Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    18880 Gages Lake Road Grayslake, IL 60030

    View on Map
    Claim this Listing
    For Lease
    Under Contract
    Contact for pricing

    COMMERCIAL - Grayslake, IL

    Lot size:
    1.00 Acre
    Added:
    Mar 13, 2024
    Days on Market:
    778
    Last Refresh:
    Apr 29 at 11:06 pm

    Property Features for 18880 Gages Lake Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active Under Contract
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    8235

    Utilities

    Utilities
    Natural Gas Available

    Building Details

    Year built
    1987
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Concrete, Varies
    Building materials
    Steel Siding, Wood, Aluminum Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Christopher Hoelz
    Christopher Hoelz

    Listing agent Christopher Hoelz License #471004104

    Listing office RE/MAX Plaza 5445 Grand Avenue Ste. 200, Gurnee, IL

    Listing date Mar 13, 2024

    MLS# 12003730

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Commercial Property in Grayslake, Illinois

    This commercial property is located in Grayslake, Illinois. It is zoned COMMR and situated on a 1-acre lot. The property is suitable for various uses, including hobbyist activities, car collecting, or trades such as electrician or plumber services. It features outside parking and storage, an office, a restroom, and new gas heating. The property was previously available for sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Specialty properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Grayslake
    County
    Lake
    State
    Illinois
    Longitude
    -88.0015222
    Latitude
    42.3575856

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      IL, Grayslake - N Atkinson Rd

      100 Atkinson Rd, Unit 106, Grayslake, IL 60030
      View Details
    • $12 SF/Yr

      Unique Retail Space Available

      Classic red brick schoolhouse retail space available Summer 2026.
      147 S US Highway 45, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Renovated Office Suite in Grayslake

      Newly renovated office suite with flexible workspace in Grayslake, IL.
      70 S US Hwy 45, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Office Suites For Rent

      Office suites in Grayslake with high visibility and included utilities.
      790 BARRON Boulevard, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Office Suites For Rent

      Office suites in Grayslake with shared amenities and utilities.
      790 BARRON Boulevard, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Office Suites For Rent

      Office suites in Grayslake with shared amenities and utilities included.
      790 BARRON Boulevard, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Office Suites For Rent

      Office suites in Grayslake with shared amenities and utilities included.
      790 BARRON Boulevard, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Renovated Office Suite in Grayslake

      Newly renovated office suite in a prime Grayslake location.
      70 S 45 Highway, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Daycare Space with Outdoor Area

      Fully built-out daycare space with 3,500 SF outdoor play area.
      61 Center St | Grayslake, IL 60030
      View Details
    • $18 SF/Yr

      Grayslake Retail-Office Space Available

      765 SF retail-office space in downtown Grayslake available for lease.
      136 Center St, Grayslake, IL
      View Details
    • $32 SF/Yr

      Renovated Office Suite in Grayslake

      Newly renovated office suite with flexible layout and excellent visibility.
      70 S Us Highway 45 Ste 215, Grayslake, IL, 60030-2208
      View Details
    • Contact for pricing

      Professional Office Space in Grayslake

      Move-in ready office space for professionals in a prime location.
      115 Commerce Drive, Grayslake, IL 60030
      View Details

    FAQs

    What type of property is this?
    Specialty property - Commercial property available for rent in Grayslake, Illinois.
    Where is this specialty property located?
    The property is located at 18880 Gages Lake Road Grayslake, IL.
    What are key features of this property?
    This property features: Outside parking and storage available.; New gas heating installed.; Suitable for hobbyist, car collector, electrician, plumber etc.
    (847) 596-6100
    We can help!
    Listing Contact
    Christopher Hoelz
    Christopher Hoelz
    Real Estate License ID: 471004104
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!