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    1500 Old Skokie Vly Rd Highland Park, IL 60035

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    For Sale
    Contact for pricing

    Versatile commercial property, ideal for redevelopment.

    Property size:
    41,204 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional value-add investment opportunity encompasses a 41,204-square-foot industrial campus situated on a 70,727.97-square-foot lot in Highland Park, IL (60035). The property consists of three single-story buildings totaling three units, currently vacant and available for occupancy November 8, 2024. The buildings, with addresses 1488, 1500, 1558, and 1564 Old Skokie Road, are zoned I (Light Industry) and offer a range of features including 9 dock-high doors, ceiling heights ranging from 14 to 30 feet, and ample parking (40 spaces). Building sizes vary, with one building constructed in 1947 (17,240 sq ft), another in 2005 (7,820 sq ft), and two buildings constructed in 1969 (3,515 sq ft and 7,190 sq ft, sharing a combined 10,500 sq ft). All buildings feature floor drains and triple catch basins. Roof ages vary, with sections replaced in 2006, 2009, and 2014. The property's prime location near Route 41 presents significant potential for various uses, including autobody repair, light manufacturing, warehousing, storage, retail, or office space. The property's existing infrastructure, including heavy power and multiple drive-in doors, makes it well-suited for a variety of businesses. APN: 16-27-112-001-0000 and 16-27-105-005-0000 & 16-27-105-006-0000. Virtual tours are available.

    Property Features for 1500 Old Skokie Vly Rd

    General Information

    Property type
    Automotive properties
    Square Feet
    41,204 SF
    Class
    B

    Building Details

    Buildings
    3
    Stories
    1
    Units
    3

    We can help!

    Listing Contact
    Mike Levin
    Mike Levin

    Learn more

    HighLights

    • Rare opportunity: Highland Park auto body & repair assemblage. Three industrial buildings totaling ~60,000 SF on ~60,000 SF of land. Excellent location adjacent to RT 41.
    • 1488 Old Skokie Rd: 17,240 SF building on 43,560 SF lot. 16‑18' ceilings, 4 drive‑in doors, heavy power, floor drains, triple catch basins, 15 parking spaces. Built 1947, roof replaced in sections 2009. I‑1 Zoning.
    • 1500 Old Skokie Rd: 7,820 SF building on 13,464 SF lot. 16‑22' ceilings, 3 drive‑in doors, heavy power, floor drains, triple catch basins, reception area, 4 offices, 10 parking spaces. Built 2005, roof replaced in sections 2006. I‑1 Zoning.
    • 1558 & 1564 Old Skokie Rd: Combined 10,705 SF building on 13,704 SF lot. Large auto repair area, floor drains, triple catch basins, 10 parking spaces. Built 1969, roof replaced in sections (1564 in 2014). I‑1 Zoning.
    • Multiple business opportunities: auto body/repair, mechanic garage, car wash/detail, fleet maintenance, storage, light manufacturing, retail, or redevelopment. Excellent access to expressways. Do not disturb tenants; broker must accompany showings.
    Property Profile Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Map

    City
    Highland Park
    County
    Lake
    State
    Illinois
    Longitude
    -87.8203278
    Latitude
    42.1797171

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    FAQs

    What type of property is this?
    Automotive property - Versatile commercial property, ideal for redevelopment.
    Where is this automotive property located?
    The property is located at 1500 Old Skokie Vly Rd Highland Park, IL.
    What are key features of this property?
    This property features: Rare opportunity: Highland Park auto body & repair assemblage. Three industrial buildings totaling ~60,000 SF on ~60,000 SF of land. Excellent location adjacent to RT 41.; 1488 Old Skokie Rd: 17,240 SF building on 43,560 SF lot. 16-18' ceilings, 4 drive-in doors, heavy power, floor drains, triple catch basins, 15 parking spaces. Built 1947, roof replaced in sections 2009. I-1 Zoning.; 1500 Old Skokie Rd: 7,820 SF building on 13,464 SF lot. 16-22' ceilings, 3 drive-in doors, heavy power, floor drains, triple catch basins, reception area, 4 offices, 10 parking spaces. Built 2005, roof replaced in sections 2006. I-1 Zoning.
    Request Owner's contact information
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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
    1500 Old Skokie Vly Rd Highland Park, IL 60035
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    We can help!
    Listing Contact
    Mike Levin
    Mike Levin
    Real Estate License ID: IL
    Learn more
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