Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    898 S Rand Rd Lake Zurich, IL 60047

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,400,000

    Prime 1.45-acre site with mixed-use building for redevelopment.

    Lot size:
    1.45 Acres

    Property Features for 898 S Rand Rd

    General Information

    Standard status
    Active
    Lot size
    1.45 Acres

    We can help!

    Listing Contact
    Paul Proano
    Paul Proano
    Source: Corcoran

    Listing Agency: COLDWELL BANKER COMMERCIAL NRT Listing Agent: Paul Proano

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

    Learn more

    Overview

    Lake Zurich Redevelopment Opportunity

    An exclusive land development opportunity is available in Lake Zurich, featuring a 1.45-acre site with a 6,259 square foot mixed-use building. The building contains 10 units: four 1-bedroom/1-bath units, four studio units, one 2-bedroom/1-bath unit, and one office unit. The property currently generates six figures annually and is poised for increased rental yields. Zoned B-3 for regional shopping, the location offers redevelopment potential. The property features 290 feet of frontage and on-site utilities. Situated off Route 12, the location benefits from high traffic, with 37,274 vehicles passing daily. It is near major retailers such as Walmart, Costco, and Home Depot, and adjacent to a retail strip featuring Lake Zurich DMV, Binny's, Tropical Smoothie, and Duck Donuts. Ongoing commercial developments are nearby, indicating continued growth in the area.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Zurich
    County
    Cook
    State
    Illinois
    Longitude
    -88.111414
    Latitude
    42.203372

    Nearby Similar for Sale

    • $925,000

      Medical/Business Space on Rand Road

      Well-maintained medical/business space in Lake Zurich, move-in ready.
      280 N Rand Rd, Lake Zurich, IL 60047
      View Details
    • Contact for pricing
      1,749 SF

      Lake Zurich Office Space Available

      1,749 SF office space with upgraded interior finishes.
      950 W State Rte, Lake Zurich, IL
      View Details
    • $397,900

      1186 Heather Drive, Lake Zurich, IL 60047

      Flex space
      1186 Heather Dr, Lake Zurich, IL 60047
      View Details
    • Contact for pricing
      13,875 SF

      Flex Warehouse Building For Sale

      13,875 SF flex/warehouse building with office space for sale.
      570 Oakwood Rd, Lake Zurich, IL
      View Details
    • Contact for pricing
      55,488 SF

      Lake Zurich Warehouse For Sale

      55,488 SF warehouse with truck court and parking.
      1290 Ensell Rd, Lake Zurich, IL
      View Details
    • Contact for pricing
      83,599 SF

      Lake Zurich Industrial Property

      83,599 SF industrial building on 4.96 acres for sale.
      320 E Il Rte, Lake Zurich, IL
      View Details
    • Contact for pricing
      15,018 SF

      Historic Church Building in Lake Zurich

      Unique church building with school, parsonage, and large parking lot.
      47 Church St, Lake Zurich, IL
      View Details
    • $1,400,000

      Lake Zurich Mixed-Use Redevelopment

      Mixed-use property in high-traffic area with redevelopment potential.
      898 S Rand Rd, Lake Zurich, IL 60047
      View Details
    • Contact for pricing
      17,437 SF

      Lake Zurich Medical Office Building

      17,437 SF Medical Office for Sale
      950 Main St, Lake Zurich, IL 60047
      View Details
    • $3,500,000
      15,018 SF

      Lake Zurich Church Complex

      Historic church, school, & parsonage.
      47 Church St, Lake Zurich, IL 60047
      View Details
    • $5,220,000
      83,599 SF

      Lake Zurich Industrial Property

      83,599 SF Manufacturing Facility
      320 Main St, Lake Zurich, IL 60047
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Prime 1.45-acre site with mixed-use building for redevelopment.
    Where is this mixed-use property located?
    The property is located at 898 S Rand Rd Lake Zurich, IL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - 1.45 acre prime land development opportunity in Lake Zurich's heart.; - Existing 6,259 sq ft mixed-use 10-unit building generating six figures annually.; - Zoned B-3 for regional shopping, offering exceptional redevelopment potential.
    (312) 860-4043
    Request Owner's contact information
    898 S Rand Rd Lake Zurich, IL 60047
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    898 S Rand Rd
    Lake Zurich, IL 60047
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    898 S Rand Rd Lake Zurich, IL 60047
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Paul Proano
    Paul Proano
    Real Estate License ID: 475170890
    (312) 860-4043 (863) 294-7541
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!