Two-Story Mixed-Use
For Sale
$790,000
700 Northwest Highway, Fox River Grove, IL 60021
Commercial Sale, Fox River Grove, IL
Property Size4,428 SF
Lot Size0.50 Acres
Price / SF$178.41
Days on Market499
Property Features for 700 Northwest Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMR
Directions
On Route 14. East of School St.
Subdivision
Fox River Grove
Standard status
Active
APN
2020130021
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
22722
Utilities
Utilities
Natural Gas Available
Cooling system
Central Air
Building Details
Year built
2000
Floors in Building
2
Number of units
5
Building materials
Block
Listing Agency:
Parkvue Realty Corporation
(312) 788-4040
Listed By:
Anthony Disano · License #471010606
(312) 788-4040
Added: Apr 9, 2025
Changed: Aug 20
Last Checked: Aug 20 at 3:06PM
MLS# 12290150
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story mixed-use property contains 4,428 sqft of commercial and residential space, with restaurant, warehouse/garage, and apartment components. The restaurant/bar area includes a commercial kitchen with a pizza oven, hood with an Ansul system, stove, fryers, walk-in cooler, and grease trap. A full basement provides additional storage. The building also includes four apartments: two two-bedroom, one-bath units and two one-bedroom, one-bath units. Block construction, central air, and natural gas availability are reported, with a 2000 construction date.
Located at 700 Northwest Highway in Fox River Grove, the property has 81' of frontage along Northwest Hwy and sits within a commercial corridor near office space, schools, recreation, and transportation. The zoning designation is COMMR.
Located at 700 Northwest Highway in Fox River Grove, the property has 81' of frontage along Northwest Hwy and sits within a commercial corridor near office space, schools, recreation, and transportation. The zoning designation is COMMR.
Key Highlights
- 4,428 sqft two‑story mixed‑use building
- Restaurant/bar area with pizza oven, Ansul system, walk‑in cooler, fryers, and grease trap
- Four apartments: two 2‑bed/1‑bath units and two 1‑bed/1‑bath units
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
$51,999
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
6.58%
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%
$1,039,980
$1.0M
Cap Rate 7%
$742,843
$742.8K
Cap Rate 9%
$577,767
$577.8K
Market Conditions
NOI Build-Up for 4,428 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
$74.4K $16.80/SF
− Vacancy
−$5.1K −$1.14/SF
EGI
$69.3K $15.66/SF
− OpEx
−$17.3K −$3.91/SF
NOI
$52.0K $11.74/SF
Area
McHenry County, IL
Vacancy
6.80%
Lease Rate
$16.80 /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%
$1,039,980
Cap Rate 7%
$742,843
Cap Rate 9%
$577,767
Alternative Uses
Best Use
Specialty Retail
$742.8K
$650.0K – $866.7K
NOI $51,999 @ 7.0% cap · market cap 6.58%
Second Best
Mixed Use
$654.7K
$572.9K – $763.8K
NOI $45,830 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,015 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 60021, IL
5,404
Population
1,968
Households
2.7
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
2.0 sq mi
ZIP Area
2,702
Density / Sq Mi
$122,005
Median Household Income
$59,030
Median Earnings
$2,134
Median Rent
$286,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes restaurant, warehouse/garage, and residential apartment components.
Where is this mixed-use property located?
The property is located at 700 Northwest Highway Fox River Grove, IL.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: 4,428 sqft two‑story mixed‑use building; Restaurant/bar area with pizza oven, Ansul system, walk‑in cooler, fryers, and grease trap; Four apartments: two 2‑bed/1‑bath units and two 1‑bed/1‑bath units
