Shopping Center with Drive-In
New
For Sale
$1,599,000
197 Peterson Road #191-199, Libertyville, IL 60048
Five-unit commercial center with flexible retail, service, and office layouts under COMMR zoning.
Property Size13,398 SF
Days on Market2
Property Features for 197 Peterson Road #191-199
General Information
Standard status
Active
Size
13,398 SF
Total Parking Spaces
38
Property subtype
Commercial
Zoning
COMMR
Additional Details
Highway Access
Yes
Drive-In Doors
11
Taxes and HOA fees
Annual Taxes
$23,490
Building Details
Building Size
13,398 SF
Year Built
1999
Stories
1
Units
5
Listing Agency:
Helen Oliveri Real Estate
(847) 967-0022
Listed By:
Helen Oliveri · License #471001015
(847) 967-0022
Source:
Ozmentrealestate
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 8 at 1:51AM
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 Helen Oliveri Real Estate
Investment Insights
Based on property information with market context.
Sutton Plaza is a shopping center completed in 1999 with five individual units configured for retail, service, or office occupancy. The property includes 38 dedicated parking spaces and 11 drive-in bays, providing vehicle access to the building and supporting a range of commercial operations. Unit flexibility allows the center to accommodate multiple occupants or a combined owner-user arrangement.
The property is located at 197 Peterson Road #191-199 in Libertyville, Illinois, near an expressway for regional access. Its commercial setting includes established retail, dining, and service businesses in the surrounding area. The site is zoned COMMR and combines multi-unit space, on-site parking, and drive-in functionality in one commercial property.
The property is located at 197 Peterson Road #191-199 in Libertyville, Illinois, near an expressway for regional access. Its commercial setting includes established retail, dining, and service businesses in the surrounding area. The site is zoned COMMR and combines multi-unit space, on-site parking, and drive-in functionality in one commercial property.
Key Highlights
- Five individual units for retail, service, or office use
- 11 drive‑in bays provide direct vehicle access
- 38 dedicated parking spots
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
$137,021
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
8.57%
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%
$2,740,420
$2.7M
Cap Rate 7%
$1,957,443
$2.0M
Cap Rate 9%
$1,522,456
$1.5M
Market Conditions
NOI Build-Up for 13,398 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
$201.0K $15.00/SF
− Vacancy
−$5.2K −$0.39/SF
EGI
$195.7K $14.61/SF
− OpEx
−$58.7K −$4.38/SF
NOI
$137.0K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,740,420
Cap Rate 7%
$1,957,443
Cap Rate 9%
$1,522,456
Alternative Uses
Best Use
Retail
$1.96M
$1.71M – $2.28M
NOI $137,021 @ 7.0% cap · market cap 8.57%
Second Best
Flex RnD
$1.12M
$978.3K – $1.30M
NOI $78,265 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$4.63M
$4.05M – $5.40M
NOI $323,800 @ 7.0% cap · market cap 20.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Heritage press — 318 peterson rd, libertyville, il 60048
- Brookside — W Buckley Rd, Libertyville, IL 60048
- Peterson Commons — 289 Peterson Rd, Libertyville, IL 60048
Frequently Asked Questions
What type of property is this?
Shopping center - Five-unit commercial center with flexible retail, service, and office layouts under COMMR zoning.
Where is this shopping center located?
The property is located at 197 Peterson Road #191-199 Libertyville, IL.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Five individual units for retail, service, or office use; 11 drive‑in bays provide direct vehicle access; 38 dedicated parking spots
