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    Renovated Housing Facility with Retail Title is generated by Realmo AI

    700 Sheridan Rd, Highwood, IL 60040

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    Five-story building with 105 units and retail space in Highwood.

    Added:
    Jan 27, 2026
    Days on Market:
    114
    Last Refresh:
    Apr 5 at 8:58 pm

    Property Features for 700 Sheridan Rd

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1971

    We can help!

    Listing Contact
    Chet Evans

    Listing agent Chet Evans

    Listing office Hilco Real Estate - Corporate

    Listing date Jan 27, 2026

    Source Hilcorealestatesales

    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 Hilco Real Estate - Corporate

    HighLights

    • 105 total units: 95 studio units and 10 one‑bedroom units.
    • Recently renovated interior and exterior.
    • Includes a 2,100± SF commercial kitchen.
    • Features a 20,000± SF retail space suitable for grocery operations, restaurants, and similar uses.
    • Located in Chicago’s North Shore suburbs, between Lake Forest & Highland Park.
    • Easily accessible via I‑94, IL Route 22, IL Route 131 & U.S. Route 41.

    Overview

    The property, known as 700 on Sheridan, is a five-story housing facility originally designed as a Ramada Inn hotel. It features 105 units, including 95 studio units averaging 316 square feet and 10 one-bedroom units ranging from 632 to 720 square feet. The building has undergone comprehensive interior and exterior renovations, including the addition of a 2,100 square foot commercial kitchen and a 20,000 square foot retail space suitable for grocery operations, restaurants, and similar uses. Amenities include a lobby and reception area, management office, library, mail room, beauty/barber shop, sundry store, wellness/therapy facilities, indoor pool and sauna, and an industrial kitchen. The property is located in Chicago’s North Shore suburbs, between Lake Forest and Highland Park, with accessibility via I-94, IL Route 22, IL Route 131, and U.S. Route 41. This site presents an opportunity to provide housing and retail options for the Chicago North Shore area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Life time and Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Highwood
    County
    Lake
    State
    Illinois
    Longitude
    -87.8146
    Latitude
    42.2102

    Nearby Similar for Sale

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      Highwood Retail Property For Sale

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      1,980 SF

      Highwood Restaurant Space with Patio

      Restaurant space with patio in vibrant Highwood location.
      524 Sheridan Rd, Highwood, IL
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    • $1,250,000
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      Two-Story Retail Building For Sale

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    FAQs

    What type of property is this?
    Apartment building - Five-story building with 105 units and retail space in Highwood.
    Where is this apartment building located?
    The property is located at 700 Sheridan Rd Highwood, IL.
    What are key features of this property?
    This property features: 105 total units: 95 studio units and 10 one‑bedroom units.; Recently renovated interior and exterior.; Includes a 2,100± SF commercial kitchen.
    (847) 418-2702
    We can help!
    Listing Contact
    Chet Evans
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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