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    508 Central Ave Highland Park, IL 60035

    Sponsored
    For Lease
    $18 SF/Yr

    Class A Office Suites, Downtown Location

    Lot size:
    17,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional Class A mixed-use building, located at 508 Central Avenue in downtown Highland Park, Illinois (zip code 60035), offers a prime opportunity for businesses seeking a vibrant and convenient location. The 17,000 square foot building, constructed in 1997 and extensively renovated in 2022, features a blend of retail, office, and restaurant spaces. Currently, three office suites are available, ranging from 400 to 1,110 square feet, perfect for a variety of businesses. Situated on a 0.52-acre lot at the southeast corner of Central and St. Johns Avenues, the two-story building enjoys high visibility and accessibility. Its prime downtown location provides easy access to the Metra station, numerous restaurants, retail shops, banks, public transportation, ample parking, and the post office. Highland Park consistently receives high rankings as a desirable place to live and work, boasting a thriving downtown area with over 100 retailers, including many acclaimed restaurants. The building is a single structure with no elevators. This is an unparalleled opportunity to establish your business in a thriving and highly sought-after community.

    Property Features for 508 Central Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,000 SF
    Class
    A
    Total Rate
    25500

    Building Details

    Year Built/Renovated
    1997/2022
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    212
    Size
    757 SF
    Rate per SF
    $18
    Space
    208
    Size
    1,110 SF
    Rate per SF
    $18
    Space
    200
    Size
    400 SF
    Rate per SF
    $18

    We can help!

    Listing Contact
    Theron May
    Theron May

    Learn more

    HighLights

    • Second‑floor office space in Highland Park's Main & Main district.
    • High‑end finishes throughout.
    • Abundant natural light.
    • Prime location with high visibility.
    • Easy access to public transportation and major thoroughfares.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Ribbon Print Company Digital Printer Studio BOKA Beauty Salon Edward Phillip K Doctor Pastoral Counseling Services Family Counselor Kaufman Edward P Social Worker

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.798635091278
    Latitude
    42.185852444057

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    FAQs

    What type of property is this?
    Restaurant - Class A Office Suites, Downtown Location
    Where is this restaurant located?
    The property is located at 508 Central Ave Highland Park, IL.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Second-floor office space in Highland Park's Main & Main district.; High-end finishes throughout.; Abundant natural light.
    Request Owner's contact information
    508 Central Ave Highland Park, IL 60035
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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
    508 Central Ave Highland Park, IL 60035
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    We can help!
    Listing Contact
    Theron May
    Theron May
    Real Estate License ID: IL 471.019986
    Learn more
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