Libertyville Office/Flex Portfolio For
For Sale
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13975 W Polo Trail Dr, Lake Forest, IL 60045
18-property office/flex portfolio in Libertyville's commercial corridor.
Property Size65,836 SF
Price / SF$59.24
Days on Market806
Property Features for 13975 W Polo Trail Dr
General Information
Standard status
Active
Size
65,836 SF
Class
C
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
LI
Listing Agency:
Compass
(847) 638-2659
Listed By:
Tom Wagner · License #IL 475176488
Source:
Crexi
Added: Jun 7, 2024
Changed: Aug 21
Last Checked: Aug 21 at 11:21AM
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 Compass
Investment Insights
Based on property information with market context.
This portfolio consists of 18 office and flex properties situated within a dense commercial area of Libertyville, surrounded by office, retail, and manufacturing businesses. The properties offer convenient access to the I-94, located one mile from an entrance/exit, providing accessibility from the North Shore to Chicago. The portfolio has a total size of 65,836 square feet. Currently, the occupancy rate is 63%, generating stable positive cash flow. The low rent and price per square foot present a long-term value proposition with a significant value-add opportunity.
Key Highlights
- Excellent accessibility due to proximity (1 mile) to I‑94, connecting the North Shore to Chicago.
- Significant value‑add opportunity through increased occupancy.
- Stable positive cash flow from current 63% occupancy.
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
$283,402
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
7.27%
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%
$5,668,040
$5.7M
Cap Rate 7%
$4,048,600
$4.0M
Cap Rate 9%
$3,148,911
$3.1M
Market Conditions
NOI Build-Up for 65,836 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
$426.6K $6.48/SF
− Vacancy
−$21.8K −$0.33/SF
EGI
$404.9K $6.15/SF
− OpEx
−$121.5K −$1.84/SF
NOI
$283.4K $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%
$5,668,040
Cap Rate 7%
$4,048,600
Cap Rate 9%
$3,148,911
Alternative Uses
Best Use
Office B
$12.97M
$11.35M – $15.13M
NOI $907,770 @ 7.0% cap · market cap 23.28%
Second Best
Mixed Use
$9.73M
$8.52M – $11.36M
NOI $681,403 @ 7.0% cap · market cap 17.47%
Theoretical Best
Office A
$22.73M
$19.89M – $26.52M
NOI $1,591,112 @ 7.0% cap · market cap 40.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 60045, IL
21,026
Population
7,939
Households
2.6
Avg Household Size
46
Median Age
81%
College-Educated
99%
High-School Grad
21.3 sq mi
ZIP Area
987
Density / Sq Mi
$225,551
Median Household Income
$78,718
Median Earnings
$2,321
Median Rent
$899,200
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?
Mixed-use property - 18-property office/flex portfolio in Libertyville's commercial corridor.
Where is this mixed-use property located?
The property is located at 13975 W Polo Trail Dr Lake Forest, IL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Excellent accessibility due to proximity (1 mile) to I‑94, connecting the North Shore to Chicago.; Significant value‑add opportunity through increased occupancy.; Stable positive cash flow from current 63% occupancy.
