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    Prime Commercial Land, Fox Lake Title is generated by Realmo AI

    90 S Us Highway 12, Fox Lake, IL 60020

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    Claim this Listing
    For Sale
    $2,500,000

    COMMERCIAL - Fox Lake, IL

    Type:Retail
    Lot size:
    2.73 Acres
    Added:
    Oct 25, 2025
    Days on Market:
    209
    Last Refresh:
    May 21 at 4:06 pm

    Property Features for 90 S Us Highway 12

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    COMMR
    Standard status
    Active
    APN
    05094001390000
    Lot size
    2.73 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    49987

    Utilities

    Cooling system
    Zoned

    Building Details

    Year built
    1990
    Floors in Building
    1

    We can help!

    Listing Contact
    Lisa Rabe
    Lisa Rabe

    Listing agent Lisa Rabe License #475166289

    Listing office Lakes Realty Group 16 E Grand Ave, Fox Lake, IL

    Listing date Oct 25, 2025

    MLS# 12503980

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in the central business district with high visibility on HWY 12, ideal for retail redevelopment.
    • Opportunity to utilize the existing large warehouse building or develop the land for new commercial use.
    • Located next to PUD for entertainment development, Culver's, and Ben Watt's Marina.
    • Phase 2 Environmental completed and clean.
    • Existing warehouse features three repair rooms with two‑story ceilings and five large drive‑in doors.
    • Owner will consider financing.

    Overview

    This property is located in the central business district and offers the opportunity to utilize the existing large warehouse building or develop the 2.73-acre land for a new commercial use. The property is located next to the PUD for entertainment development as well as the new Culver's and Ben Watt's Marina. The prior use was an automotive repair shop and showroom. There are three rooms for repairs with two-story ceilings and 5 large drive-in doors. Multiple hanging heaters, high-level shop lighting, and a floor drain are still in place. Lifts and all other equipment have been removed. There is one large showroom in front and multiple offices behind. The location is ideal for redevelopment into a retail space with visibility on HWY 12. The owner will consider financing. A Phase 2 Environmental assessment has been completed and came back clean. The property is zoned COMMR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Automotive properties

    Similar Places Nearby

    • U-Haul Neighborhood Dealer — 74 E Grand Ave, Fox Lake, IL 60020
    • Jerry's Auto Care — 121 US-12, Fox Lake, IL 60020
    • A To Z Rental Center — 129 US-12, Fox Lake, IL 60020

    Map

    City
    Fox Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.1755
    Latitude
    42.3951

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    FAQs

    What type of property is this?
    Automotive property - Excellent location for redevelopment or utilizing existing warehouse building.
    Where is this automotive property located?
    The property is located at 90 S Us Highway 12 Fox Lake, IL.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Prime location in the central business district with high visibility on HWY 12, ideal for retail redevelopment.; Opportunity to utilize the existing large warehouse building or develop the land for new commercial use.; Located next to PUD for entertainment development, Culver's, and Ben Watt's Marina.
    (847) 338-3848
    We can help!
    Listing Contact
    Lisa Rabe
    Lisa Rabe
    Real Estate License ID: 475166289
    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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