Building Details

Building Size 5,236 SF

Year Built 2016

Stories 2

Listing Agency: Keller Williams North Shore West k***@kw.com

Listed By: Christine Kernes Show Phone

Source: Fishmangroup

Added: Aug 20 Changed: Oct 24 Last Checked: Oct 23 at 3:56PM

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Investment Insights

Based on property information with market context.

Built in 2016, this 5,236-square-foot flex property combines office and service space. The layout includes two main-level offices, an upstairs office measuring approximately 33 by 16 feet, a conference room, kitchen, two bathrooms (one full), and laundry hookups. The conference room can also serve as a third office. A large shop accommodates sizable vehicles, with a concrete floor and lift area approximately 6 to 7 inches thick. Existing lift vehicles are excluded from the sale.

Additional features include multiple storage areas, attic storage, ceiling fans, and foam roof insulation. The site provides approximately 40 parking spaces, triple basin drains, and exterior electrical and drain connections suitable for an RV. Zoning is listed as COMMR; permitted uses and zoning requirements should be verified with the Village. The property is currently leased.

Key Highlights

• 5,236‑square‑foot flex property built in 2016
• Large vehicle shop with concrete floor and lift area approximately 6 to 7 inches thick
• Two main‑level offices and an upstairs office measuring approximately 33' x 16'

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,586

Cap Rate

3.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$611,720 $611.7K

Cap Rate 7%

$436,943 $436.9K

Cap Rate 9%

$339,844 $339.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,236 SF

Gross rent

$49.6K $9.48/SF

− Vacancy

−$2.6K −$0.49/SF

EGI

$47.1K $8.99/SF

− OpEx

−$16.5K −$3.15/SF

NOI

$30.6K $5.84/SF

Area

Lake County, IL

Vacancy

5.20%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$611,720

Cap Rate 7%

$436,943

Cap Rate 9%

$339,844

Alternative Uses

Best Use

Flex RnD

$436.9K

$382.3K – $509.8K (±1% cap)

NOI $30,586 @ 7.0% cap · market cap 3.14%

Second Best

Industrial

$322.0K

$281.7K – $375.7K (±1% cap)

NOI $22,539 @ 7.0% cap · market cap 2.31%

Theoretical Best

Office A

$1.81M

$1.58M – $2.11M (±1% cap)

NOI $126,543 @ 7.0% cap · market cap 12.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

First Community-Congregational Church Deals on Wheels Car Dealership Mission of America Inc Charitable Organization

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Hair Salon Restaurant Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Location Intelligence

Trade Area within ½ mile

263

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 60042, IL

8,433

Population

3,263

Households

2.6

Avg Household Size

41

Median Age

27%

College-Educated

91%

High-School Grad

4.6 sq mi

ZIP Area

1,833

Density / Sq Mi

$94,613

Median Household Income

$46,306

Median Earnings

$1,826

Median Rent

$244,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Office, meeting, kitchen, and shop areas support a range of commercial operations.

Where is this flex space located?

The property is located at 217 W State Road Island Lake, IL.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: 5,236‑square‑foot flex property built in 2016; Large vehicle shop with concrete floor and lift area approximately 6 to 7 inches thick; Two main‑level offices and an upstairs office measuring approximately 33' x 16'