Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Lake Bluff Redevelopment Opportunity Title is generated by Realmo AI

    511 W Rockland Rd, Lake Bluff, IL 60044

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Commercial land for redevelopment in Lake Bluff, Illinois.

    Type:Land
    Lot size:
    2.75 Acres
    Added:
    Jun 1, 2022
    Days on Market:
    1452
    Last Refresh:
    May 19 at 8:44 pm

    Property Features for 511 W Rockland Rd

    General Information

    Standard status
    Active
    Lot size
    2.75 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    John Josephitis

    Listing agent John Josephitis License #IL 475.169297

    Listing office Coldwell Banker Commercial Lake Forest

    Listing date Jun 1, 2022

    Source Crexi

    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 Coldwell Banker Commercial Lake Forest

    HighLights

    • Prime redevelopment opportunity in a desirable North Shore location (Lake Bluff, IL).
    • Potential for financial incentives from the Village of Lake Bluff for annexation.
    • Existing income from tenants in the office building and single‑family home.
    • Located in a thriving commercial corridor with recent developments.
    • General commercial and residential zoning allows for flexible redevelopment options.
    • Opportunity to acquire a portion of a larger 2.75‑acre land assembly.

    Overview

    This property represents a rare commercial redevelopment land acquisition opportunity in the North Shore area of Lake Bluff, Illinois. The Sunset Motel is currently open and operating. The property is located in unincorporated Lake Bluff and has current Lake County zoning with general commercial and residential zoning in place. The buyer has the option to voluntarily annex into the Village of Lake Bluff, which is willing to offer financial incentives. The property is located in a thriving commercial corridor that serves residents of Lake Bluff and Lake Forest, as well as a large daytime employment base from Abbott Labs and surrounding businesses. Recent developments in the area include a new Target, Chase Bank, and retail strip malls directly across the street on Route 176 (Rockland Road). The offering could be part of a larger eight-parcel assembly of contiguous properties that total 2.75 acres of commercial and residential land. Possible rezoning of all parcels to be either commercial or residential. Future use for new retail, medical, multi-family, drive-thru etc.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Bluff
    County
    Lake
    State
    Illinois
    Longitude
    -87.8713965
    Latitude
    42.2799332

    Nearby Similar for Sale

    • Contact for pricing
      93,903 SF

      Versatile Office Space For Sale

      15,034 SF divisible office space suitable for medical use.
      101 Waukegan Road, Lake Bluff, IL 60044
      View Details
    • Contact for pricing
      45,018 SF

      Multi-Tenant Office Building For Sale

      45,018 SF multi-tenant office building in Lake Bluff, Illinois.
      900 W NORTH SHORE DR, LAKE BLUFF, IL 60044
      View Details
    • $199,000

      Wooded Lot in Lake Bluff

      Rare 1-acre wooded lot in Arden Shores Estates.
      188 Melvin Drive, Lake Bluff, IL 60044
      View Details
    • $2,400,000

      2.5 Acres Industrial Land Available

      2.5 acres of industrial land with income in place.
      123 Skokie Hwy, Lake Bluff, IL 60044
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial land for redevelopment in Lake Bluff, Illinois.
    Where is this commercial land located?
    The property is located at 511 W Rockland Rd Lake Bluff, IL.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Prime redevelopment opportunity in a desirable North Shore location (Lake Bluff, IL).; Potential for financial incentives from the Village of Lake Bluff for annexation.; Existing income from tenants in the office building and single‑family home.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Josephitis
    Real Estate License ID: IL 475.169297
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    511 W Rockland Rd, Lake Bluff, IL 60044
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!