Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Land Near Metra Station Title is generated by Realmo AI

    36220 N Il Route 83, Lake Villa, IL

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

    Commercial land for sale near Metra Station.

    Type:LAND
    Lot size:
    21.59 Acres
    Added:
    Aug 14, 2025
    Days on Market:
    277
    Last Refresh:
    Apr 5 at 10:46 pm

    Property Features for 36220 N Il Route 83

    General Information

    Standard status
    Active
    Lot size
    21.59 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Michael Adams
    Michael Adams

    Listing agent Michael Adams

    Listing office Lee & Associates | Chicago

    Listing date Aug 14, 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

    • Adjacent to Metra Station
    • Potential for mixed use development
    • Signalized intersection
    • Pylon signage available
    • Easements in place

    Overview

    This commercial land is located adjacent to a Metra Station. The property benefits from a signalized intersection and includes easements. Pylon signage is available. The site presents potential for mixed-use development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Lake Villa
    County
    Lake
    State
    Illinois
    Longitude
    -88.074
    Latitude
    42.417

    Nearby Similar for Sale

    • $487,400

      Stately Home with Commercial Zoning

      Spacious home on 2 acres with commercial zoning.
      37733 N IL Route 59, Lake Villa, IL 60046
      View Details
    • $779,000
      15,280 SF

      Cedar View Plaza Office Building

      Professional office building with warehouse and ample parking near Metra.
      95 W Grand Avenue, Lake Villa, IL 60046
      View Details
    • $336,000
      2,929 SF

      Lake Villa Flex Condo For Sale

      2,909 SF flex condo with office and warehouse space.
      500 Park Ave, Lake Villa, IL 60046
      View Details
    • $59,900

      Residential Land in Venetian Village

      0.34-acre corner lot in Lake Villa's Venetian Village community.
      21290 W Engle Drive lot: 12 & 13, Lake Villa, IL 60046
      View Details
    • $1,100,000

      Turn-Key Restaurant and Bar Opportunity

      Restaurant and bar in Lake Villa, ready for immediate operations.
      10 W Grand Avenue, Lake Villa, IL 60046
      View Details
    • $69,500

      Lake Villa Cul-de-sac Lot

      Wooded 0.92 acre lot in quiet subdivision.
      25058 W Megan Court, Lake Villa, IL 60046
      View Details
    • $3,250,000
      16,299 SF

      Lake Villa Retail Opportunity

      Retail property for sale in Lake Villa, Illinois.
      855 E Grand Ave, Lake Villa, IL
      View Details
    • $139,900

      Industrial Land in Thriving Park

      Commercial land suitable for new business venture in Lake Villa.
      Park Avenue lot: #22, Lake Villa, IL 60046
      View Details
    • $250,000
      2 SF

      Industrial Land on Park Avenue

      2.3 acre industrial land parcel zoned I-1 for sale.
      0 Park Ave, Lot 7, Lake Villa, IL 60046
      View Details
    • $1,600,000

      Lake County Land For Sale

      Unincorporated land parcel with high traffic counts and good access.
      35980 N Us Hwy 45, Lake Villa, IL
      View Details
    • $1,600,000

      Grand Avenue Car Wash Opportunity

      4.33-acre car wash opportunity in Lindenhurst, IL.
      35980 US-45, Lake Villa, IL 60046
      View Details
    • $1,800,000
      5,788 SF

      Versatile Commercial Property on Milwaukee Ave

      Contractor property with office, shop space, and fenced yard.
      35220 N Illinois 83, Lake Villa, IL 60046
      View Details

    FAQs

    What type of property is this?
    Land - Commercial land for sale near Metra Station.
    Where is this land located?
    The property is located at 36220 N Il Route 83 Lake Villa, IL.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Adjacent to Metra Station; Potential for mixed use development; Signalized intersection
    (773) 355-3000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Adams
    Michael Adams
    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
    36220 N Il Route 83, Lake Villa, 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!