Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    39197 N Sheridan Rd Beach Park, IL 60099

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

    Land in Tiff District, ideal for multi-family development.

    Type:Land
    Added:
    Dec 17, 2022
    Days on Market:
    1223
    Last Refresh:
    Mar 17 at 1:23 pm

    Property Features for 39197 N Sheridan Rd

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Brian Coleman
    Brian Coleman

    Listing agent Brian Coleman License #IL

    Listing office BRIAN COLEMAN & ASSOCIATES, INC.

    Listing date Dec 17, 2022

    Source Crexi

    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 BRIAN COLEMAN & ASSOCIATES, INC.

    Overview

    Beach Park Development Opportunity

    This property, located in a Tiff District, presents an ideal opportunity for multi-family development, including senior housing, assisted living, apartments, townhomes, duplexes, or a hotel/motel. A site concept plan suggests a combined use with a professional/medical office building and senior housing. The Village of Beach Park is open to re-zoning to accommodate various uses, with the possibility of constructing a 4 to 6 story building offering unobstructed views of Lake Michigan. Currently zoned R-3b, the property features 99 feet of Sheridan Road access, situated next to a CVS Pharmacy. Additional access onto Wadsworth Road may be possible with IDNR permission. Located in both the Sheridan Road Overlay District and the Village's Tiff District, the property is separated from Lake Michigan only by the Illinois Beach State Park, making it a great location ready for development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Longfellow Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Beach Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.8227757
    Latitude
    42.4306561

    Nearby Similar for Sale

    • $1,149,000

      Commercial Property in Beach Park, IL

      Commercial property for sale in Beach Park, Illinois.
      37740 N Sheridan Road, Beach Park, IL 60087
      View Details
    • $404,900

      Two Homes, One Property

      Two separate homes on a .67 acre lot.
      11471 W Leland Avenue, Beach Park, IL 60099
      View Details
    • $25,888

      Commercial Lot in Beach Park

      Commercial lot zoned B1, ideal for small business.
      10038 W Beach Road, Beach Park, IL 60087
      View Details
    • $175,000

      Beach Park Vacant Land Opportunity

      7 acres of R2 zoned land with development potential.
      10925 W 34th Street, Beach Park, IL 60099
      View Details
    • $750,000

      Corner Lot on Busy Intersection

      1.36 acre commercial lot with high traffic visibility.
      12640 W WADSWORTH Road, Beach Park, IL 60087
      View Details
    • $20,000

      Vacant Lot in Beach Park

      Vacant lot next to Dollar Store, Beach Park, Illinois.
      38859 N Green Bay Road, Beach Park, IL 60087
      View Details
    • $3,870,968
      14,547 SF

      Net Leased Walgreens in Beach Park

      Single tenant Walgreens with extended lease through March 2034.
      39023 N Green Bay Rd, Beach Park, IL 60087
      View Details
    • Contact for pricing
      2,322 SF

      Wadsworth Road Redevelopment Opportunity

      Property suitable for reuse or redevelopment in Beach Park, IL.
      11411-1143 W. Wadsworth Road, Beach Park, IL 60099
      View Details
    • $750,000

      Corner Lot in Beach Park

      1.36 acre corner lot with high traffic visibility.
      12640 W WADSWORTH Road, Beach Park, IL 60087
      View Details
    • $3,870,968
      14,547 SF

      Walgreens NNN Lease Opportunity

      NNN leased Walgreens in Chicago MSA with recent lease extension.
      39023 N Green Bay Rd, Beach Park, IL
      View Details
    • $414,900

      Two Homes on Large Lot

      Two homes on one property with income potential.
      11471 W Leland Avenue, Beach Park, IL 60099
      View Details
    • $25,888

      Land Near Beach Road

      Land for sale near Sheridan and Beach Road.
      10038 W Beach Road, Beach Park, IL 60087
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land in Tiff District, ideal for multi-family development.
    Where is this commercial land located?
    The property is located at 39197 N Sheridan Rd Beach Park, IL.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Located in a Tiff District, offering potential financial incentives.; Ideal for multi‑family development or hotel/motel.; Village is open to re‑zoning, potentially allowing for 4‑6 story buildings.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Coleman
    Brian Coleman
    Real Estate License ID: IL
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!