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    864 Rand Rd Des Plaines, IL 60016

    Sponsored
    For Sale
    $795,000

    1,700 SF Storefront, High Traffic Location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    This fee-simple retail storefront property, located at 864-866 Rand Road in Des Plaines, Illinois, presents a compelling redevelopment opportunity. The 1,700 square foot building sits on a 0.62-acre lot (27,057 square feet) and is currently occupied month-to-month. The property boasts excellent visibility and frontage on Rand Road (US Route 12), a major commercial corridor, at a signalized intersection with N 3rd Avenue. Its C-3 General Commercial zoning allows for diverse uses. The location offers convenient access to Golf Road (IL Route 58), E Northwest Highway (US Route 14), and the Cumberland Metra Station, all within a mile. Major highways (Interstates 294, 90, and 290) are easily accessible, as are Pace Bus routes 208, 221, and 234. The area is densely populated, with over 129,700 people within a 3-mile radius and an average household income exceeding $117,471. Within a 5-mile radius, this figure increases to over 308,900 people with an average household income of over $137,662. Nearby amenities include a mixed-use lifestyle center (Metropolitan Square), a Shop & Save grocery store, and numerous national retailers such as Walmart, Menard's, Mariano's, and more. Daily traffic on Rand Road exceeds 30,600 vehicles. This property is ideal for owner-occupancy, leasing as an investment, or significant redevelopment. The asking price is $795,000, with a land value of $29.38 per square foot. The building was constructed in 1935.

    Property Features for 864 Rand Rd

    General Information

    Property type
    Individual retail properties
    Lot Size
    27,007 SF

    Building Details

    Year Built
    1935
    Buildings
    1
    Stories
    1
    Units
    1

    We can help!

    Listing Contact
    Dan Tilsner
    Dan Tilsner

    Learn more

    Property Insight Report

    HighLights

    • Fee‑simple retail storefront, 1,700 SF, on a 0.62‑acre lot (27,057 SF) at 864‑866 Rand Rd, Des Plaines, IL. Currently month‑to‑month tenancy.
    • High visibility on Rand Rd (US Route 12) at a signalized intersection with N 3rd Ave; C‑3 General Commercial zoning allows diverse uses.
    • Excellent location: Close proximity to Golf Rd (IL Route 58), E Northwest Hwy (US Route 14), Cumberland Metra Station, and Interstates 294, 90, and 290. Served by Pace Bus routes 208, 221, and 234.
    • Strong demographics: Over 129,700 people within 3 miles, average household income exceeding $117,471; over 308,900 within 5 miles, average household income over $137,662.
    • High traffic counts: Over 30,600 vehicles daily on Rand Rd. Nearby amenities include Metropolitan Square, Shop & Save, Walmart, Menard's, and Mariano's.
    • Asking price: $795,000; land value: $29.38/SF. Built in 1935.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rand Road House Bar

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Des Plaines
    County
    Cook
    State
    Illinois
    Longitude
    -87.9034631
    Latitude
    42.0573385

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    FAQs

    What type of property is this?
    Individual retail property - 1,700 SF Storefront, High Traffic Location
    Where is this individual retail property located?
    The property is located at 864 Rand Rd Des Plaines, IL.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: Fee-simple retail storefront, 1,700 SF, on a 0.62-acre lot (27,057 SF) at 864-866 Rand Rd, Des Plaines, IL. Currently month-to-month tenancy.; High visibility on Rand Rd (US Route 12) at a signalized intersection with N 3rd Ave; C-3 General Commercial zoning allows diverse uses.; Excellent location: Close proximity to Golf Rd (IL Route 58), E Northwest Hwy (US Route 14), Cumberland Metra Station, and Interstates 294, 90, and 290. Served by Pace Bus routes 208, 221, and 234.
    Request Owner's contact information
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    Des Plaines, IL 60016
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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
    864 Rand Rd Des Plaines, IL 60016
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    We can help!
    Listing Contact
    Dan Tilsner
    Dan Tilsner
    Real Estate License ID: IL 475.187125
    Learn more
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