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    2723 Sheridan Rd Zion, IL 60099

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    For Lease
    Contact for pricing

    Retail, medical, and office spaces available for lease.

    Property size:
    7,606 SF
    Lot size:
    7,606 SF

    Property Features for 2723 Sheridan Rd

    General Information

    Standard status
    Active
    Size
    7,606 SF

    We can help!

    Listing Contact
    Les Kristof
    Les Kristof
    Source: Cbre

    Listing Agency: CBRE Chicago Listing Agent: Les Kristof

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail, Medical, and Office Space

    Retail, medical, and office spaces are available for lease. The available spaces range from 1,019 square feet up to 4,674 square feet and are divisible. A former restaurant space is available, offering 2,932 square feet and including equipment. The property benefits from on-site parking, in addition to two parking lots and street parking. It is located within walking distance of downtown restaurants and shops, offering great visibility on Sheridan Road. The property is also situated just minutes away from Lake Michigan and in close proximity to Waukegan National Airport. A new hotel and banquet center are located on the premises.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Zion
    County
    Lake
    State
    Illinois
    Longitude
    -87.8251866
    Latitude
    42.4448166

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space in Zion Business District

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      2200 Sheridan Rd, Zion, IL 60099
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      1,835 SF

      Retail Space on Sheridan Road

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      3325 Sheridan Rd, Zion, IL 60099
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      Retail Space on Sheridan Road

      Freestanding retail space in high-traffic area, drive-thru potential.
      3325 Sheridan Rd, Zion, IL 60099
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      2,100 SF

      Zion Flex Space Available

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      3300 21 St, Zion, IL
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      New Retail Center in Zion

      New retail center with spaces available in 2025.
      2001 Sheridan Rd, Zion, IL 60099
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      Secured Yard with Maintenance Facility

      47-acre truck terminal with parking and service facility.
      43421 N Grn Bay Rd, Zion, IL
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      Secured Yard with Maintenance Facility

      9-acre fenced yard with 180 trailer parking spaces for lease.
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      Zion Retail Strip Center

      High-Visibility Retail Space Available
      3242 Sheridan Rd, Zion, IL 60099
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      8,520 SF

      Zion Plaza Retail Space

      1,200 SF Salon Space Available
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    • $14 SF/Yr
      10,000 SF

      Zion Office Building for Lease

      10,000 SF Office Building, Suites Available
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    FAQs

    What type of property is this?
    Retail space - Retail, medical, and office spaces available for lease.
    Where is this retail space located?
    The property is located at 2723 Sheridan Rd Zion, IL.
    What are key features of this property?
    This property features: - Retail, Medical, and Office Space Available, divisible from 1,019 SF - 4,674 SF.; - Free Rent and Tenant Improvement Allowance for New Tenants.; - On-site Parking plus two parking lots and street parking.
    (630) 573-1282
    Request Owner's contact information
    2723 Sheridan Rd Zion, IL 60099
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    Zion, IL 60099
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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.

    More about this property
    2723 Sheridan Rd Zion, IL 60099
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    We can help!
    Listing Contact
    Les Kristof
    Les Kristof
    (630) 573-1282 (312) 935-1400
    Learn more
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