Mixed-Use Restaurant and
For Sale
Contact for pricing
211 W Grass Lake Rd, Lake Villa, IL 60046
A recently remodeled apartment above the restaurant offers additional occupancy or rental use.
Property Size16,988 SF
Days on Market59
Property Features for 211 W Grass Lake Rd
General Information
Standard status
Active
Size
16,988 SF
Property subtype
Business Opportunity
Additional Details
Business Included
Yes
Patio
Yes
Multifamily Units
1
Amenities
Video Gaming
pool table
darts
Multiple ATM's
touch tunes
Listing Agency:
Real Broker, LLC
Listed By:
Jeffrey Padesky · License #475177974
(630) 439-6385
Source:
Liveliferealty
Added: Aug 19
Changed: Oct 14
Last Checked: Oct 7 at 4:45PM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
This mixed-use property combines a restaurant and bar with an apartment located on the upper level. The apartment has been recently remodeled and can support residential occupancy or rental use. The restaurant includes a full kitchen serving lunch and dinner, along with a large bar and customer entertainment features including video gaming, a pool table, darts, ATMs, and TouchTunes.
Exterior amenities include a large patio and on-site parking. The basement provides utility and storage space and includes an updated keg cooler room serving the upper-level taps. A new well and pump have also been installed, and the property includes substantial recent improvements. The address is 211 W Grass Lake Rd in Lake Villa, Illinois.
Exterior amenities include a large patio and on-site parking. The basement provides utility and storage space and includes an updated keg cooler room serving the upper-level taps. A new well and pump have also been installed, and the property includes substantial recent improvements. The address is 211 W Grass Lake Rd in Lake Villa, Illinois.
Key Highlights
- Mixed‑use property with restaurant, bar, and upstairs apartment
- Recently remodeled apartment above the business
- Full kitchen with lunch and dinner service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$175,826
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,516,520
$3.5M
Cap Rate 7%
$2,511,800
$2.5M
Cap Rate 9%
$1,953,622
$2.0M
Market Conditions
NOI Build-Up for 16,988 SF
Gross rent
$305.8K $18.00/SF
− Vacancy
−$24.5K −$1.44/SF
EGI
$281.3K $16.56/SF
− OpEx
−$105.5K −$6.21/SF
NOI
$175.8K $10.35/SF
Area
Lake County, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,516,520
Cap Rate 7%
$2,511,800
Cap Rate 9%
$1,953,622
Alternative Uses
Best Use
Specialty Retail
$4.47M
$3.91M – $5.21M
NOI $312,725 @ 7.0% cap · market cap 10,424,166.67%
Second Best
Mixed Use
$2.51M
$2.20M – $2.93M
NOI $175,826 @ 7.0% cap · market cap 5,860,866.67%
Theoretical Best
Office A
$5.87M
$5.13M – $6.84M
NOI $410,563 @ 7.0% cap · market cap 13,685,433.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 81%
Shops & Services 19%
McDonald's
Dining
19,314 visits/mo
0.5 miles
BP
Shops & Services
4,429 visits/mo
0.3 miles
Demographics for 60046, IL
34,690
Population
12,544
Households
2.8
Avg Household Size
41
Median Age
42%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
1,508
Density / Sq Mi
$122,376
Median Household Income
$58,297
Median Earnings
$1,645
Median Rent
$282,500
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - A recently remodeled apartment above the restaurant offers additional occupancy or rental use.
Where is this mixed-use property located?
The property is located at 211 W Grass Lake Rd Lake Villa, IL.
What are key features of this property?
This property features: Mixed‑use property with restaurant, bar, and upstairs apartment; Recently remodeled apartment above the business; Full kitchen with lunch and dinner service
