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    558-586 Randall Rd South Elgin, IL 60177

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    For Lease
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    South Elgin, IL: Prime Retail Space Available

    Lot size:
    32,154 SF

    Property Features for 558-586 Randall Rd

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,154 SF
    Total Rate
    53590

    Building Details

    Year Built
    2005

    Spaces For Lease

    at 558-586 Randall Rd, South Elgin, IL 60177 Contact us
    Unit 564-568

    $20 /Mo

    Size
    4,345 SF
    Contact us
    Unit Suite 586

    $25 /Mo

    Size
    2,804 SF
    Contact us

    We can help!

    Listing Contact
    Joel Miller, Ccim
    Joel Miller, Ccim

    Listing Agent: Joel Miller, Ccim

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

    Learn more

    Overview

    This exceptional retail property, located at 558-586 Randall Road in South Elgin, Illinois, presents a unique investment opportunity. The 32,154 square foot strip center, built in 2005, sits on a 2.91-acre lot in Kane County (zip code 60177). The property boasts a strong tenant mix, including established businesses such as Brianna's Pancake Cafe, AJ Sliders, Dogtopia, Harmony Chiropractic, Critter's Pet Shop, Signature Cleaners, and Katie Nails, ensuring high visibility and foot traffic. Multiple suites are available, ranging from a minimum of 2,804 square feet to a maximum contiguous space of 4,345 square feet. The flexible unit layouts and prominent facade signage offer excellent opportunities for a variety of retail, medical, fitness, or service-based businesses. The property's location in a thriving commercial area provides easy access for customers and employees. This well-maintained center offers a chance to establish a presence in a bustling community with a proven track record of success. The five total suites provide a diverse tenant base, contributing to a stable and profitable investment. This is an ideal opportunity for businesses seeking high visibility and a strong location in a well-established commercial center. The property's size and layout offer flexibility for various business needs, making it a versatile and attractive option for potential tenants. Contact us today to learn more about this exceptional retail space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    South Elgin
    County
    Kane
    State
    Illinois
    Longitude
    -88.342611681134
    Latitude
    41.973756473825

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    FAQs

    What type of property is this?
    Retail property - South Elgin, IL: Prime Retail Space Available
    Where is this retail property located?
    The property is located at 558-586 Randall Rd South Elgin, IL.
    What is the lease rate?
    The lease rate is $20-$25 SF/Yr.
    What are key features of this property?
    This property features: 32,154 SF strip center on a 2.91-acre lot in South Elgin, IL (60177).; Strong tenant mix including Brianna's Pancake Cafe, AJ Sliders, and others.; Multiple suites available, 2,804 SF - 4,345 SF contiguous.
    (630) 938-4950 Call to check price and availability
    Request Owner's contact information
    558-586 Randall Rd South Elgin, IL 60177
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    South Elgin, IL 60177
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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
    558-586 Randall Rd South Elgin, IL 60177
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Joel Miller, Ccim
    Joel Miller, Ccim
    Real Estate License ID: 475152032
    (630) 938-4950 (630) 270-6949
    Learn more
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