Building Details

Year built 1988

Floors in Building 1

Number of units 1

Flooring type Concrete

Building materials Steel Siding, Cedar

Listing Agency: Re/Max Advantage · RE/MAX International Show Phone

Listed By: Michael Nielsen Show Phone

Added: Oct 14 Last Checked: Oct 16 at 8:06AM

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MLS# 12784999

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Investment Insights

Based on property information with market context.

This storefront sits on two lots totaling 0.38 acres and contains a 40-by-55-foot steel building with open floor area, a dedicated office, and a half bath. A concrete floor and oil catch basins are in place, along with a 12-foot overhead door. Two additional 16-foot overhead doors were previously installed and could be restored. Central air and a furnace were replaced approximately two years before the listing, and plumbing was updated in 2016. The building was constructed in 1988.

The property fronts IL Route 83, with an average daily traffic count exceeding 15,000. Nearby commercial uses include a car wash, Walmart, gas stations, and strip malls across the street. General Commercial zoning and well and septic service are also noted.

Key Highlights

• 40‑by‑55‑foot steel building on 0.38 acres across two lots
• 12‑foot overhead door; two former 16‑foot overhead doors could be restored
• Open interior, designated office, half bath, concrete floor, and oil catch basins

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,499

Cap Rate

6.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$449,980 $450.0K

Cap Rate 7%

$321,414 $321.4K

Cap Rate 9%

$249,989 $250.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,200 SF

Gross rent

$33.0K $15.00/SF

− Vacancy

−$858 −$0.39/SF

EGI

$32.1K $14.61/SF

− OpEx

−$9.6K −$4.38/SF

NOI

$22.5K $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%

$449,980

Cap Rate 7%

$321,414

Cap Rate 9%

$249,989

Alternative Uses

Best Use

Retail

$321.4K

$281.2K – $375.0K (±1% cap)

NOI $22,499 @ 7.0% cap · market cap 6.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$759.6K

$664.6K – $886.2K (±1% cap)

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

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Current Use

Storefront properties

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Hair Salon Butcher Cafe & Coffee Shop Home Appliance Store

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

Lease Details

15,000 VPD

Traffic count

Location Intelligence

Trade Area within ½ mile

302

Businesses Nearby

24k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 81% Shops & Services 19%

McDonald's Dining

19,314 visits/mo 0.5 miles

BP Shops & Services

4,429 visits/mo 0.3 miles

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

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Steel construction, office space, central air, and a half bath support a range of commercial operations.

Where is this storefront property 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: 40‑by‑55‑foot steel building on 0.38 acres across two lots; 12‑foot overhead door; two former 16‑foot overhead doors could be restored; Open interior, designated office, half bath, concrete floor, and oil catch basins