Multi-Level Restaurant and
For Sale
$3,750,000
250 Center St, Grayslake, IL 60030
Built-out foodservice and event property with commercial kitchen infrastructure, multiple dining areas, and outdoor patios.
Property Size9,165 SF
Price / SF$409.17
Days on Market203
Property Features for 250 Center St
General Information
Standard status
Active
Size
9,165 SF
Property subtype
Commercial
Zoning
C-B
Restaurant
Commercial Hood
Yes
Patio
Yes
Equipment Included
Yes
Additional Details
Furnished
Yes
Sprinkler System
Yes
Building Details
Year Built
1925
Buildings
1
Listing Agency:
@properties Commercial
(312) 506-0200
Listed By:
Michael Levin · License #475123263
Source:
Searchillinoishomesforsale
Added: Feb 7
Changed: Aug 28
Last Checked: Aug 29 at 10:36AM
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 @properties Commercial
Investment Insights
Based on property information with market context.
This multi-level restaurant and bar property in Grayslake includes 9165 SQ Ft of built-out space with upper- and lower-level dining, separate bar areas, outdoor patios, and upper-level outdoor dining. The second floor accommodates private events and large parties, while the building also supports banquet and entertainment uses.
The kitchen is equipped with black iron, a full ANSUL fire control system, freezers, food-preparation and catering areas, and beverage hookups. The property has full fire control and sprinkler systems and is zoned C-B. It is positioned in the Downtown Grayslake Shopping District, west of Rt 83 and among established neighborhood retail. The owner-tenant will discuss a 10 year or longer NNN lease as part of a sale leaseback structure.
The kitchen is equipped with black iron, a full ANSUL fire control system, freezers, food-preparation and catering areas, and beverage hookups. The property has full fire control and sprinkler systems and is zoned C-B. It is positioned in the Downtown Grayslake Shopping District, west of Rt 83 and among established neighborhood retail. The owner-tenant will discuss a 10 year or longer NNN lease as part of a sale leaseback structure.
Key Highlights
- 9165 SQ Ft multi‑level restaurant and bar property
- Upper and lower dining areas with outdoor patios and upper‑level outdoor dining
- Commercial kitchen with black iron, ANSUL system, freezers, and catering areas
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
$168,715
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
4.50%
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%
$3,374,300
$3.4M
Cap Rate 7%
$2,410,214
$2.4M
Cap Rate 9%
$1,874,611
$1.9M
Market Conditions
NOI Build-Up for 9,165 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
$231.0K $25.20/SF
− Vacancy
−$6.0K −$0.66/SF
EGI
$225.0K $24.54/SF
− OpEx
−$56.2K −$6.14/SF
NOI
$168.7K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
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%
$3,374,300
Cap Rate 7%
$2,410,214
Cap Rate 9%
$1,874,611
Alternative Uses
Best Use
Specialty Retail
$2.41M
$2.11M – $2.81M
NOI $168,715 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,498 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Grayslake
Shops & Services
9,247 visits/mo
0.5 miles
Taco Bell
Dining
8,532 visits/mo
0.4 miles
Dollar General
Shops & Services
4,727 visits/mo
0.2 miles
PNC Bank
Shops & Services
4,443 visits/mo
0.1 miles
Huntington Bank
Shops & Services
1,818 visits/mo
0.3 miles
Demographics for 60030, IL
36,346
Population
15,006
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,356
Density / Sq Mi
$104,920
Median Household Income
$55,766
Median Earnings
$1,526
Median Rent
$276,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Built-out foodservice and event property with commercial kitchen infrastructure, multiple dining areas, and outdoor patios.
Where is this conventional restaurant located?
The property is located at 250 Center St Grayslake, IL.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 9165 SQ Ft multi‑level restaurant and bar property; Upper and lower dining areas with outdoor patios and upper‑level outdoor dining; Commercial kitchen with black iron, ANSUL system, freezers, and catering areas
