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    Mixed-Use Building in Downtown Highland Title is generated by Realmo AI

    1866 Sheridan Rd, Highland Park, IL 60035

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    Mixed-use property with retail, office, and medical space for lease.

    Type:Office, Retail, Special Purpose
    Property size:
    2,000 SF
    Added:
    Jul 23, 2021
    Days on Market:
    1779
    Last Refresh:
    May 12 at 10:23 pm

    Property Features for 1866 Sheridan Rd

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Property subtype
    Office, Retail, Special Purpose

    Spaces For Lease

    at 1866 Sheridan Rd Contact us

    203 $21/Mo

    Size
    406 SF
    Type
    Office, Retail, Special Purpose
    Contact us

    210 $21/Mo

    Size
    247 SF
    Type
    Office
    Contact us

    217 $21/Mo

    Size
    300 SF
    Type
    Office, Retail, Special Purpose
    Contact us

    300 $21/Mo

    Size
    171 SF
    Type
    Office
    Contact us

    220 $21/Mo

    Size
    539 SF
    Type
    Office
    Contact us

    315 $21/Mo

    Size
    725 SF
    Type
    Office
    Contact us

    205 $21/Mo

    Size
    474 SF
    Type
    Office
    Contact us

    218 $21/Mo

    Size
    507 SF
    Type
    Office
    Contact us

    308/312 $21/Mo

    Size
    1,325 SF
    Type
    Office, Retail, Special Purpose
    Contact us

    213 $21/Mo

    Size
    401 SF
    Type
    Office
    Contact us

    320 $21/Mo

    Size
    1,492 SF
    Type
    Office, Retail, Special Purpose
    Contact us

    1870 Sheridan $30/Mo

    Size
    757 SF
    Type
    Retail, Office, Special Purpose
    Beautiful retail space. High ceilings. Hard corner of Central and Sheridan
    Contact us
    Show more

    We can help!

    Listing Contact
    Theron May

    Listing agent Theron May License #IL 471.019986

    Listing office Imperial Realty Company

    Listing date Jul 23, 2021

    Source Crexi

    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 Imperial Realty Company

    HighLights

    • Prime location at the corner of Sheridan Road and Central Avenue in downtown Highland Park.
    • Mixed‑use property offering retail, office, and medical space.
    • Architectural gem with office spaces ranging from 200 to 2,000 square feet.
    • Located above some of the best retail in Highland Park.
    • Downtown Highland Park recognized as 'Best Downtown on the North Shore' by Make It Better Magazine in 2013.
    • Highland Park consistently ranks as one of the best cities to live and work in Illinois (Niche.com ranked A+, #27 in best places to live in Illinois).

    Overview

    The North Shore Building, located at 1866 Sheridan Road in downtown Highland Park, is a mixed-use property offering retail, office, and medical space for lease. This building is situated at the corner of Sheridan Road and Central Avenue. It features two full floors of office spaces ranging from 200 to 2,000 square feet, located above retail spaces. Downtown Highland Park is home to over 100 retailers and award-winning dining establishments, with a higher rate of employment than the national average. The property is located at the corner of Central and Sheridan Road, east of the train. Highland Park was named Best of 2013 as the Best Downtown on the North Shore by Make It Better Magazine and consistently ranks as one of the best cities to live and work in Illinois. Niche.com ranked Highland Park A+, #27 in best places to live in Illinois.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wurster Partners Ltd. Business Management Consultant Hamilton S a DDS Dental Office Lincoln Center-Clinical Services Physician Wellbound Counseling | Tony ... Counselor Rosen Orthodontics Dental Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.7981096
    Latitude
    42.1863785

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail, office, and medical space for lease.
    Where is this mixed-use property located?
    The property is located at 1866 Sheridan Rd Highland Park, IL.
    What is the lease rate?
    The lease rate is $21 SF/Yr.
    What are key features of this property?
    This property features: Prime location at the corner of Sheridan Road and Central Avenue in downtown Highland Park.; Mixed‑use property offering retail, office, and medical space.; Architectural gem with office spaces ranging from 200 to 2,000 square feet.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Theron May
    Real Estate License ID: IL 471.019986
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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.

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