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1501-1575 S Lake St, Mundelein, IL 60060
Shopping center with net-lease arrangements and service-oriented national tenants.
Property Size89,357 SF
Price / SF$167.58
Days on Market458
Property Features for 1501-1575 S Lake St
General Information
Standard status
Active
Size
89,357 SF
Property subtype
RETAIL
Listing Agency:
Greenstone Partners - Corporate
(312) 614-1498
Listed By:
Brewster Hague · License #475165689
(312) 614-1498
Source:
Moodyscre
Added: May 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:40PM
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 Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
This shopping center contains 89,357 square feet and is associated with net-lease arrangements and service-oriented national tenants. Tenant names, suite details, and individual lease terms are not provided.
The property is located on S Lake St in Mundelein, Illinois, within Lake County. Its retail-center format and existing tenant profile provide the primary property characteristics identified for the offering.
The property is located on S Lake St in Mundelein, Illinois, within Lake County. Its retail-center format and existing tenant profile provide the primary property characteristics identified for the offering.
Key Highlights
- 89,357‑square‑foot shopping center
- Net‑lease arrangements
- Service‑oriented national tenants
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
$913,854
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
6.10%
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%
$18,277,080
$18.3M
Cap Rate 7%
$13,055,057
$13.1M
Cap Rate 9%
$10,153,933
$10.2M
Market Conditions
NOI Build-Up for 89,357 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
$1.34M $15.00/SF
− Vacancy
−$34.8K −$0.39/SF
EGI
$1.31M $14.61/SF
− OpEx
−$391.7K −$4.38/SF
NOI
$913.9K $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%
$18,277,080
Cap Rate 7%
$13,055,057
Cap Rate 9%
$10,153,933
Alternative Uses
Best Use
Retail
$13.06M
$11.42M – $15.23M
NOI $913,854 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$30.85M
$26.99M – $35.99M
NOI $2,159,563 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
101k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 45%
Hotels & Casinos 6%
Culver's
Dining
18,329 visits/mo
0.4 miles
BP
Shops & Services
16,976 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
11,334 visits/mo
0.4 miles
Speedway
Shops & Services
10,418 visits/mo
0.2 miles
Shell
Shops & Services
10,387 visits/mo
0.5 miles
Demographics for 60060, IL
37,599
Population
13,827
Households
2.7
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
23.2 sq mi
ZIP Area
1,621
Density / Sq Mi
$110,463
Median Household Income
$52,550
Median Earnings
$1,552
Median Rent
$299,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center with net-lease arrangements and service-oriented national tenants.
Where is this shopping center located?
The property is located at 1501-1575 S Lake St Mundelein, IL.
What is the asking price?
The asking price for this property is $14,974,000.
What are key features of this property?
This property features: 89,357‑square‑foot shopping center; Net‑lease arrangements; Service‑oriented national tenants
