Renovated Bakery Business and
New
For Sale
$699,900
27 E Grand Avenue, Fox Lake, IL 60020
Business Opportunity, Fox Lake, IL
Property Size3,085 SF
Lot Size0.27 Acres
Price / SF$226.87
Days on Market3
Property Features for 27 E Grand Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
12 to Grand, E to #
Subdivision
Fox Lake
Standard status
Active
APN
05092170020000
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15579
Utilities
Cooling system
Central Air
Building Details
Floors in Building
2
Building materials
Stone, Wood
Roof type
Fiberglass, Composition
Listing Agency:
Dream Real Estate, Inc.
(815) 331-9520
Listed By:
Shawn Strach · License #471000585
(815) 790-0833
Added: Sep 18
Last Checked: Sep 20 at 12:06PM
MLS# 12763879
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,085-square-foot commercial building at 27 E Grand Avenue in Fox Lake includes an operating bakery business and additional space on the upper level. The bakery has operated continuously for more than one year, with equipment and inventory included in the sale. The facility was recently renovated and features central air conditioning, stone and wood construction materials, and a fiberglass and composition roof.
The property occupies 0.2686 acres within a downtown business development district in Fox Lake, Lake County, Illinois. Zoned COMMR, the building combines the ground-floor bakery operation with upper-level space that currently provides additional income-producing capacity. The transaction includes both the commercial real estate and the established business.
The property occupies 0.2686 acres within a downtown business development district in Fox Lake, Lake County, Illinois. Zoned COMMR, the building combines the ground-floor bakery operation with upper-level space that currently provides additional income-producing capacity. The transaction includes both the commercial real estate and the established business.
Key Highlights
- 3,085‑square‑foot building with operating bakery business
- Bakery has operated continuously for more than one year
- Major equipment and inventory included
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
$56,791
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
8.11%
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%
$1,135,820
$1.1M
Cap Rate 7%
$811,300
$811.3K
Cap Rate 9%
$631,011
$631.0K
Market Conditions
NOI Build-Up for 3,085 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
$77.7K $25.20/SF
− Vacancy
−$2.0K −$0.66/SF
EGI
$75.7K $24.54/SF
− OpEx
−$18.9K −$6.14/SF
NOI
$56.8K $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%
$1,135,820
Cap Rate 7%
$811,300
Cap Rate 9%
$631,011
Alternative Uses
Best Use
Specialty Retail
$811.3K
$709.9K – $946.5K
NOI $56,791 @ 7.0% cap · market cap 8.11%
Second Best
Mixed Use
$456.1K
$399.1K – $532.2K
NOI $31,930 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$1.07M
$932.0K – $1.24M
NOI $74,558 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
102k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 49%
Thorntons
Shops & Services
22,676 visits/mo
0.1 miles
McDonald's
Dining
22,023 visits/mo
0.2 miles
Culver's
Dining
14,043 visits/mo
0.5 miles
Taco Bell
Dining
10,652 visits/mo
0.3 miles
Dollar General
Shops & Services
4,545 visits/mo
0.3 miles
Demographics for 60020, IL
10,967
Population
5,523
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
96%
High-School Grad
4.7 sq mi
ZIP Area
2,333
Density / Sq Mi
$71,028
Median Household Income
$44,732
Median Earnings
$1,228
Median Rent
$215,700
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established bakery operation with included equipment, inventory, and additional upper-level space in a downtown commercial district.
Where is this conventional restaurant located?
The property is located at 27 E Grand Avenue Fox Lake, IL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,085‑square‑foot building with operating bakery business; Bakery has operated continuously for more than one year; Major equipment and inventory included
