Commercial Land with Office
For Sale
Contact for pricing
36911 N Green Bay Rd., Beach Park, IL 60099
Two parcels include an existing office structure and a three-car garage.
Property Size1,812 SF
Price / SF$248.34
Days on Market15
Property Features for 36911 N Green Bay Rd.
General Information
Standard status
Active
Size
1,812 SF
Class
C
Total Parking Spaces
3
Property subtype
Office, Land
Zoning
Business/Commercial (B-1 and M)
Investment Type
Redevelopment
Listed By:
Jack Steineke · License #475.217280
Source:
Crexi
Added: Aug 19
Changed: Sep 1
Last Checked: Sep 1 at 10:11PM
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 Jack Steineke
Investment Insights
Based on property information with market context.
This commercial land offering combines two parcels totaling 1.67 acres and includes an existing 1,812-square-foot office building. A three-car garage is also located on the property, providing additional enclosed space within the existing improvements.
The site is positioned on Green Bay Road in Beach Park, Illinois, and operates with well and septic utilities. Zoning is Business/Commercial (B-1 and M), with stated permitted uses including retail, restaurants, offices, banks, grocery stores, beauty and barber shops, gyms, and professional services. The existing office component and broad commercial-use framework support multiple property configurations within the current improvements and land area.
The site is positioned on Green Bay Road in Beach Park, Illinois, and operates with well and septic utilities. Zoning is Business/Commercial (B-1 and M), with stated permitted uses including retail, restaurants, offices, banks, grocery stores, beauty and barber shops, gyms, and professional services. The existing office component and broad commercial-use framework support multiple property configurations within the current improvements and land area.
Key Highlights
- Two parcels totaling 1.67 acres
- Existing 1,812 SF office building
- Three‑car garage included
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
$24,985
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
5.55%
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%
$499,700
$499.7K
Cap Rate 7%
$356,929
$356.9K
Cap Rate 9%
$277,611
$277.6K
Market Conditions
NOI Build-Up for 1,812 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
$44.4K $24.48/SF
− Vacancy
−$11.0K −$6.10/SF
EGI
$33.3K $18.38/SF
− OpEx
−$8.3K −$4.60/SF
NOI
$25.0K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$499,700
Cap Rate 7%
$356,929
Cap Rate 9%
$277,611
Alternative Uses
Best Use
Office B
$356.9K
$312.3K – $416.4K
NOI $24,985 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$625.6K
$547.4K – $729.9K
NOI $43,792 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 60099, IL
31,579
Population
12,085
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
86%
High-School Grad
22.6 sq mi
ZIP Area
1,397
Density / Sq Mi
$65,647
Median Household Income
$36,541
Median Earnings
$1,131
Median Rent
$190,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Two parcels include an existing office structure and a three-car garage.
Where is this commercial land located?
The property is located at 36911 N Green Bay Rd. Beach Park, IL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two parcels totaling 1.67 acres; Existing 1,812 SF office building; Three‑car garage included
