Cedar View Plaza Office
For Sale
$779,000
95 W Grand Avenue, Lake Villa, IL 60046
Professional office building with warehouse and ample parking near Metra.
Property Size15,280 SF
Lot Size1.13 Acres
Price / SF$50.98
Days on Market278
Property Features for 95 W Grand Avenue
General Information
Standard status
Active
Size
15,280 SF
Lot size
1.13 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,260
Amenities
Central air
Central Air Cooling
Composition Roof
Membrane Roof
Building Details
Year Built
1980
Listing Agency:
ROBERT E. FRANK REAL ESTATE
(847) 356-5263
Listed By:
ROBERT FRANK · License #471012445
Source:
Corcoran
Added: Nov 15, 2025
Changed: Aug 20
Last Checked: Aug 20 at 6:47AM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$65,775
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,315,500
$1.3M
Cap Rate 7%
$939,643
$939.6K
Cap Rate 9%
$730,833
$730.8K
Market Conditions
NOI Build-Up for 15,280 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.0K $6.48/SF
− Vacancy
−$5.0K −$0.33/SF
EGI
$94.0K $6.15/SF
− OpEx
−$28.2K −$1.84/SF
NOI
$65.8K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,315,500
Cap Rate 7%
$939,643
Cap Rate 9%
$730,833
Alternative Uses
Best Use
Office B
$3.01M
$2.63M – $3.51M
NOI $210,686 @ 7.0% cap · market cap 27.05%
Second Best
Mixed Use
$2.26M
$1.98M – $2.64M
NOI $158,148 @ 7.0% cap · market cap 20.30%
Theoretical Best
Office A
$5.28M
$4.62M – $6.15M
NOI $369,284 @ 7.0% cap · market cap 47.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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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 Avenue 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.**
