Building Details

Year Built 1951

Listing Agency: RE/MAX Plaza

Listed By: Jeffrey Bell · License #475095372 Show Phone

Source: Bktchicago

Added: Mar 26 Changed: Oct 8 Last Checked: Oct 7 at 5:41PM

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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 / Yr

$32,215

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$644,300 $644.3K

Cap Rate 7%

$460,214 $460.2K

Cap Rate 9%

$357,944 $357.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,150 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $76,129 @ 7.0% cap · market cap 12.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Building Supply Auto Repair Shop Big Box & Wholesale Store Pharmacy HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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