Retail Strip Center with Six
New
For Sale
Contact for pricing
605-625 N Midlothian Rd, Mundelein, IL 60060
Six-suite retail center with restaurant occupancy and direct exposure at a signalized intersection.
Property Size9,750 SF
Lot Size1.22 Acres
Price / SF$143.59
Days on Market6
Property Features for 605-625 N Midlothian Rd
General Information
Standard status
Active
Size
9,750 SF
Lot size
1.22 Acres
Property subtype
Retail
Occupancy
18%
Building Details
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
Listed By:
Mark Heidecke · License #IL 475.190786
Source:
Crexi
Added: Sep 11
Changed: Sep 16
Last Checked: Sep 16 at 2:18PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This retail strip center offers 9,750 square feet of gross leasable area across six individual suites ranging from approximately 850 to 2,400 square feet. The property occupies a 1.22-acre parcel and is currently 18.46% leased, with Tamales Diana operating in one suite and five suites vacant. The configuration provides a range of retail footprints within one building.
The center sits at the signalized intersection of N Midlothian Road and W Maple Avenue, also identified as IL Route 176. It is positioned across from Mundelein High School and near established residential neighborhoods. Surrounding commercial activity includes retail, restaurants, medical services, and other neighborhood-oriented businesses. The location provides access to commercial areas in Mundelein, Libertyville, and Vernon Hills.
The center sits at the signalized intersection of N Midlothian Road and W Maple Avenue, also identified as IL Route 176. It is positioned across from Mundelein High School and near established residential neighborhoods. Surrounding commercial activity includes retail, restaurants, medical services, and other neighborhood-oriented businesses. The location provides access to commercial areas in Mundelein, Libertyville, and Vernon Hills.
Key Highlights
- 9,750 square feet of gross leasable area on a 1.22‑acre parcel
- Six retail suites ranging from approximately 850 to 2,400 square feet
- Current occupancy is 18.46%, with five suites vacant
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
$99,713
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
7.12%
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%
$1,994,260
$2.0M
Cap Rate 7%
$1,424,471
$1.4M
Cap Rate 9%
$1,107,922
$1.1M
Market Conditions
NOI Build-Up for 9,750 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
$146.3K $15.00/SF
− Vacancy
−$3.8K −$0.39/SF
EGI
$142.4K $14.61/SF
− OpEx
−$42.7K −$4.38/SF
NOI
$99.7K $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 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%
$1,994,260
Cap Rate 7%
$1,424,471
Cap Rate 9%
$1,107,922
Alternative Uses
Best Use
Retail
$1.42M
$1.25M – $1.66M
NOI $99,713 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,636 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18.5%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
Explore this area
Business Placement
Demographics for 60060, IL
37,599
Population
13,827
Households
2.7
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
23.2 sq mi
ZIP Area
1,621
Density / Sq Mi
$110,463
Median Household Income
$52,550
Median Earnings
$1,552
Median Rent
$299,200
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?
Strip mall - Six-suite retail center with restaurant occupancy and direct exposure at a signalized intersection.
Where is this strip mall located?
The property is located at 605-625 N Midlothian Rd Mundelein, IL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 9,750 square feet of gross leasable area on a 1.22‑acre parcel; Six retail suites ranging from approximately 850 to 2,400 square feet; Current occupancy is 18.46%, with five suites vacant
