Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Storefront on Lake Street, Mundelein Title is generated by Realmo AI

    541 North Lake Street Unit 541, Mundelein, IL 60060

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Storefront for sale in downtown Mundelein near restaurants.

    Property size:
    7,500 SF
    Price / SF:
    $0.16/SF
    Added:
    Jan 21, 2025
    Days on Market:
    497
    Last Refresh:
    Mar 13 at 2:27 pm

    Property Features for 541 North Lake Street Unit 541

    General Information

    Standard status
    Active
    Size
    7,500 SF

    Building Details

    Year Built
    1978

    We can help!

    Listing Contact
    Erin Stout

    Listing agent Erin Stout License #471021026

    Listing office RE/MAX Plaza

    Listing date Jan 21, 2025

    Source Compass

    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 RE/MAX Plaza

    HighLights

    • Downtown location on Lake St. in Mundelein
    • Storefront property
    • Parking available
    • Near restaurants and other businesses
    • Opportunity for expansion (neighboring unit also available for rent)
    • Year Built: 1978

    Overview

    This storefront property is located on Lake Street in Mundelein, offering a downtown location near restaurants and other businesses. The property has a size of 7500 square feet. Parking is available. This property presents an opportunity for commercial use.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Similar Places Nearby

    • 1800 flowers — 4 W Hawley St, Mundelein, IL 60060
    • Debbie's Floral Shoppe — 421 N Lake St, Mundelein, IL 60060

    Location Insight

    • Map
    • Local Demand
    City
    Mundelein
    County
    Lake
    State
    Illinois
    Longitude
    -88.0035573
    Latitude
    42.2723722

    Nearby Similar for Sale

    • $699,000

      Commercial Property in Mundelein, IL

      Commercial property for sale in Mundelein, Illinois.
      505 E Hawley Street, Mundelein, IL 60060
      View Details
    • $85,000

      Butterfield Road Commercial Property

      Commercial property for sale on Butterfield Road, Mundelein, Illinois.
      738 S Butterfield Road, Mundelein, IL 60060
      View Details
    • $14,974,000
      89,357 SF

      Mundelein Retail Investment Opportunity

      Retail property in thriving economy with national tenants.
      1501-1575 S Lake St, Mundelein, IL
      View Details
    • $1,450,000
      12,875 SF

      Mundelein Mixed-Use Investment Opportunity

      Fully equipped restaurant, convenience store, and residential units for sale.
      1116 Diamond Lake Rd, Mundelein, IL
      View Details
    • $1,950,000
      31,600 SF

      Mundelein Warehouse with Large Parking

      31,600 SF warehouse with ample outdoor parking.
      404 Washington Blvd, Mundelein, IL
      View Details
    • $3,250,000
      32,855 SF

      Mundelein Industrial Warehouse For Sale

      32,855 SF industrial warehouse with docks and drive-in doors.
      333 S Washington Ave, Mundelein, IL
      View Details
    • $500,000
      12,600 SF

      Two-Story Office Building For Sale

      12,600 SF office building with vacancy, great location.
      505 E. Hawley St, Mundelein, IL 60060
      View Details
    • $750,000
      3,503 SF

      High-Traffic Commercial Property For Sale

      3,500 sq ft commercial property in high-traffic area.
      799 E Us Highway 45 Highway, Mundelein, IL 60060
      View Details
    • Contact for pricing
      4,976 SF

      Bank Ground Lease Opportunity

      Long-term ground lease with rent escalations in Mundelein, Illinois.
      3196 W Il Rte 60, Mundelein, IL
      View Details
    • $199,000
      2,364 SF

      Single Story Leased Office Building

      2364 SF single-tenant building in Mundelein, Illinois.
      511 E Hawley St, Mundelein, IL 60060
      View Details

    FAQs

    What type of property is this?
    Storefront property - Storefront for sale in downtown Mundelein near restaurants.
    Where is this storefront property located?
    The property is located at 541 North Lake Street Unit 541 Mundelein, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Downtown location on Lake St. in Mundelein; Storefront property; Parking available
    (847) 469-5241
    We can help!
    Listing Contact
    Erin Stout
    Real Estate License ID: 471021026
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    541 North Lake Street, Unit 541, Mundelein, IL 60060
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!