Flex Space with Secure
35220 N Il Route 83, Round Lake Beach, IL 60073
For Sale
$1,590,000
Office and shop buildings are paired with a fenced outdoor area for vehicle and equipment storage.
Property Size5,788 SF
Price / SF$274.71
Days on Market728
Property Features for 35220 N Il Route 83
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Traffic Count
Road Access
Fenced Yard
Outdoor Storage
Additional Details
Office Build-Out
Real Estate Included
Taxes and HOA fees
Annual Taxes
Amenities
secure fenced in yard
14 foot drive in doors
Building Details
Building Size
Year Built
Stories
Listing Agency:
Realty World Tiffany R.E.
Listed By:
Bryan Shaughnessy · License #475168061
(847) 395-1010
Source:
Fishmangroup
Added: Nov 12, 2024
Changed: Nov 9
Last Checked: Nov 8 at 1:01PM
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 Realty World Tiffany R.E.
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Investment Insights
Based on property information with market context.
This flex property combines office space with two shop buildings measuring 52 by 38 feet and 52 by 28 feet. Each shop has a 14-foot drive-in door. The office area contains 2,588 square feet, and the property includes a secure, fenced yard of 1.2 acres. Total site area is just under 2 acres.
The property has approximately 350 feet of frontage on Milwaukee Ave in Round Lake Beach, where the stated daily traffic count is near 18,000. Zoning is COMMR, and the buildings date to 1965. Owner financing is available.
The property has approximately 350 feet of frontage on Milwaukee Ave in Round Lake Beach, where the stated daily traffic count is near 18,000. Zoning is COMMR, and the buildings date to 1965. Owner financing is available.
Key Highlights
- Two shop buildings measure 52 by 38 feet and 52 by 28 feet
- Each shop has a 14‑foot drive‑in door
- 2,588 square feet of office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,194
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,183,880
$1.2M
Cap Rate 7%
$845,629
$845.6K
Cap Rate 9%
$657,711
$657.7K
Market Conditions
NOI Build-Up for 5,788 SF
Gross rent
$86.8K $15.00/SF
− Vacancy
−$2.3K −$0.39/SF
EGI
$84.6K $14.61/SF
− OpEx
−$25.4K −$4.38/SF
NOI
$59.2K $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 Rate 5%
$1,183,880
Cap Rate 7%
$845,629
Cap Rate 9%
$657,711
Alternative Uses
Best Use
Retail
$845.6K
$739.9K – $986.6K
NOI $59,194 @ 7.0% cap · market cap 3.72%
Second Best
Flex RnD
$483.0K
$422.6K – $563.5K
NOI $33,811 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,478 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
18,000 VPD
Traffic count
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60073, IL
61,721
Population
20,864
Households
3
Avg Household Size
34
Median Age
27%
College-Educated
81%
High-School Grad
18.5 sq mi
ZIP Area
3,336
Density / Sq Mi
$95,457
Median Household Income
$43,228
Median Earnings
$1,461
Median Rent
$215,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Flex space in Lake County, IL
Properties on Market for Flex space in Lake County
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Office and shop buildings are paired with a fenced outdoor area for vehicle and equipment storage.
Where is this flex space located?
The property is located at 35220 N Il Route 83 Round Lake Beach, IL.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Two shop buildings measure 52 by 38 feet and 52 by 28 feet; Each shop has a 14‑foot drive‑in door; 2,588 square feet of office space
