Grayslake Corner Location For
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102-106 Center St, Grayslake, IL 60030
Prime corner location in downtown Grayslake with redevelopment potential.
Property Size3,150 SF
Price / SF$190.44
Days on Market899
Property Features for 102-106 Center St
General Information
Standard status
Active
Size
3,150 SF
Property subtype
Retail
Zoning
CB
Investment Type
Owner/User
Building Details
Year Built
1960
Buildings
2
Stories
1
Units
2
Listing Agency:
Re/Max Plaza
Listed By:
Jeffrey Bell · License #IL 475.095372
(847) 601-1201
Source:
Crexi
Added: Mar 18, 2024
Changed: Aug 21
Last Checked: Sep 1 at 5:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Re/Max Plaza
Investment Insights
Based on property information with market context.
Located at the corner of Center Street and Slusser Street, this property is situated in downtown Grayslake, directly across the street from restaurants, stores, apartments, and condos. The property is in front of a municipal parking lot. The property consists of two buildings that were combined years ago. The 3,150 square foot property has been used for a variety of purposes, including office space and a local pharmacy. Currently, 2,500 square feet is vacant, and the remainder is leased by an attorney. The property includes a private parking lot for 9 cars. The downtown zoning (CB) allows for up to 4 stories in height. Redevelopment opportunities exist, including the potential for a restaurant or bar with two floors and an outdoor dining area.
Key Highlights
- Prime corner location in downtown Grayslake (Center and Slusser St.)
- Redevelopment opportunity with downtown zoning (CB) allowing up to 4 stories
- Private parking lot with 9 spaces
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
$32,215
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
5.37%
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%
$644,300
$644.3K
Cap Rate 7%
$460,214
$460.2K
Cap Rate 9%
$357,944
$357.9K
Market Conditions
NOI Build-Up for 3,150 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
$47.3K $15.00/SF
− Vacancy
−$1.2K −$0.39/SF
EGI
$46.0K $14.61/SF
− OpEx
−$13.8K −$4.38/SF
NOI
$32.2K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$644,300
Cap Rate 7%
$460,214
Cap Rate 9%
$357,944
Alternative Uses
Best Use
Retail
$460.2K
$402.7K – $536.9K
NOI $32,215 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$951.6K – $1.27M
NOI $76,129 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Grayslake
Shops & Services
9,247 visits/mo
0.4 miles
Dollar General
Shops & Services
4,727 visits/mo
0.0 miles
PNC Bank
Shops & Services
4,443 visits/mo
0.2 miles
Huntington Bank
Shops & Services
1,818 visits/mo
0.4 miles
MyEyeDr.
Shops & Services
1,164 visits/mo
0.1 miles
Demographics for 60030, IL
36,346
Population
15,006
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,356
Density / Sq Mi
$104,920
Median Household Income
$55,766
Median Earnings
$1,526
Median Rent
$276,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Prime corner location in downtown Grayslake with redevelopment potential.
Where is this storefront property located?
The property is located at 102-106 Center St Grayslake, IL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Prime corner location in downtown Grayslake (Center and Slusser St.); Redevelopment opportunity with downtown zoning (CB) allowing up to 4 stories; Private parking lot with 9 spaces
