Retail Strip Center with Six
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 Market52
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: Oct 26
Last Checked: Oct 30 at 11:23AM
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
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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 / Yr
$99,713
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
