First-Floor Storefront
New
For Sale
$1,500,000
121 W Church St Unit 2, Libertyville, IL 60048
Newly constructed downtown retail space offers a customizable first-floor layout near public parking and Cook Park.
Property Size4,500 SF
Price / SF$333.33
Days on Market7
Property Features for 121 W Church St Unit 2
General Information
Standard status
Active
Size
4,500 SF
Additional Details
Floor
1
Building Details
Year Built
2024
Listing Agency:
Blue Fence Real Estate Inc.
(847) 687-3424
Listed By:
Doug Anderson · License #IL471.001723
Source:
Tumpanelegacy
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 4:06PM
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 Blue Fence Real Estate Inc.
Investment Insights
Based on property information with market context.
Located at 121 W Church St Unit 2, this first-floor storefront unit is part of a custom-built building completed in 2024. The space includes 2,000+ square feet and can be designed from the ground up to suit the owner’s plans.
The property is in downtown Libertyville, directly across from Cook Park. A village parking garage is immediately adjacent, providing nearby public parking for the property.
The property is in downtown Libertyville, directly across from Cook Park. A village parking garage is immediately adjacent, providing nearby public parking for the property.
Key Highlights
- 2,000+ square feet of first‑floor storefront space
- Custom‑built building completed in 2024
- Customizable interior layout for owner‑designed space
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
$46,022
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
3.07%
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%
$920,440
$920.4K
Cap Rate 7%
$657,457
$657.5K
Cap Rate 9%
$511,356
$511.4K
Market Conditions
NOI Build-Up for 4,500 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
$67.5K $15.00/SF
− Vacancy
−$1.8K −$0.39/SF
EGI
$65.7K $14.61/SF
− OpEx
−$19.7K −$4.38/SF
NOI
$46.0K $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%
$920,440
Cap Rate 7%
$657,457
Cap Rate 9%
$511,356
Alternative Uses
Best Use
Retail
$657.5K
$575.3K – $767.0K
NOI $46,022 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,755 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
68k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 43%
Shell
Shops & Services
16,784 visits/mo
0.2 miles
Egg Harbor Cafe
Dining
8,988 visits/mo
0.2 miles
Chipotle Mexican Grill
Dining
7,139 visits/mo
0.1 miles
Shell
Shops & Services
6,332 visits/mo
0.3 miles
BP
Shops & Services
6,211 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Blooms By Brigita — 707 N Milwaukee Ave, Libertyville, IL 60048
Frequently Asked Questions
What type of property is this?
Storefront property - Newly constructed downtown retail space offers a customizable first-floor layout near public parking and Cook Park.
Where is this storefront property located?
The property is located at 121 W Church St Unit 2 Libertyville, IL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2,000+ square feet of first‑floor storefront space; Custom‑built building completed in 2024; Customizable interior layout for owner‑designed space
