Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    28286 State Rte 22 Lake Barrington, IL 60010

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    15 Acres, Prime Location, High Visibility

    Property Features for 28286 State Rte 22

    General Information

    Property type
    Retirement homes
    Lot Size
    653,400 SF

    We can help!

    Listing Contact
    George Spirrison, Ccim
    George Spirrison, Ccim

    Listing Agency: Adelphia Properties Listing Agent: George Spirrison, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 15-acre parcel presents a rare development opportunity in the highly desirable Lake Barrington, Illinois. Located at 28286 W State Rte 22, this commercially zoned land boasts 469.29 linear feet of frontage on Route 22, situated at the signalized intersection of Route 22 and Kelsey Road. Its prime location offers unparalleled visibility and accessibility. The property is conveniently situated next to Advocate Good Shepherd Hospital and Stonehenge Golf Course, benefiting from the established infrastructure and affluent residential base of the area. The raw, level, and unimproved land is ideal for various commercial ventures, particularly senior housing, as indicated by the permitted zoning. This well-populated area features high-income residents, making it an attractive location for development. The property is approximately 40 miles northwest of Chicago's Loop, offering easy access to the city while enjoying the benefits of a lower Lake County tax rate. The asking price is $1,895,000. This is a truly unique opportunity to acquire a significant land holding in a prime location with exceptional potential for development and strong return on investment. The zip code is 60010, and the property is in Lake County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retirement homes

    Map

    City
    Lake Barrington
    County
    Lake
    State
    Illinois
    Longitude
    -88.185159
    Latitude
    42.195976

    Nearby Similar for Sale

    • Contact for pricing
      57,000 SF

      Lake Barrington Medical Office Building

      57,000 SF Medical Office, 48% Leased
      28160 Hwy, Lake Barrington, IL 60010
      View Details
    • $1,300,000
      14,444 SF

      Lake Barrington Sports Complex

      14,444 SF Industrial Condo - $1.3M
      28039 Northpointe Pkwy, Lake Barrington, IL 60010
      View Details

    FAQs

    What type of property is this?
    Retirement home - 15 Acres, Prime Location, High Visibility
    Where is this retirement home located?
    The property is located at 28286 State Rte 22 Lake Barrington, IL.
    What is the asking price?
    The asking price for this property is $1,895,000.
    What are key features of this property?
    This property features: 15-acre development site in Lake Barrington, IL, priced at $1,895,000.; High-visibility corner lot at the intersection of IL Route 22 and Kelsey Road, offering 469.29 linear feet of frontage on Route 22.; Zoned commercial, ideal for senior housing development.
    (630) 455-4495 Call to check price and availability
    Request Owner's contact information
    28286 State Rte 22 Lake Barrington, IL 60010
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    28286 State Rte 22
    Lake Barrington, IL 60010
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    28286 State Rte 22 Lake Barrington, IL 60010
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing George Spirrison, Ccim
    George Spirrison, Ccim
    Real Estate License ID: 471002579
    (630) 455-4495
    Learn more
    Google sign-in failed. Please try again or use another login method.