Office Units with Private
For Sale
$784,999
1017/1019 W Park Avenue, Libertyville, IL 60048
Commercial Sale, Libertyville, IL
Property Size5,000 SF
Lot Size0.10 Acres
Price / SF$156
Days on Market222
Property Features for 1017/1019 W Park Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OFFIC
Directions
RT. 176 (PARK AVE.) WEST TO UNIT
Subdivision
Green Oaks / Libertyville
Standard status
Active
APN
11202060230000
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
20526
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
1995
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Shake
Listing Agency:
RE/MAX Top Performers · RE/MAX International
(847) 295-0800
Listed By:
Jane Lee · License #471004433
(847) 420-8866
Added: Feb 17
Changed: Sep 25
Last Checked: Sep 27 at 11:06AM
MLS# 12570811
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.
Investment Insights
Based on property information with market context.
Units 1017 and 1019 provide professional office space within a brick building constructed in 1995. Each suite offers approximately 2,500 SF on the main level, with an optional additional 2,500 SF on the lower level, creating up to 10,000 SF across both units. The layouts include reception and waiting areas, private offices, open work areas, cubicle areas, storage, hallways, and private restrooms. Unit 1017 is arranged as two connected suites, while Unit 1019 features soaring ceilings and a broad open workspace.
The property is located in a professionally maintained business park just off the main road in Libertyville, with ample parking and access to major thoroughfares. Central air, natural gas availability, and a shake roof support the existing office configuration.
The property is located in a professionally maintained business park just off the main road in Libertyville, with ample parking and access to major thoroughfares. Central air, natural gas availability, and a shake roof support the existing office configuration.
Key Highlights
- Units 1017 and 1019 offer approximately 2,500 SF each on the main level
- Optional lower‑level space adds approximately 2,500 SF per unit
- Up to 10,000 SF available across both office units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,942
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,378,840
$1.4M
Cap Rate 7%
$984,886
$984.9K
Cap Rate 9%
$766,022
$766.0K
Market Conditions
NOI Build-Up for 5,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$122.4K $24.48/SF
− Vacancy
−$30.5K −$6.10/SF
EGI
$91.9K $18.38/SF
− OpEx
−$23.0K −$4.60/SF
NOI
$68.9K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,378,840
Cap Rate 7%
$984,886
Cap Rate 9%
$766,022
Alternative Uses
Best Use
Office B
$984.9K
$861.8K – $1.15M
NOI $68,942 @ 7.0% cap · market cap 8.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,839 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional suites combine reception areas, private offices, open work areas, storage, and dedicated restrooms.
Where is this office units located?
The property is located at 1017/1019 W Park Avenue Libertyville, IL.
What is the asking price?
The asking price for this property is $784,999.
What are key features of this property?
This property features: Units 1017 and 1019 offer approximately 2,500 SF each on the main level; Optional lower‑level space adds approximately 2,500 SF per unit; Up to 10,000 SF available across both office units
