Flex Building with Overhead
36961 N Il Route 83, Lake Villa, IL 60046
For Sale
$375,000
Open work area, dedicated office space, and a half bath support a range of commercial configurations.
Property Size2,200 SF
Price / SF$170.45
Days on Market8
Property Features for 36961 N Il Route 83
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Traffic Count
Road Access
Additional Details
Real Estate Included
Taxes and HOA fees
Annual Taxes
Amenities
half bath
oil catch basins
12-foot overhead door
concrete floor
air conditioning
furnace
Building Details
Building Size
Year Built
Buildings
Stories
Units
Construction
Listing Agency:
Re/Max Advantage
Listed By:
Michael Nielsen
(847) 395-3000
Source:
Gogginrealestate
Added: Oct 31
Changed: Nov 6
Last Checked: Nov 6 at 1:53PM
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 Advantage
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Investment Insights
Based on property information with market context.
This 2,200-square-foot flex building sits on two lots and dates to 1988. The steel structure measures 40 by 55 feet, with open interior space, a separate office area, a half bath, concrete flooring, oil catch basins, and a 12-foot overhead door. The front facade faces IL Route 83. A/C and furnace equipment serve the building, and plumbing was updated in 2016. The structure previously had two 16-foot overhead doors that could be reinstalled at the front. The property is served by well and septic.
The site fronts IL Route 83, which carries an average of 15,000 vehicles per day. A car wash, Walmart, gas stations, and strip malls are located across the street.
The site fronts IL Route 83, which carries an average of 15,000 vehicles per day. A car wash, Walmart, gas stations, and strip malls are located across the street.
Key Highlights
- 2,200‑square‑foot steel building on two lots
- 40‑by‑55‑foot building with open area and dedicated office space
- 12‑foot overhead door; two former 16‑foot doors could be restored at the front
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,851
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$257,020
$257.0K
Cap Rate 7%
$183,586
$183.6K
Cap Rate 9%
$142,789
$142.8K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$20.9K $9.48/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$19.8K $8.99/SF
− OpEx
−$6.9K −$3.15/SF
NOI
$12.9K $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 Rate 5%
$257,020
Cap Rate 7%
$183,586
Cap Rate 9%
$142,789
Alternative Uses
Best Use
Flex RnD
$183.6K
$160.6K – $214.2K
NOI $12,851 @ 7.0% cap · market cap 3.43%
Second Best
Industrial
$135.3K
$118.4K – $157.8K
NOI $9,470 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$759.6K
$664.6K – $886.2K
NOI $53,169 @ 7.0% cap · market cap 14.18%
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
15,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60046, IL
34,690
Population
12,544
Households
2.8
Avg Household Size
41
Median Age
42%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
1,508
Density / Sq Mi
$122,376
Median Household Income
$58,297
Median Earnings
$1,645
Median Rent
$282,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/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 - Open work area, dedicated office space, and a half bath support a range of commercial configurations.
Where is this flex space located?
The property is located at 36961 N Il Route 83 Lake Villa, IL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,200‑square‑foot steel building on two lots; 40‑by‑55‑foot building with open area and dedicated office space; 12‑foot overhead door; two former 16‑foot doors could be restored at the front
