Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mixed-Use Retail and Office Building Title is generated by Realmo AI

    1788 2nd St, Highland Park, IL 60035

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Mixed-use building in downtown Highland Park with retail and office.

    Type:Office, Retail
    Added:
    Jul 23, 2021
    Days on Market:
    1779
    Last Refresh:
    May 12 at 9:40 pm

    Property Features for 1788 2nd St

    General Information

    Standard status
    Active
    Property subtype
    Office, Retail

    Spaces For Lease

    at 1788 2nd St Contact us

    201 $20/Mo

    Size
    560 SF
    Type
    Office, Retail
    Contact us

    200 $20/Mo

    Size
    385 SF
    Type
    Office, Retail
    Contact us

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 23, 2021

    Source Crexi

    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 Imperial Realty Company

    HighLights

    • Prime 2nd Floor Office Space Overlooking Downtown
    • Located in Downtown Highland Park, consistently ranked as one of the nation’s best towns to live
    • High daily traffic count of 28,000 cars
    • Mixed‑use retail and office building
    • Elevator and HVAC provided
    • Owner Managed

    Overview

    The mixed-use retail and office building at 638 Central Avenue is available for lease, situated at the southeast corner of Central Avenue and Second Street. Located in downtown Highland Park, an area recognized as one of the nation’s best towns to live, a top beach town, and one of the best cities in Illinois for living and working. Downtown Highland Park features over 100 retailers, including award-winning dining options. The property includes prime 2nd-floor office space overlooking downtown, with elevator and HVAC provided. The property is owner-managed. Daily traffic count is 28,000 cars.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ooh'lah Lash Hair Salon Performance Media Partners Marketing & Advertising Veracity Med Spa Spa & Massage Center Glassman Jason Foster Care Service

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.8009281
    Latitude
    42.1848124

    Nearby Similar for Lease

    • $15 SF/Yr
      1,690 SF

      Highland Park Office Space Available

      Office space for rent in prime Highland Park location.
      667 Central Ave, Highland Park, IL
      View Details
    • Contact for pricing
      16,270 SF

      New Retail Space in Highland Park

      Retail space for lease in downtown Highland Park near Metra.
      445 Central Ave, Highland Park, IL 60035
      View Details
    • $16 SF/Yr
      31,631 SF

      Highland Park Professional Office Space

      Three-story office building in downtown Highland Park with parking.
      1893 Sheridan Rd, Highland Park, IL 60035
      View Details
    • Contact for pricing
      50,180 SF

      Downtown Highland Park Class A Office

      Class A office space in downtown Highland Park with parking.
      1850 2nd St, Highland Park, IL 60035
      View Details
    • Contact for pricing
      55,033 SF

      Premier Office Space in Highland

      Modern office space in Highland Park with state-of-the-art amenities.
      1770 1st Street, Highland Park, IL 60035
      View Details
    • $25 SF/Yr

      Office Space for Lease

      Available for rent at 430 Park Avenue, offering flexible office accommodation for professional uses.
      430 Park Avenue, Highland, Park, IL 60035
      View Details
    • $32 SF/Yr
      1,150 SF

      Retail Space with Existing Kitchen

      Storefront retail space with existing kitchen and washroom.
      1869 Sheridan Rd, Highland Park, IL
      View Details
    • $9,000/Mo
      2,750 SF

      Prime Retail Space on Central

      Storefront in Highland Park with high visibility and foot traffic.
      633-655 Central Ave, Highland Park, IL
      View Details
    • $21 SF/Yr
      5,000 SF

      High-End Office/Warehouse with Custom Finishes

      Designer office/warehouse near Highland Park Hospital with parking.
      2132 Green Bay Road, Highland Park, IL 60035
      View Details
    • $25 SF/Yr
      2,500 SF

      Rehabbed Office Space Available

      2,500 SF office space in mixed-use building for lease.
      600-616 Laurel Avenue, Highland Park, IL 60035
      View Details
    • $2,500/Mo
      800 SF

      Retail Space in Ravinia District

      Prime retail space with full basement and parking.
      597-599 Roger Williams Ave, Highland Park, IL
      View Details
    • $25 SF/Yr
      1,263 SF

      Highland Park Office Space Available

      Office spaces for rent in Highland Park, Illinois.
      478 Central Ave, Highland Park, IL
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building in downtown Highland Park with retail and office.
    Where is this mixed-use property located?
    The property is located at 1788 2nd St Highland Park, IL.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Prime 2nd Floor Office Space Overlooking Downtown; Located in Downtown Highland Park, consistently ranked as one of the nation’s best towns to live; High daily traffic count of 28,000 cars
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1788 2nd St, Highland Park, IL 60035
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!