Cedar View Plaza Office
For Sale
Contact for pricing
95 W Grand Ave, Lake Villa, IL 60046
Professional office building with warehouse, ample parking, and conversion potential.
Property Size15,300 SF
Lot Size1.00 Acre
Price / SF$50.92
Days on Market1309
Property Features for 95 W Grand Ave
General Information
Standard status
Active
Size
15,300 SF
Class
B
Total Parking Spaces
70
Lot size
1.00 Acre
Property subtype
Office
Zoning
CB
Occupancy
90%
Lease Type
Gross
Building Details
Year Built
1980
Buildings
1
Stories
2
Units
18
Tenancy
Multi
Listing Agency:
Robert E. Frank Real Estate, Inc.
(847) 356-5263
Listed By:
Robert Frank · License #IL 471012445
Source:
Crexi
Added: Jan 19, 2023
Changed: Aug 8
Last Checked: Aug 20 at 3:56PM
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, Inc.
Investment Insights
Based on property information with market context.
Cedar View Plaza Office Building, encompassing 14,000 square feet with an additional 1,280-square-foot warehouse, is available for sale. Constructed as a medical office, the brick and frame building has evolved to accommodate professional and service businesses. The building features offices with natural light from large windows, hallways with fresh paint and carpeting, and common area tile bathrooms on the first and second floors. Climate control is provided by four newer rooftop units for heat. A newer GacoFlex roof coating has been applied. Tenants are responsible for individual office electric, while the landlord covers heat, air conditioning, sewer, and water. The property includes a 32x40 garage with a fenced material yard on over one acre of land. The building is located within walking distance of downtown Lake Villa restaurants, bars, and the METRA station. Ample parking is available. The property may allow conversion of the second floor to apartments. Long-time tenants include Air Technicians, Brooks Allen, and Business to Business.
Key Highlights
- Professional office building with flexible leasing options. Potential to convert the second floor to apartments (subject to Lake Villa approval).
- Features a 32x40 garage with a fenced material yard on over one acre.
- Convenient location within walking distance to downtown Lake Villa restaurants, bars, and the METRA station.
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
$65,861
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
8.45%
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%
$1,317,220
$1.3M
Cap Rate 7%
$940,871
$940.9K
Cap Rate 9%
$731,789
$731.8K
Market Conditions
NOI Build-Up for 15,300 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
$99.1K $6.48/SF
− Vacancy
−$5.1K −$0.33/SF
EGI
$94.1K $6.15/SF
− OpEx
−$28.2K −$1.84/SF
NOI
$65.9K $4.30/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$1,317,220
Cap Rate 7%
$940,871
Cap Rate 9%
$731,789
Alternative Uses
Best Use
Office B
$3.01M
$2.64M – $3.52M
NOI $210,962 @ 7.0% cap · market cap 27.08%
Second Best
Mixed Use
$2.26M
$1.98M – $2.64M
NOI $158,355 @ 7.0% cap · market cap 20.33%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,767 @ 7.0% cap · market cap 47.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 60046, IL
34,690
Population
12,544
Households
2.8
Avg Household Size
41
Median Age
42%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
1,508
Density / Sq Mi
$122,376
Median Household Income
$58,297
Median Earnings
$1,645
Median Rent
$282,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Professional office building with warehouse, ample parking, and conversion potential.
Where is this office building located?
The property is located at 95 W Grand Ave Lake Villa, IL.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Professional office building with flexible leasing options. Potential to convert the second floor to apartments (subject to Lake Villa approval).; Features a 32x40 garage with a fenced material yard on over one acre.; Convenient location within walking distance to downtown Lake Villa restaurants, bars, and the METRA station.
