Cedar View Plaza Office
For Sale
$779,000
95 W Grand Ave, Lake Villa, IL 60046
Professional office building with warehouse and ample parking near Metra.
Property Size15,302 SF
Lot Size1.00 Acre
Price / SF$50.91
Days on Market229
Property Features for 95 W Grand Ave
General Information
Standard status
Active
Size
15,302 SF
Lot size
1.00 Acre
Building Details
Year Built
1980
Listing Agency:
Robert E. Frank Real Estate
Listed By:
Robert Frank · License #471012445
(847) 356-5263
Source:
Amyboston.realtopiare
Added: Mar 5
Changed: Oct 5
Last Checked: Oct 7 at 4:14PM
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 Robert E. Frank Real Estate
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Investment Insights
Based on property information with market context.
Cedar View Plaza Office Building, encompassing 14,000 square feet with an additional 1,280-square-foot warehouse, is available for sale. Constructed as a medical office, the brick and frame building has evolved to accommodate professional and service businesses. The building features offices with natural light from large windows. Hallways are updated with fresh paint and carpeting. Common areas include tiled bathrooms on the first and second floors. Climate control is provided by four newer rooftop units for heat. A newer GacoFlex roof coating has been applied. Tenants are responsible for individual office electric, while the landlord covers heat, air conditioning, sewer, and water. The property includes a 32x40 garage with a fenced material yard on over one acre of land. Long-term tenants include Air Technicians, Brooks Allen, and Business to Business. The property is located within walking distance of downtown Lake Villa restaurants, bars, and the METRA station. Ample parking is available. Lake Villa may allow conversion of the second floor to apartments. The property is being sold by the original builder after 40-plus years of ownership.
Key Highlights
- Prime location: Walkable to downtown Lake Villa restaurants, bars, and METRA station.
- Flexible office space: Suitable for professional/service businesses, originally designed for medical offices.
- Substantial building size: 14,000 sq ft office building plus a 1,280 sq ft warehouse/garage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,870
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,400
$1.3M
Cap Rate 7%
$941,000
$941.0K
Cap Rate 9%
$731,889
$731.9K
Market Conditions
NOI Build-Up for 15,302 SF
Gross rent
$99.2K $6.48/SF
− Vacancy
−$5.1K −$0.33/SF
EGI
$94.1K $6.15/SF
− OpEx
−$28.2K −$1.84/SF
NOI
$65.9K $4.30/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,317,400
Cap Rate 7%
$941,000
Cap Rate 9%
$731,889
Alternative Uses
Best Use
Office B
$3.01M
$2.64M – $3.52M
NOI $210,989 @ 7.0% cap · market cap 27.08%
Second Best
Mixed Use
$2.26M
$1.98M – $2.64M
NOI $158,376 @ 7.0% cap · market cap 20.33%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,816 @ 7.0% cap · market cap 47.47%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 60046, IL
34,690
Population
12,544
Households
2.8
Avg Household Size
41
Median Age
42%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
1,508
Density / Sq Mi
$122,376
Median Household Income
$58,297
Median Earnings
$1,645
Median Rent
$282,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Professional office building with warehouse and ample parking near Metra.
Where is this office building located?
The property is located at 95 W Grand Ave Lake Villa, IL.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Prime location: Walkable to downtown Lake Villa restaurants, bars, and METRA station.; Flexible office space: Suitable for professional/service businesses, originally designed for medical offices.; Substantial building size: **14,000 sq ft office building plus a 1,280 sq ft warehouse/garage.**
