Flex Space with Overhead
New
For Sale
$195,000
888 E Belvidere Road Unit 415, Grayslake, IL 60030
The unit combines office space with a rear area that can be reconfigured by removing existing partitions.
Property Size40,000 SF
Price / SF$106.91
Days on Market5
Property Features for 888 E Belvidere Road Unit 415
General Information
Standard status
Active
Size
40,000 SF
Property subtype
COMMERCIAL
Zoning
LI
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,578
Building Details
Building Size
40,000 SF
Year Built
1996
Construction
brick
Listing Agency:
Robert E. Frank Real Estate
Listed By:
Robert Frank · License #471012445
(847) 356-5263
Source:
Realtorjamie
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 2:04PM
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 Robert E. Frank Real Estate
Investment Insights
Based on property information with market context.
This 1,824-square-foot flex condo has brick construction, a 10-by-10-foot overhead door and access to a shared exterior loading dock. A foyer opens to a large office area with broad windows facing west toward retention ponds. Partitions in the rear section can be removed to create an open span. Built in 1996, the unit is in an industrial complex at the intersection of Route 120 and Atkinson Road in Grayslake.
LI zoning allows uses that include pharmaceutical operations, machine shops, plastics manufacturing, pest control, equipment rental and beverage distribution. The property is available for sale, lease or lease option.
LI zoning allows uses that include pharmaceutical operations, machine shops, plastics manufacturing, pest control, equipment rental and beverage distribution. The property is available for sale, lease or lease option.
Key Highlights
- 1,824 square feet of flex space
- 10‑by‑10‑foot overhead door and shared exterior loading dock
- Rear partitions can be removed to create an open‑span area
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
$10,655
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
5.46%
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%
$213,100
$213.1K
Cap Rate 7%
$152,214
$152.2K
Cap Rate 9%
$118,389
$118.4K
Market Conditions
NOI Build-Up for 1,824 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
$17.3K $9.48/SF
− Vacancy
−$899 −$0.49/SF
EGI
$16.4K $8.99/SF
− OpEx
−$5.7K −$3.15/SF
NOI
$10.7K $5.84/SF
Area
Lake County, IL
Vacancy
5.20%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$213,100
Cap Rate 7%
$152,214
Cap Rate 9%
$118,389
Alternative Uses
Best Use
Flex RnD
$152.2K
$133.2K – $177.6K
NOI $10,655 @ 7.0% cap · market cap 5.46%
Second Best
Industrial
$112.2K
$98.2K – $130.9K
NOI $7,852 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$629.7K
$551.0K – $734.7K
NOI $44,082 @ 7.0% cap · market cap 22.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60030, IL
36,346
Population
15,006
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,356
Density / Sq Mi
$104,920
Median Household Income
$55,766
Median Earnings
$1,526
Median Rent
$276,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - The unit combines office space with a rear area that can be reconfigured by removing existing partitions.
Where is this flex space located?
The property is located at 888 E Belvidere Road Unit 415 Grayslake, IL.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 1,824 square feet of flex space; 10‑by‑10‑foot overhead door and shared exterior loading dock; Rear partitions can be removed to create an open‑span area
