Redevelopment Land with Operating
For Sale
$849,700
515 Rockland Road, Lake Bluff, IL 60044
Redevelopment parcel with operating pub, offering substantial frontage on two roads and existing commercial zoning in place.
Property Size2,100 SF
Lot Size0.21 Acres
Days on Market135
Property Features for 515 Rockland Road
General Information
Standard status
Active
Size
2,100 SF
Lot size
0.21 Acres
Property subtype
Business Opportunity
Zoning
COMMR
Additional Details
Road Access
Yes
Amenities
Central Air
Building Details
Building Size
2,100 SF
Stories
2
Listing Agency:
Coldwell Banker Commercial Lake Forest
(224) 428-4270
Listed By:
Michael Crawford · License #475169297
(224) 428-4270
Source:
Evrealestate
Added: Apr 11
Changed: Aug 23
Last Checked: Aug 14 at 8:03AM
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 Coldwell Banker Commercial Lake Forest
Investment Insights
Based on property information with market context.
Redevelopment land offered with Donelli’s Pub currently open and operating as a restaurant and pub. The offering includes a 9,360-square-foot parcel with approximately 80 feet of frontage on Route 176 (Rockland Road) and approximately 117 feet of frontage on Shagbark Road.
The property is located in unincorporated Lake Bluff, under current Lake County zoning, and is described as having general commercial and residential zoning in place. The buyer could voluntarily annex into the Village of Lake Bluff, where the remarks indicate the village may offer financial incentives.
Recent development across Route 176 (Rockland Road) includes new Target and Chase Bank plus retail strip malls, and an adjacent Northwestern Medicine building that sold in 2021 is also referenced as being directly across the street. The seller notes the value is in the land and indicates this offering is part of a larger eight-parcel assembly of contiguous properties totaling 2.75 acres, with possible rezoning to commercial or residential uses for all parcels.
The property is located in unincorporated Lake Bluff, under current Lake County zoning, and is described as having general commercial and residential zoning in place. The buyer could voluntarily annex into the Village of Lake Bluff, where the remarks indicate the village may offer financial incentives.
Recent development across Route 176 (Rockland Road) includes new Target and Chase Bank plus retail strip malls, and an adjacent Northwestern Medicine building that sold in 2021 is also referenced as being directly across the street. The seller notes the value is in the land and indicates this offering is part of a larger eight-parcel assembly of contiguous properties totaling 2.75 acres, with possible rezoning to commercial or residential uses for all parcels.
Key Highlights
- 9,360 SF parcel for redevelopment at 515 Rockland Road, Lake Bluff, IL
- 80 ft frontage on Route 176 (Rockland Road) and 117 ft frontage on Shagbark Road
- Donellis Pub is currently open and operating as a restaurant and pub (please do not disturb)
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
$38,658
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
4.55%
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%
$773,160
$773.2K
Cap Rate 7%
$552,257
$552.3K
Cap Rate 9%
$429,533
$429.5K
Market Conditions
NOI Build-Up for 2,100 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
$52.9K $25.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$51.5K $24.54/SF
− OpEx
−$12.9K −$6.14/SF
NOI
$38.7K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /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%
$773,160
Cap Rate 7%
$552,257
Cap Rate 9%
$429,533
Alternative Uses
Best Use
Specialty Retail
$552.3K
$483.2K – $644.3K
NOI $38,658 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$725.0K
$634.4K – $845.9K
NOI $50,752 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
828
Businesses Nearby
176k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Superstores 31%
Shops & Services 17%
Groceries 10%
Target
Superstores
54,029 visits/mo
0.3 miles
Heinen's Grocery Store
Groceries
18,016 visits/mo
0.3 miles
McDonald's
Dining
15,986 visits/mo
0.5 miles
Shell
Shops & Services
13,905 visits/mo
0.4 miles
Starbucks
Dining
10,138 visits/mo
0.5 miles
Demographics for 60044, IL
10,244
Population
4,599
Households
2.2
Avg Household Size
43
Median Age
67%
College-Educated
95%
High-School Grad
6.8 sq mi
ZIP Area
1,506
Density / Sq Mi
$127,546
Median Household Income
$81,694
Median Earnings
$1,672
Median Rent
$568,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Redevelopment parcel with operating pub, offering substantial frontage on two roads and existing commercial zoning in place.
Where is this commercial land located?
The property is located at 515 Rockland Road Lake Bluff, IL.
What is the asking price?
The asking price for this property is $849,700.
What are key features of this property?
This property features: 9,360 SF parcel for redevelopment at 515 Rockland Road, Lake Bluff, IL; 80 ft frontage on Route 176 (Rockland Road) and 117 ft frontage on Shagbark Road; Donellis Pub is currently open and operating as a restaurant and pub (please do not disturb)
