Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space on Evergreen Drive Title is generated by Realmo AI

    271-289 Evergreen Dr, Vernon Hills, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available for lease in Vernon Hills, Illinois.

    Type:RETAIL
    Property size:
    1,762 SF
    Lot size:
    1.33 Acres
    Added:
    Aug 13, 2025
    Days on Market:
    277
    Last Refresh:
    Apr 5 at 9:33 pm

    Property Features for 271-289 Evergreen Dr

    General Information

    Standard status
    Active
    Size
    1,762 SF
    Lot size
    1.33 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 271-289 Evergreen Dr Contact us

    We can help!

    Listing Contact
    Carole Caveney
    Carole Caveney

    Listing agent Carole Caveney

    Listing office Lee & Associates | Chicago

    Listing date Aug 13, 2025

    Source Moodyscre

    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 Lee & Associates | Chicago

    HighLights

    • Situated at a signalized corner along Route 45
    • Easy access
    • High household income in surrounding areas
    • Lease Rate: Call for Pricing

    Overview

    This retail space, encompassing 1,762 square feet, is situated at a signalized corner along Route 45, providing convenient access. The surrounding areas are characterized by high household income. Lease rate is available upon request.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vernon Hills
    County
    Lake
    State
    Illinois
    Longitude
    -87.97
    Latitude
    42.2224

    Nearby Similar for Lease

    • Sponsored
      $129-$5,466/Mo
      11-1,292 SF

      IL, Vernon Hills - Lakeview Pky

      544 Lakeview Pkwy, Unit 1ST, Vernon Hills, IL 60061
      View Details
    • $129-$2,856/Mo
      11-1,292 SF

      IL, Vernon Hills - Atrium Dr

      568 Atrium Dr, Vernon Hills, IL 60061
      View Details
    • $13 SF/Yr
      21,621 SF

      Vernon Hills Medical Office Suites

      Multi-tenant medical office building with suites from 918-7,865 SF.
      6 E Phillip Rd, Vernon Hills, IL 60061
      View Details
    • $21 SF/Yr

      Vernon Hills Office Space Available

      Office space for rent near Hawthorn Shopping Center and I-94.
      175 East Hawthorn Parkway, Vernon Hills, IL, 60061
      View Details
    • Contact for pricing
      8,000 SF

      Retail Space in Vernon Hills

      Retail space with high traffic and excellent visibility.
      325 North Milwaukee Avenue, Vernon Hills, IL, 60061
      View Details
    • $8 SF/Yr
      143,375 SF

      Vernon Hills Specialty Property

      Specialty property for rent with flexible unit size options.
      110-130 Lakeview Parkway, Vernon Hills, IL 60061
      View Details
    • $24 SF/Yr
      29,541 SF

      Vernon Hills Office Space Available

      Office space available for lease in Vernon Hills, Illinois.
      977 Lakeview Pkwy, Vernon Hills, IL 60061
      View Details
    • $13 SF/Yr
      23,358 SF

      Vernon Hills Office Space Available

      Office space for rent with monument signage opportunity.
      750 Bunker Court, Vernon Hills, IL, 60061
      View Details
    • Contact for pricing

      Unique Buildings with World-Class Architecture

      Fifteen unique buildings featuring world-class architecture and authentic placemaking.
      851-1101 Milwaukee Ave | Vernon Hills, IL 60061
      View Details
    • $14 SF/Yr
      49,052 SF

      Vernon Hills Office Space Available

      Office space available for lease in Vernon Hills, Illinois.
      75 North Fairway Drive, Vernon Hills, IL, 60061
      View Details
    • $15 SF/Yr

      Vernon Hills Office Space Available

      Office space for rent in Vernon Hills, Illinois.
      544 Lakeview Parkway, Vernon Hills, IL, 60061
      View Details
    • $15 SF/Yr
      2,781 SF

      Vernon Hills Office Suites Available

      Office suites available for rent in Vernon Hills, Illinois.
      536-616 Atrium Dr, Vernon Hills, IL
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available for lease in Vernon Hills, Illinois.
    Where is this retail space located?
    The property is located at 271-289 Evergreen Dr Vernon Hills, IL.
    What are key features of this property?
    This property features: Situated at a signalized corner along Route 45; Easy access; High household income in surrounding areas
    (708) 903-4660 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Carole Caveney
    Carole Caveney
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    271-289 Evergreen Dr, Vernon Hills, IL
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!