5-Unit Flex
For Sale
$1,599,000
197 Peterson Road 191-199, Libertyville, IL 60048
Versatile commercial property with drive-in access, dedicated parking, and multiple units for retail, service, or office occupancy.
Property Size13,398 SF
Price / SF$119.35
Days on Market31
Property Features for 197 Peterson Road 191-199
General Information
Standard status
Active
Size
13,398 SF
Total Parking Spaces
38
Additional Details
Highway Access
Yes
Drive-In Doors
11
Amenities
drive-in bays
Building Details
Year Built
1999
Tenancy
Multi
Listing Agency:
Helen Oliveri Real Estate
(847) 967-0022
Listed By:
Helen Oliveri · License #471001015
Source:
Bktchicago
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 26 at 9:49AM
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 flex-space property comprising five individual units that can accommodate retail, service, or office operations. The site includes 11 drive-in bays, supporting vehicle-accessible business functions, along with 38 dedicated parking spaces for customers, employees, and deliveries. The property was built in 1999.
Located at 197 Peterson Road 191-199 in Libertyville, the property is close to the expressway and surrounded by established retail, dining, and service destinations. Its multi-unit configuration and combination of parking and drive-in access provide a practical setup for multiple occupants or an owner-user seeking adaptable commercial space.
Located at 197 Peterson Road 191-199 in Libertyville, the property is close to the expressway and surrounded by established retail, dining, and service destinations. Its multi-unit configuration and combination of parking and drive-in access provide a practical setup for multiple occupants or an owner-user seeking adaptable commercial space.
Key Highlights
- Five individual units suitable for retail, service, or office occupancy
- 11 drive‑in bays provide vehicle‑accessible operational space
- 38 dedicated parking spots for customers, staff, and deliveries
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
Property Profile
Current Use
Lease Details
11
Drive-in doors
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Balanced
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
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Similar Off Market Nearby
- Bauer's Catering — 1414 N Milwaukee Ave, Libertyville, IL 60048
- Catered Productions — 277 Peterson Rd, Libertyville, IL 60048
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial property with drive-in access, dedicated parking, and multiple units for retail, service, or office occupancy.
Where is this flex space 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 suitable for retail, service, or office occupancy; 11 drive‑in bays provide vehicle‑accessible operational space; 38 dedicated parking spots for customers, staff, and deliveries
