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    8001 Lincoln Ave Skokie, IL 60077

    Sponsored
    For Sale
    $10,000,000

    Prime 3.2-acre site, redevelopment potential

    Property size:
    105,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional 3.2-acre (142,681 sq ft) site in downtown Skokie presents a compelling redevelopment opportunity. The property includes a 105,000 square foot, eight-story office building constructed in 1972 with an addition in 1978 by Graham, Anderson, Probst & White. The building boasts high ceilings on every floor and ample parking, with upper floors offering magnificent city views. The property also encompasses three vacant lots, all situated within the CX Core Mixed zoning district. This allows for a diverse range of development possibilities, including the potential for 50+ apartments, 10+ townhomes, amenities, retail space, work-from-home options, and additional parking. The vacant lots alone could accommodate approximately 20 units each, based on current zoning and comparable nearby projects. The asking price is $10,000,000, with a price per square foot of $95.24 for the building and $70 per square foot for the land. The property's address is 8001 Lincoln Ave, Skokie, IL 60077, and its APN numbers are 10-28-205-011-0000, 10-21-414-083-0000, 10-21-414-054-0000, 10-28-201-028-0000, and 10-21-410-028-0000. This is a truly unique chance to acquire a significant property in a thriving downtown location.

    Property Features for 8001 Lincoln Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    105,000 SF

    Building Details

    Buildings
    1
    Stories
    8

    We can help!

    Listing Contact
    Theron May
    Theron May

    Learn more

    Property Insight Report

    HighLights

    • 3.2‑acre (142,681 sq ft) site in downtown Skokie with redevelopment potential.
    • 105,000 sq ft, eight‑story office building (1972, addition 1978), high ceilings, ample parking, city views.
    • Three vacant lots in CX Core Mixed zoning, allowing for diverse development (e.g., 50+ apartments, 10+ townhomes, retail).
    • $10,000,000 asking price; $95.24/sq ft for building, $70/sq ft for land.
    • 8001 Lincoln Ave, Skokie, IL 60077; APNs: 10‑28‑205‑011‑0000, 10‑21‑414‑083‑0000, 10‑21‑414‑054‑0000, 10‑28‑201‑028‑0000, 10‑21‑410‑028‑0000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Open Informatics LLC Computer Support And Services Evolution Collect Software Company Illinois Healing Center ... Mental Health Service Illinois Department of Human ... Social Services Organization Yankie Greenberger, LCSW Psychotherapist

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Skokie
    County
    Cook
    State
    Illinois
    Longitude
    -87.7536383
    Latitude
    42.026623

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    FAQs

    What type of property is this?
    Multifamily property - Prime 3.2-acre site, redevelopment potential
    Where is this multifamily property located?
    The property is located at 8001 Lincoln Ave Skokie, IL.
    What is the asking price?
    The asking price for this property is $10,000,000.
    What are key features of this property?
    This property features: 3.2-acre (142,681 sq ft) site in downtown Skokie with redevelopment potential.; 105,000 sq ft, eight-story office building (1972, addition 1978), high ceilings, ample parking, city views.; Three vacant lots in CX Core Mixed zoning, allowing for diverse development (e.g., 50+ apartments, 10+ townhomes, retail).
    Request Owner's contact information
    8001 Lincoln Ave Skokie, IL 60077
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    Skokie, IL 60077
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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.

    More about this property
    8001 Lincoln Ave Skokie, IL 60077
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    We can help!
    Listing Contact
    Theron May
    Theron May
    Real Estate License ID: IL 471.019986
    Learn more
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