Freestanding Mixed-Use
New
For Sale
$499,000
618 BARRON Boulevard, Grayslake, IL 60030
Separate commercial and residential areas support flexible live-work ownership or leasing configurations.
Property Size3,360 SF
Lot Size0.34 Acres
Price / SF$148.51
Days on Market3
Property Features for 618 BARRON Boulevard
General Information
Standard status
Active
Size
3,360 SF
Total Parking Spaces
24
Lot size
0.34 Acres
Property subtype
Commercial
Zoning
COMMR
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,222
Building Details
Building Size
3,360 SF
Year Built
1967
Buildings
1
Stories
2
Units
3
Listing Agency:
Coldwell Banker Realty
(847) 362-7300
Listed By:
Jamie Hering
(847) 362-7300
Source:
Gia-sells
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 12:18PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This freestanding mixed-use property contains approximately 3,360 square feet on a 100' x 150' lot. The layout includes separate commercial and residential areas, with the commercial portion offering clear-span construction and offices already built out. The residential unit has 3 bedrooms, 1.5 bathrooms, and a full-height basement. Separate washer/dryer hookups serve the commercial and residential spaces, while large windows and a front patio add functional and gathering areas.
The property sits on a signalized corner along Route 83 in Grayslake, with a 24-space private parking lot and prominent street exposure. Recent improvements include the roof, HVAC systems with 2 furnaces and 2 A/C units, plumbing, electrical systems with 200 amp service, windows, and the parking lot. Its location near residential neighborhoods, schools, and local businesses supports both commercial and residential use. Zoning is COMMR.
The property sits on a signalized corner along Route 83 in Grayslake, with a 24-space private parking lot and prominent street exposure. Recent improvements include the roof, HVAC systems with 2 furnaces and 2 A/C units, plumbing, electrical systems with 200 amp service, windows, and the parking lot. Its location near residential neighborhoods, schools, and local businesses supports both commercial and residential use. Zoning is COMMR.
Key Highlights
- Approximately 3,360 square feet on a 100' x 150' lot
- Separate commercial and residential areas with 3‑bedroom, 1.5‑bath residential unit
- 24‑space private parking lot on a signalized Route 83 corner
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
$34,776
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
6.97%
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%
$695,520
$695.5K
Cap Rate 7%
$496,800
$496.8K
Cap Rate 9%
$386,400
$386.4K
Market Conditions
NOI Build-Up for 3,360 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
$60.5K $18.00/SF
− Vacancy
−$4.8K −$1.44/SF
EGI
$55.6K $16.56/SF
− OpEx
−$20.9K −$6.21/SF
NOI
$34.8K $10.35/SF
Area
Lake County, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$695,520
Cap Rate 7%
$496,800
Cap Rate 9%
$386,400
Alternative Uses
Best Use
Office B
$661.8K
$579.1K – $772.2K
NOI $46,329 @ 7.0% cap · market cap 9.28%
Second Best
Mixed Use
$496.8K
$434.7K – $579.6K
NOI $34,776 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,204 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
284
Businesses Nearby
Explore this area
Business Placement
Demographics for 60030, IL
36,346
Population
15,006
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,356
Density / Sq Mi
$104,920
Median Household Income
$55,766
Median Earnings
$1,526
Median Rent
$276,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate commercial and residential areas support flexible live-work ownership or leasing configurations.
Where is this mixed-use property located?
The property is located at 618 BARRON Boulevard Grayslake, IL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Approximately 3,360 square feet on a 100' x 150' lot; Separate commercial and residential areas with 3‑bedroom, 1.5‑bath residential unit; 24‑space private parking lot on a signalized Route 83 corner
