Two-Story Mixed-Use Downtown
For Sale
Contact for pricing
600-616 Laurel Ave., Highland Park, IL 60035
Two-story mixed-use building with recently rehabbed office and apartment space and extensive recent building upgrades.
Property Size13,568 SF
Price / SF$143.72
Days on Market58
Property Features for 600-616 Laurel Ave.
General Information
Standard status
Active
Size
13,568 SF
Total Parking Spaces
2
Property subtype
Retail, Multifamily, Office, Mixed Use
Zoning
B-5 - Business District
Investment Type
Value Add
Building Details
Year Renovated
2017
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Millennium Properties R/E
(312) 338-3000
Listed By:
Susan Silver · License #IL 475136992
Source:
Crexi
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 12 at 10:56AM
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 Millennium Properties R/E
Investment Insights
Based on property information with market context.
Available for sale is a 13,568-square-foot, two-story mixed-use property in the heart of downtown Highland Park. The building is reported to be in excellent condition, with a partially decked roof and numerous recent upgrades, including a new roof, windows, tuck pointing, stucco, and hot water heaters. The office space and one of the apartments were completely rehabbed in 2017, and ownership has invested over $240,000 in building improvements.
The property is well located on Laurel Ave., which is described as part of the commercial pedestrian core. The immediate retail and dining environment includes multiple established brands and destinations, including Denuccis Restaurant, Bluemercury, Eileen Fisher, Nic + Zoe, Orangetheory Fitness, Lou Malnati's Pizzeria, Anthropologie, and Sunset Foods, along with additional boutiques, dining, and entertainment options.
This configuration can support a variety of buyer strategies, including ownership of a building that combines office space with residential units. With documented capital improvements and recent interior rehab to both the office area and one apartment, the property is positioned for operators or investors seeking a mixed-use asset where maintenance and modernization have been actively addressed.
The property is well located on Laurel Ave., which is described as part of the commercial pedestrian core. The immediate retail and dining environment includes multiple established brands and destinations, including Denuccis Restaurant, Bluemercury, Eileen Fisher, Nic + Zoe, Orangetheory Fitness, Lou Malnati's Pizzeria, Anthropologie, and Sunset Foods, along with additional boutiques, dining, and entertainment options.
This configuration can support a variety of buyer strategies, including ownership of a building that combines office space with residential units. With documented capital improvements and recent interior rehab to both the office area and one apartment, the property is positioned for operators or investors seeking a mixed-use asset where maintenance and modernization have been actively addressed.
Key Highlights
- 13,568 SF two‑story mixed‑use building in downtown Highland Park
- Numerous recent upgrades include new roof, windows, tuck pointing, stucco, and hot water heaters
- Office space and one apartment were completely rehabbed in 2017
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
$167,456
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
8.59%
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%
$3,349,120
$3.3M
Cap Rate 7%
$2,392,229
$2.4M
Cap Rate 9%
$1,860,622
$1.9M
Market Conditions
NOI Build-Up for 13,568 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
$325.6K $24.00/SF
− Vacancy
−$21.2K −$1.56/SF
EGI
$304.5K $22.44/SF
− OpEx
−$137.0K −$10.10/SF
NOI
$167.5K $12.34/SF
Area
Lake County, IL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,349,120
Cap Rate 7%
$2,392,229
Cap Rate 9%
$1,860,622
Alternative Uses
Best Use
Office B
$2.67M
$2.34M – $3.12M
NOI $187,080 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$2.39M
$2.09M – $2.79M
NOI $167,456 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$4.68M
$4.10M – $5.47M
NOI $327,909 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 60035, IL
30,152
Population
12,376
Households
2.4
Avg Household Size
47
Median Age
76%
College-Educated
97%
High-School Grad
12.7 sq mi
ZIP Area
2,374
Density / Sq Mi
$161,811
Median Household Income
$78,658
Median Earnings
$1,903
Median Rent
$594,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-story mixed-use building with recently rehabbed office and apartment space and extensive recent building upgrades.
Where is this office units located?
The property is located at 600-616 Laurel Ave. Highland Park, IL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 13,568 SF two‑story mixed‑use building in downtown Highland Park; Numerous recent upgrades include new roof, windows, tuck pointing, stucco, and hot water heaters; Office space and one apartment were completely rehabbed in 2017
