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    1501 South Lake Street Mundelein, IL 60060

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    For Lease
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    Retail spaces for lease in busy Mundelein shopping center.

    Type:Retail
    Property size:
    143,424 SF
    Added:
    Jan 27, 2026
    Days on Market:
    95
    Last Refresh:
    Apr 5 at 8:54 pm

    Property Features for 1501 South Lake Street

    General Information

    Standard status
    Active
    Size
    143,424 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1976

    Spaces For Lease

    at 1501 South Lake Street Contact us

    We can help!

    Listing Contact
    Matthew Tarshis
    Matthew Tarshis

    Listing agent Matthew Tarshis

    Listing office Frontline Real Estate Partners, LLC

    Listing date Jan 27, 2026

    Source Frontlinerepartners

    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 Frontline Real Estate Partners, LLC

    Overview

    Grocery Anchored Retail Space Available

    Located at 1501-1533 S. Lake Street in Mundelein, Illinois, Townline Square offers retail spaces for lease, ranging from 1,050 to 21,000 square feet. This grocery-anchored center is positioned at the northeast corner of the signalized intersection of Lake Street and Townline Road, benefiting from high traffic volume of over 47,000 vehicles per day. The property features a parking lot with 414 surface-level spaces and dual-sided monument signage along both Townline Road and Lake Street. Co-tenants include Jewel-Osco, LA Fitness, Dollar Tree, Goldfish Swim School, H&R Block, Panera, Chipotle, and O’Reilly Auto Parts. Situated in a dense commercial corridor, Townline Square is just two miles west of Hawthorn Mall and less than five miles from Interstate-94. It is also located 1.5 miles south of the Mundelein Metra Station. Neighboring retailers include Walgreens, Garden Fresh Market, Salvation Army, Chase Bank, Circle K, Buffalo Wild Wings, Starbucks, Taco Bell, McDonald's, Culvers, and Dunkin'. The location provides exposure and visibility in a northwest suburb of Chicago, approximately 33 miles from Downtown Chicago.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Similar Places Nearby

    • Patriots Plaza — 305 Townline Rd, Mundelein, IL 60060
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    • Coin Cloud Bitcoin ATM — 400 Townline Rd, Mundelein, IL 60060
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    Location Insight

    • Map
    • Local Demand
    City
    Mundelein
    County
    Lake
    State
    Illinois
    Longitude
    -87.993
    Latitude
    42.2436

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    FAQs

    What type of property is this?
    Shopping center - Retail spaces for lease in busy Mundelein shopping center.
    Where is this shopping center located?
    The property is located at 1501 South Lake Street Mundelein, IL.
    What are key features of this property?
    This property features: High‑traffic location at the northeast corner of Lake Street & Townline Road, boasting 47,000+ vehicles per day.; Grocery‑anchored center with Jewel‑Osco and established co‑tenants like LA Fitness, Dollar Tree, Panera, and Chipotle.; Ample parking with 414 surface‑level spaces.
    (847) 780-8063
    We can help!
    Listing Contact
    Matthew Tarshis
    Matthew Tarshis
    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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    1501 South Lake Street, Mundelein, IL 60060

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