Building Details

Construction brick

Listing Agency: Robert E. Frank Real Estate l***@aol.com Show Phone

Listed By: Robert E Frank, GRI · License #471012445 Show Phone

Source: Exprealty

Added: Oct 2 Changed: Oct 16 Last Checked: Oct 16 at 2:11PM

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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 Robert E. Frank Real Estate

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Investment Insights

Based on property information with market context.

This 1,824-square-foot flex condominium combines a small entry foyer and open office area with rear space that has existing partitions. The partitions can be removed to create a clear-span area. Large windows in the front office look west toward retention ponds. The unit has a 10 x 10 overhead door and access to a shared exterior loading dock.

LI zoning allows uses that include pharmaceutical operations, machine shops, plastics manufacturing, exterminators, equipment rental and beverage distribution. The industrial complex is at the intersection of Rt. 120 and Atkinson Road in Grayslake. The unit is available immediately for sale or lease, and the owner will consider a lease option.

Key Highlights

• 1,824‑square‑foot flex industrial condominium
• 10 x 10 overhead door and shared exterior loading dock
• Open office area, foyer and rear space with removable partitions

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,655

Cap Rate

5.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$213,100 $213.1K

Cap Rate 7%

$152,214 $152.2K

Cap Rate 9%

$118,389 $118.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,824 SF

Gross rent

$17.3K $9.48/SF

− Vacancy

−$899 −$0.49/SF

EGI

$16.4K $8.99/SF

− OpEx

−$5.7K −$3.15/SF

NOI

$10.7K $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%

$213,100

Cap Rate 7%

$152,214

Cap Rate 9%

$118,389

Alternative Uses

Best Use

Flex RnD

$152.2K

$133.2K – $177.6K (±1% cap)

NOI $10,655 @ 7.0% cap · market cap 5.46%

Second Best

Industrial

$112.2K

$98.2K – $130.9K (±1% cap)

NOI $7,852 @ 7.0% cap · market cap 4.03%

Theoretical Best

Office A

$629.7K

$551.0K – $734.7K (±1% cap)

NOI $44,082 @ 7.0% cap · market cap 22.61%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Pharmacy Storage Facility Garden Center Hotel & Motel (Bike/Boat/Book/etc) 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.

Location Intelligence

Trade Area within ½ mile

841

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 60030, IL

36,346

Population

15,006

Households

2.4

Avg Household Size

43

Median Age

49%

College-Educated

97%

High-School Grad

26.8 sq mi

ZIP Area

1,356

Density / Sq Mi

$104,920

Median Household Income

$55,766

Median Earnings

$1,526

Median Rent

$276,800

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - LI zoning allows uses such as machine shops, plastics manufacturing, equipment rental and beverage distribution.

Where is this flex space located?

The property is located at 415-888 E Belvidere Rd Grayslake, IL.

What is the asking price?

The asking price for this property is $195,000.

What are key features of this property?

This property features: 1,824‑square‑foot flex industrial condominium; 10 x 10 overhead door and shared exterior loading dock; Open office area, foyer and rear space with removable partitions