Freestanding Flex Space with
For Sale
$495,000
324 N Lake Street, Mundelein, IL 60060
Dual-lot configuration pairs street-facing commercial space with rear operational capacity and truck-accessible loading.
Property Size5,555 SF
Price / SF$89.11
Days on Market134
Property Features for 324 N Lake Street
General Information
Standard status
Active
Size
5,555 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,825
Amenities
truck-accessible loading capability
Building Details
Building Size
5,555 SF
Year Built
1967
Buildings
1
Stories
1
Units
1
Listing Agency:
RE/MAX SAWA
(877) 312-7292
Listed By:
Muhammad Haroon · License #471020844
(877) 312-7292
Source:
Cavanaghrealty
Added: Apr 11
Changed: Aug 22
Last Checked: Aug 22 at 1:58AM
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 RE/MAX SAWA
Investment Insights
Based on property information with market context.
This freestanding flex space includes a 5,555-square-foot commercial building constructed in 1967. The property is arranged across front and rear lots, with the front area providing exposure for commercial use and the rear supporting warehouse functions and truck-accessible loading. The configuration also allows for parking, storage, loading, or future expansion within the site.
Located at 324 N Lake Street in Mundelein, the property fronts a primary road with visibility and passing traffic. Zoning is designated COMMR. The combination of a public-facing front area, rear operational space, and separate lot areas supports a range of commercial applications, including distribution, storage, contractor operations, light industrial activity, retail, office, medical, café, or bakery use, subject to zoning and municipal approvals.
Located at 324 N Lake Street in Mundelein, the property fronts a primary road with visibility and passing traffic. Zoning is designated COMMR. The combination of a public-facing front area, rear operational space, and separate lot areas supports a range of commercial applications, including distribution, storage, contractor operations, light industrial activity, retail, office, medical, café, or bakery use, subject to zoning and municipal approvals.
Key Highlights
- 5,555‑square‑foot freestanding commercial building constructed in 1967
- Two‑lot layout with separate front and rear areas
- Rear portion supports warehouse use and truck‑accessible loading
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
$32,450
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
6.56%
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%
$649,000
$649.0K
Cap Rate 7%
$463,571
$463.6K
Cap Rate 9%
$360,556
$360.6K
Market Conditions
NOI Build-Up for 5,555 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
$52.7K $9.48/SF
− Vacancy
−$2.7K −$0.49/SF
EGI
$49.9K $8.99/SF
− OpEx
−$17.5K −$3.15/SF
NOI
$32.4K $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 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%
$649,000
Cap Rate 7%
$463,571
Cap Rate 9%
$360,556
Alternative Uses
Best Use
Retail
$811.6K
$710.1K – $946.9K
NOI $56,811 @ 7.0% cap · market cap 11.48%
Second Best
Flex RnD
$463.6K
$405.6K – $540.8K
NOI $32,450 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,252 @ 7.0% cap · market cap 27.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60060, IL
37,599
Population
13,827
Households
2.7
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
23.2 sq mi
ZIP Area
1,621
Density / Sq Mi
$110,463
Median Household Income
$52,550
Median Earnings
$1,552
Median Rent
$299,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Dual-lot configuration pairs street-facing commercial space with rear operational capacity and truck-accessible loading.
Where is this flex space located?
The property is located at 324 N Lake Street Mundelein, IL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 5,555‑square‑foot freestanding commercial building constructed in 1967; Two‑lot layout with separate front and rear areas; Rear portion supports warehouse use and truck‑accessible loading
