Versatile Commercial Property on Milwaukee
35220 N Illinois 83 Lake Villa, IL 60046
35220 N Illinois 83, Lake Villa, IL, 60046
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For Sale
Contact for pricing
Contractor property with office, shop space, and fenced yard.
Property Size5,788 SF
Lot Size2.00 Acres
Price / SF$310.99
Days on Market616
Property Features for 35220 N Illinois 83
General Information
- Standard status
- Active
- Size
- 5,788 SF
- Lot size
- 2.00 Acres
- Property subtype
- Industrial
Listing agency
Realty World-Tiffany R.E
(847) 875-4246
Listed by
Bryan Shaughnessy · License #IL 475168061
Source
Crexi
Added: Nov 12, 2024 Updated: Jul 10 at 3:41PM Checked: Jul 19 at 4:02AM
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 Realty World-Tiffany R.E
Investment Insights
Based on property information with market context.
This commercial property features approximately 350 feet of frontage on Milwaukee Ave in Round Lake Beach, with a daily traffic count near 18,000. The property, situated on just under 2 acres, is currently used as a contractor property. It includes 2130 square feet of office space and 4000 square feet of shop space, along with a 1.5-acre fenced-in yard. The property is suitable for a multitude of uses, including a contractor yard, auto repair, boat repair, storage, or redevelopment for restaurant or retail purposes.
Key Highlights
- High‑traffic location: Approximately 350 feet of frontage on Milwaukee Ave with a daily traffic count near 18,000.
- Large Lot: Just under 2 acres with a 1.5‑acre fenced‑in yard.
- Versatile Use: Suitable for contractor yard, auto repair, boat repair, storage, redevelopment for restaurant/retail, etc.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $141.7k | $24.48 |
| − Vacancy | −$35.3k | −$6.10 |
| EGI | $106.4k | $18.38 |
| − OpEx | −$26.6k | −$4.60 |
| NOI | $79.8k | $13.79 |
5,788 SF · lease $24.48/SF/yr · vacancy 24.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.14M
$997.6K – $1.33M
NOI $79,807 @ 7.0% cap · market cap 4.43%
Second Best
Flex RnD
$483.0K
$422.6K – $563.5K
NOI $33,811 @ 7.0% cap · market cap 1.88%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,883 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Contractor property with office, shop space, and fenced yard.
Where is this flex space located?
The property is located at 35220 N Illinois 83 Lake Villa, IL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: High‑traffic location: Approximately 350 feet of frontage on Milwaukee Ave with a daily traffic count near 18,000.; Large Lot: Just under 2 acres with a 1.5‑acre fenced‑in yard.; Versatile Use: Suitable for contractor yard, auto repair, boat repair, storage, redevelopment for restaurant/retail, etc.
