Building Details

Year Built 2005

Year Renovated 2024

Buildings 1

Construction brick and cement

Listing Agency: RE/MAX LIBERTY Show Phone

Listed By: TIMOTHY WINFREY · License #3527049 Show Phone

Source: Corcoran

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 6:23AM

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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 LIBERTY

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Investment Insights

Based on property information with market context.

This office condominium offers 2,100 square feet with eight offices, a spacious reception area, two bathrooms, and a snack area. A 20-by-10-foot storage area is located in the basement. The 2024 buildout features soundproof glass, mahogany office doors, double glass doors between reception and the office area, LED lighting, and exposed ceilings approximately 12 feet high. The snack area includes a refrigerator and water filler, while three built-in speakers serve the reception area and hallway. The building has a sprinkler system, and the furnace and AC are 2 years old.

The exterior combines brick and cement. The office park consists of four buildings and includes landscaped open areas and parking. The property was built in 2005.

Key Highlights

• 2,100‑square‑foot office condominium with eight offices
• 2024 buildout includes a large reception area, two bathrooms, and a snack area
• 20‑by‑10‑foot basement storage area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,956

Cap Rate

7.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$579,120 $579.1K

Cap Rate 7%

$413,657 $413.7K

Cap Rate 9%

$321,733 $321.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,100 SF

Gross rent

$51.4K $24.48/SF

− Vacancy

−$12.8K −$6.10/SF

EGI

$38.6K $18.38/SF

− OpEx

−$9.7K −$4.60/SF

NOI

$29.0K $13.79/SF

Area

Cook County, IL

Vacancy

24.90%

Lease Rate

$24.48 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$579,120

Cap Rate 7%

$413,657

Cap Rate 9%

$321,733

Alternative Uses

Best Use

Office B

$413.7K

$362.0K – $482.6K (±1% cap)

NOI $28,956 @ 7.0% cap · market cap 7.24%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$725.0K

$634.4K – $845.9K (±1% cap)

NOI $50,752 @ 7.0% cap · market cap 12.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Russell S Pollina ... Dental Office Barrington Dental Wellness ... Dental Office Piershale Financial Group Financial Advisor Dr. Robert E. ... Dental Office Compass Counseling Counselor

Suggested Use

Top Pick Restaurant Real Estate Agency Nail Salon (Bike/Boat/Book/etc) Store Grocery & Convenience Store Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

469

Businesses Nearby

Explore this area Business Placement

Demographics for 60010, IL

46,365

Population

17,621

Households

2.6

Avg Household Size

47

Median Age

70%

College-Educated

97%

High-School Grad

74.1 sq mi

ZIP Area

626

Density / Sq Mi

$175,050

Median Household Income

$86,255

Median Earnings

$2,459

Median Rent

$622,900

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - The 2024 interior buildout includes a large reception area, two bathrooms, and a basement storage room.

Where is this office unit located?

The property is located at 1531 S Grove Avenue #205 Barrington, IL.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: 2,100‑square‑foot office condominium with eight offices; 2024 buildout includes a large reception area, two bathrooms, and a snack area; 20‑by‑10‑foot basement storage area