Former Restaurant in Prime
For Sale
Contact for pricing
1591 Randall Rd., Algonquin, IL
Versatile space suitable for restaurant, retail, or healthcare.
Property Size10,500 SF
Price / SF$223.81
Days on Market100
Property Features for 1591 Randall Rd.
General Information
Standard status
Active
Size
10,500 SF
Total Parking Spaces
143
Property subtype
Retail
Zoning
B-2 PUD
Investment Type
Redevelopment
Building Details
Year Built
2008
Listing Agency:
Realty Metrix Commercial
Listed By:
Linda Kost · License #IL 475141895
Source:
Crexi
Added: May 22
Changed: Aug 24
Last Checked: Aug 26 at 7:49PM
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 Realty Metrix Commercial
Investment Insights
Based on property information with market context.
This former Golden Corral restaurant offers a versatile space suitable for a restaurant, event space, medi-spa, or general retail purposes. The property is situated in a prime location at Randall & County Line Roads, within a 2,000,000 square foot retail node and across the street from Algonquin Commons, a 600,000 square foot lifestyle center anchored by Trader Joe's, Nordstrom Rack, Dick's Sporting Goods, Barnes & Noble and Fresh Market. The surrounding trade area is affluent, with an average household income of $138,020 within a 3-mile radius. The location benefits from impressive traffic counts of 47,000 vehicles per day and is just minutes from I-90. The property size is 10,500 square feet.
Key Highlights
- Prime location at Randall & County Line Rds within a 2,000,000 SF retail node.
- Located across from Algonquin Commons, a 600,000 SF lifestyle center anchored by Trader Joe's, Nordstrom Rack, Dick's Sporting Goods, Barnes & Noble and Fresh Market.
- High traffic counts of 47,000.
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
$123,304
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
5.25%
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%
$2,466,080
$2.5M
Cap Rate 7%
$1,761,486
$1.8M
Cap Rate 9%
$1,370,044
$1.4M
Market Conditions
NOI Build-Up for 10,500 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
$176.4K $16.80/SF
− Vacancy
−$12.0K −$1.14/SF
EGI
$164.4K $15.66/SF
− OpEx
−$41.1K −$3.91/SF
NOI
$123.3K $11.74/SF
Area
McHenry County, IL
Vacancy
6.80%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,466,080
Cap Rate 7%
$1,761,486
Cap Rate 9%
$1,370,044
Alternative Uses
Best Use
Specialty Retail
$1.76M
$1.54M – $2.06M
NOI $123,304 @ 7.0% cap · market cap 5.25%
Second Best
Retail
$1.45M
$1.27M – $1.69M
NOI $101,320 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$3.63M
$3.17M – $4.23M
NOI $253,762 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Versatile space suitable for restaurant, retail, or healthcare.
Where is this conventional restaurant located?
The property is located at 1591 Randall Rd. Algonquin, IL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Prime location at Randall & County Line Rds within a 2,000,000 SF retail node.; Located across from Algonquin Commons, a 600,000 SF lifestyle center anchored by Trader Joe's, Nordstrom Rack, Dick's Sporting Goods, Barnes & Noble and Fresh Market.; High traffic counts of 47,000.
