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    North Chicago Commercial Building For Sale Title is generated by Realmo AI

    1102 Lincoln Street, North Chicago, IL 60064

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    Claim this Listing
    For Sale
    $259,000

    COMMERCIAL - North Chicago, IL

    Type:Retail
    Property size:
    4,000 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $64/SF
    Added:
    May 7, 2025
    Days on Market:
    375
    Last Refresh:
    May 16 at 2:06 pm

    Property Features for 1102 Lincoln Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    08331100400000
    Size
    4,000 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    4909

    Utilities

    Cooling system
    Other (Cooling)

    Building Details

    Year built
    1982
    Floors in Building
    1
    Number of units
    1

    We can help!

    Listing Contact
    Fathi Judah

    Listing agent Fathi Judah License #471000448

    Listing office US Homes Inc. GURNEE, IL

    Listing date May 7, 2025

    MLS# 12358929

    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

    • Large commercial building with over 4000 sq. ft.
    • Suitable for mechanic shop and/or storage.
    • Many possible uses (buyer to verify with the city of North Chicago).
    • Built in 1982.
    • Huge price drop.
    • Other cooling type.

    Overview

    This commercial building in North Chicago, Illinois, offers over 4000 square feet of space. The property is zoned COMMR and has a lot size of 0.241 acres. It presents various possibilities for potential owners, including use as a landscaping business, contractor space, day care center, or neighborhood market. The building is suitable for a mechanic shop and/or storage. Buyers should perform their own due diligence with the city of North Chicago to confirm the suitability of their intended business use. The property is located in Lake County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Similar Places Nearby

    • Lake Forest Roadside Assistance — 1827 lincoln st, north chicago, il 60064
    • Chozen inc shop — 1806 Sheridan Rd, North Chicago, IL 60064
    • Rodbaz body shop — 1806 Fellows Pl, North Chicago, IL 60064
    • Edgar’s Auto Body — 1900 Sheridan Rd, North Chicago, IL 60064
    • Berna's Auto Repair — 1701 14th St, North Chicago, IL 60064

    Location Insight

    • Map
    • Local Demand
    City
    North Chicago
    County
    Lake
    State
    Illinois
    Longitude
    -87.8425391
    Latitude
    42.3392573

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    FAQs

    What type of property is this?
    Auto shop - Commercial building with many possible uses in North Chicago.
    Where is this auto shop located?
    The property is located at 1102 Lincoln Street North Chicago, IL.
    What is the asking price?
    The asking price for this property is $259,000.
    What are key features of this property?
    This property features: Large commercial building with over 4000 sq. ft.; Suitable for mechanic shop and/or storage.; Many possible uses (buyer to verify with the city of North Chicago).
    (847) 987-5748
    We can help!
    Listing Contact
    Fathi Judah
    Real Estate License ID: 471000448
    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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