverse business opportunities.
    • Adjacent to Grant Woods Forest Preserve, providing direct access to trails and natural beauty.
    • Spacious 4‑5 bedroom home on over 2 acres with mature trees, offering privacy.
    • Solid foundation, 10‑year‑old roof, and municipal water/sewer/gas/electric services ensure structural integrity and convenience.
    • Potential for multiple uses including single family, multi‑generational, VRBO, or AirB&B.
    • First‑floor study with separate entrance allows for home business or in‑law suite.

    Overview

    This stately "American Four-Square" architectural home, constructed in 1924, is situated on elevated land along the main arterial route. Zoned as "General Commercial" in unincorporated Lake County, it is located on Illinois Route 59, also known as Fox Lake Road. Route 132 (Grand Avenue) is a half block north, providing access to I-94. The property, owned by the current family since 1998, sits on over 2 acres south of Fox Lake Hills' water tower and municipal pump house. The rear of the property borders Lake County's Grant Woods Forest Preserve, featuring wildlife, a pond, snowmobile trails, paved and gravel trails, and grass trails. The property includes a private forest preserve with oaks, hickory, apple, and cherry blossoms. The 4 to 5-bedroom, 2-bath home is set back from the main road, enhancing privacy. Municipal water and sewer, gas, and electric services are connected. The foundation is solid concrete, and the roof is approximately 10 years old. The main floor features a living room, dining room, entryway, kitchen, and study/library with wood plank floors. The study has a separate entrance, suitable for business use. The first-floor bathroom is large enough to accommodate an additional bath. The second floor includes 4 bedrooms, a large bathroom, a stairway, and a loft study area. The second-floor hall closet has access to potential attic living space. The property's commercial zoning since 2002 allows for various uses such as a lawyer's office, bed & breakfast, hotel/motel, daycare center/school, funeral home, nursing home, personal or professional services, retreat, recreational facility, self-storage center, convenience store and gas station, meeting hall, or garage. The property offers significant potential and is suited for modernization while retaining its original character.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Live-work space

    Map

    City
    Lake Villa
    County
    Lake
    State
    Illinois
    Longitude
    -88.0615
    Latitude
    42.4132

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    FAQs

    What type of property is this?
    Mixed-use property - Spacious home on 2 acres with commercial zoning.
    Where is this mixed-use property located?
    The property is located at 37733 N IL Route 59 Lake Villa, IL.
    What is the asking price?
    The asking price for this property is $487,400.
    What are key features of this property?
    This property features: Commercial zoning offers diverse business opportunities.; Adjacent to Grant Woods Forest Preserve, providing direct access to trails and natural beauty.; **Spacious 4‑5 bedroom home on over 2 acres with mature trees, offering privacy.**
    (815) 353-8638
    We can help!
    Listing Contact
    Todd Marler
    Real Estate License ID: 471005053
    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.

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