Restaurant Building with
New
For Sale
$1,489,999
161 Center Street, Grayslake, IL 60030
A built-out food-service property includes a commercial kitchen and remains occupied under a lease through September 2027.
Property Size4,702 SF
Lot Size0.13 Acres
Price / SF$316.89
Days on Market7
Property Features for 161 Center Street
General Information
Standard status
Active
Size
4,702 SF
Lot size
0.13 Acres
Property subtype
COMMERCIAL
Zoning
C-B
Occupancy
100%
Restaurant
Seating Capacity
75
Commercial Hood
Yes
Additional Details
Traffic Count
6,400 vehicles/day
Taxes and HOA fees
Annual Taxes
$15,345
Amenities
Updated ADA Men's and Women's Restrooms
Building Details
Building Size
4,702 SF
Year Built
1945
Buildings
1
Construction
masonry
Listing Agency:
@properties Commercial
Listed By:
Michael Levin · License #475123263
(312) 506-0200
Source:
Realtorjamie
Added: Oct 8
Changed: Oct 11
Last Checked: Oct 13 at 12:30AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This 4,702-square-foot restaurant property has a 50-seat dining room, a bar with 25 seats, and a commercial kitchen equipped with a black iron cook area and ANSUL system. The building also features updated ADA men’s and women’s restrooms, HVAC, wiring for computer and phone service, and 14-foot ceilings. Its electrical service is 200 amps, and the building dates to 1945. The parcel measures 5,820 square feet, and the property is zoned C-B.
The building is on Center Street in downtown Grayslake, near Whitney Street. The reported traffic volume is 6,400 vehicles per day. The property is leased through September 2027. At lease expiration, the landlord may retain certain tenant-installed fixtures, including bars, counters, built-in liquor cabinets, and exhaust or smoke hoods; walk-in coolers are excluded from that provision.
The building is on Center Street in downtown Grayslake, near Whitney Street. The reported traffic volume is 6,400 vehicles per day. The property is leased through September 2027. At lease expiration, the landlord may retain certain tenant-installed fixtures, including bars, counters, built-in liquor cabinets, and exhaust or smoke hoods; walk-in coolers are excluded from that provision.
Key Highlights
- 4,702‑square‑foot restaurant building on a 5,820‑square‑foot lot
- Dining room seats 50; bar has 25 seats
- Commercial kitchen with black iron cook area and ANSUL system
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,557
Cap Rate
5.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,731,140
$1.7M
Cap Rate 7%
$1,236,529
$1.2M
Cap Rate 9%
$961,744
$961.7K
Market Conditions
NOI Build-Up for 4,702 SF
Gross rent
$118.5K $25.20/SF
− Vacancy
−$3.1K −$0.66/SF
EGI
$115.4K $24.54/SF
− OpEx
−$28.9K −$6.14/SF
NOI
$86.6K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,731,140
Cap Rate 7%
$1,236,529
Cap Rate 9%
$961,744
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.08M – $1.44M
NOI $86,557 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,637 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
6,400 VPD
Traffic count
100%
Occupancy
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Grayslake
Shops & Services
9,247 visits/mo
0.5 miles
Taco Bell
Dining
8,532 visits/mo
0.4 miles
Dollar General
Shops & Services
4,727 visits/mo
0.2 miles
PNC Bank
Shops & Services
4,443 visits/mo
0.1 miles
Huntington Bank
Shops & Services
1,818 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - A built-out food-service property includes a commercial kitchen and remains occupied under a lease through September 2027.
Where is this conventional restaurant located?
The property is located at 161 Center Street Grayslake, IL.
What is the asking price?
The asking price for this property is $1,489,999.
What are key features of this property?
This property features: 4,702‑square‑foot restaurant building on a 5,820‑square‑foot lot; Dining room seats 50; bar has 25 seats; Commercial kitchen with black iron cook area and ANSUL system
