Office Unit With Private
For Sale
$202,900
708 Florsheim Drive #106, Libertyville, IL 60048
Established office unit with reception, kitchen, multiple private rooms, and dedicated copy and fax space.
Property Size1,104 SF
Days on Market227
Property Features for 708 Florsheim Drive #106
General Information
Standard status
Active
Size
1,104 SF
Property subtype
Commercial
Zoning
OFFIC
Additional Details
HOA Fee
$413.10
Taxes and HOA fees
Annual Taxes
$4,956
Amenities
landscaping
snow removal
exterior building maintenance
common insurance
cleaning of hallway
electric for hallway
building fire alarms and inspections
Building Details
Building Size
1,104 SF
Year Built
2000
Stories
1
Units
1
Listing Agency:
RE/MAX Horizon
(847) 931-7500
Listed By:
Lawrence Hines
(847) 931-7500
Source:
Ozmentrealestate
Added: Jan 9
Changed: Aug 24
Last Checked: Aug 23 at 12:52PM
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 RE/MAX Horizon
Investment Insights
Based on property information with market context.
Built in 2000, this office unit at 708 Florsheim Drive #106 provides a practical multi-room layout. The configuration includes offices measuring 13.4 by 10 feet, 11.8 by 11.4 feet, and 11.4 by 10.4 feet, along with a 3/4 bath, kitchen measuring 12.4 by 6.4 feet, reception area measuring 10 by 7.3 feet, and copy/fax area measuring 9 by 9 feet. A private bathroom with shower adds further functionality.
The property is zoned OFFIC. Association services cover landscaping, snow removal, exterior building maintenance, common insurance, hallway cleaning, hallway electricity, and building fire alarm inspections.
The property is zoned OFFIC. Association services cover landscaping, snow removal, exterior building maintenance, common insurance, hallway cleaning, hallway electricity, and building fire alarm inspections.
Key Highlights
- Three private offices measuring 13.4X10, 11.8X11.4, and 11.4X10.4
- Private bathroom with shower plus a separate 3/4 bath
- Kitchen measures 12.4X6.4
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
$15,222
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
7.50%
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%
$304,440
$304.4K
Cap Rate 7%
$217,457
$217.5K
Cap Rate 9%
$169,133
$169.1K
Market Conditions
NOI Build-Up for 1,104 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
$27.0K $24.48/SF
− Vacancy
−$6.7K −$6.10/SF
EGI
$20.3K $18.38/SF
− OpEx
−$5.1K −$4.60/SF
NOI
$15.2K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /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%
$304,440
Cap Rate 7%
$217,457
Cap Rate 9%
$169,133
Alternative Uses
Best Use
Office B
$217.5K
$190.3K – $253.7K
NOI $15,222 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$381.2K
$333.5K – $444.7K
NOI $26,681 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Established office unit with reception, kitchen, multiple private rooms, and dedicated copy and fax space.
Where is this office units located?
The property is located at 708 Florsheim Drive #106 Libertyville, IL.
What is the asking price?
The asking price for this property is $202,900.
What are key features of this property?
This property features: Three private offices measuring 13.4X10, 11.8X11.4, and 11.4X10.4; Private bathroom with shower plus a separate 3/4 bath; Kitchen measures 12.4X6.4
