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    1039 Sheridan Rd Winthrop Harbor, IL 60096

    Sponsored
    For Sale
    $1,800,000

    10-Unit Multifamily, High NOI, Prime Location

    Property size:
    8,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Exceptional investment opportunity in Winthrop Harbor, IL! This mixed-use property boasts 8,000 square feet on a 1.1-acre lot at the hard corner of Sheridan Rd and 11th St., offering high visibility and accessibility. The property features ten units: nine apartments (a mix of six two-bedroom and three one-bedroom units, all with long-term tenants and annual rent increases) and one coach house, plus four garages, all currently occupied at 100% occupancy. A restaurant tenant has occupied the retail space since 2017, with lease extensions in place. An additional retail pad (2,000-4,000 sq ft) is ready for development, presenting significant upside potential. The property benefits from a strong NOI of $112,368 (pro-forma NOI of $115,740) and a current cap rate of 6.24% (pro-forma 6.43%). Renovated in 2018, this property enjoys a prime location near the North Point Marina (the largest freshwater marina in the US), just 1.3 miles from the Wisconsin state line and benefits from high daily vehicle traffic (19,700 VPD). The site is also approved for cannabis sales, adding another potential revenue stream. Ample parking is available. This is a value-add opportunity with significant potential for increased profitability. Asking price is $1,800,000.

    Property Features for 1039 Sheridan Rd

    General Information

    Property type
    Multifamily properties
    Square Feet
    8,000 SF
    Lot Size
    47,916 SF

    Building Details

    Year Renovated
    2018
    Units
    10

    HighLights

    • Mixed‑use property with nine apartments and one retail space.
    • All rents feature annual increases.
    • Apartment mix includes six two‑bedroom and three one‑bedroom units.
    • High visibility location with 19,700 vehicles per day.
    • 2,000‑4,000 square feet of additional retail space available for development.
    • 1.3 miles from the Wisconsin state line.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Winthrop Harbor
    County
    Lake
    State
    Illinois
    Longitude
    -87.8242496
    Latitude
    42.47565537

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    Nearby Similar for Sale

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      Winthrop Harbor Gas Station Opportunity

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    FAQs

    What type of property is this?
    Multifamily property - 10-Unit Multifamily, High NOI, Prime Location
    Where is this multifamily property located?
    The property is located at 1039 Sheridan Rd Winthrop Harbor, 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: Mixed-use property with nine apartments and one retail space.; All rents feature annual increases.; Apartment mix includes six two-bedroom and three one-bedroom units.
    Request Owner's contact information
    1039 Sheridan Rd Winthrop Harbor, IL 60096
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    Realmo Value Estimation

    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.

    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.

    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
    1039 Sheridan Rd Winthrop Harbor, IL 60096
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