Building Details

Year Built 1991

Year Renovated 2019

Tenancy Multi

Listing Agency: Northmarq - Chicago Show Phone

Listed By: Isaiah Harf · License #IL 471019332

Source: Crexi

Added: Nov 20, 2024 Changed: Aug 14 Last Checked: Aug 18 at 8:59PM

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Investment Insights

Based on property information with market context.

The property is a 14,868-square-foot, multi-tenant retail building situated on approximately 2.0 acres of land. It is 100% leased to Family Dollar, Greenlight Dispensary, and Buddy’s Cafe & Smoke Shop. The property is located immediately east of Skokie Highway, at the southwest corner of Belvidere Road and Knight Avenue in Park City, IL. All tenants operate under passive net leases with limited landlord responsibilities.

Key Highlights

• 100% leased to Family Dollar, Greenlight Dispensary, and Buddy’s Cafe & Smoke Shop.
• Multi‑tenant retail building with a diversified income stream.
• Located on approximately 2.0‑acres of land.

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

$152,055

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

6.61%

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%

$3,041,100 $3.0M

Cap Rate 7%

$2,172,214 $2.2M

Cap Rate 9%

$1,689,500 $1.7M

Market Conditions

NOI Build-Up for 14,868 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

$223.0K $15.00/SF

− Vacancy

−$5.8K −$0.39/SF

EGI

$217.2K $14.61/SF

− OpEx

−$65.2K −$4.38/SF

NOI

$152.1K $10.23/SF

Area

Lake County, IL

Vacancy

2.60%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

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%

$3,041,100

Cap Rate 7%

$2,172,214

Cap Rate 9%

$1,689,500

Alternative Uses

Best Use

Retail

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $152,055 @ 7.0% cap · market cap 6.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.13M

$4.49M – $5.99M (±1% cap)

NOI $359,327 @ 7.0% cap · market cap 15.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Plumbing Service (Bike/Boat/Book/etc) Store Garden Center Catering Service Law Firm

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

Location Intelligence

Trade Area within ½ mile

410

Businesses Nearby

84k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 75% Shops & Services 23% Hotels & Casinos 1% Electronics 1%

McDonald's Dining

24,561 visits/mo 0.2 miles

Wendy's Dining

13,064 visits/mo 0.3 miles

Burger King Dining

10,194 visits/mo 0.3 miles

El Famous Burrito Dining

9,195 visits/mo 0.3 miles

Shell Shops & Services

7,943 visits/mo 0.2 miles

Demographics for 60085, IL

71,609

Population

26,781

Households

2.7

Avg Household Size

33

Median Age

19%

College-Educated

74%

High-School Grad

14.8 sq mi

ZIP Area

4,838

Density / Sq Mi

$64,330

Median Household Income

$35,645

Median Earnings

$1,133

Median Rent

$164,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Retail space - Multi-tenant retail building 100% leased to three tenants.

Where is this retail space located?

The property is located at 3331 Belvidere Rd Park City, IL.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: 100% leased to Family Dollar, Greenlight Dispensary, and Buddy’s Cafe & Smoke Shop.; Multi‑tenant retail building with a diversified income stream.; Located on approximately 2.0‑acres of land.