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    Retail Space on Rand Road Title is generated by Realmo AI

    890 S Rand Road #A, Lake Zurich, IL 60047

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    For Lease
    $14 SF/Yr

    Prime retail location with high visibility and drive-thru potential.

    Type:Commercial
    Added:
    Aug 7, 2024
    Days on Market:
    644
    Last Refresh:
    Apr 5 at 11:37 pm

    Property Features for 890 S Rand Road #A

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    2018

    We can help!

    Listing Contact
    LEAH ERICKSON
    LEAH ERICKSON

    Listing agent LEAH ERICKSON License #475204597

    Listing office COLDWELL BANKER COMMERCIAL REAL ESTATE GROUP

    Listing date Aug 7, 2024

    Source Corcoran

    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 COLDWELL BANKER COMMERCIAL REAL ESTATE GROUP

    HighLights

    • High traffic location with 39,600 vehicles per day (VPD).
    • Corner space with ample parking and easy access.
    • Potential for drive‑thru window installation.
    • Excellent visibility with 16' of glazing on Rand Road and 13' on the west side.
    • New construction (built in 2018).
    • Located in a well‑maintained neighborhood center with established co‑tenants (Domino's Pizza, Sherwin Williams, Lacey's Slots).

    Overview

    This retail space is located on Rand Road, benefiting from high traffic volume of 39,600 vehicles per day. Situated as a corner space, it offers ample parking and access. A new tenant has the option to install a drive-thru window along the west wall. The space measures 78 feet by 20 feet 2 inches. It features 16 feet of glazing along Rand Road and an additional 13 feet along the west side, suitable for retail or advertising purposes. The ADA-accessible restroom measures 10 feet by 7 feet 4 inches. The space is fully sprinklered and includes a 2x4 drop ceiling with a height of 9 feet 10 inches. The storefront glazing provides natural light. A utility sink is currently installed outside of the restroom with a fiberglass panel surround. The walls are freshly painted, and new flooring options are available. The property is part of a well-maintained neighborhood center, alongside co-tenants such as Domino's Pizza, Sherwin Williams, and Lacey's Slots. The zoning allows for various uses; verification is recommended.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Zurich
    County
    Cook
    State
    Illinois
    Longitude
    -88.1112
    Latitude
    42.2034

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    FAQs

    What type of property is this?
    Retail space - Prime retail location with high visibility and drive-thru potential.
    Where is this retail space located?
    The property is located at 890 S Rand Road #A Lake Zurich, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: High traffic location with **39,600 vehicles per day (VPD)**.; Corner space with ample parking and easy access.; Potential for drive‑thru window installation.
    (630) 844-2222
    We can help!
    Listing Contact
    LEAH ERICKSON
    LEAH ERICKSON
    Real Estate License ID: 475204597
    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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