Retail Investment Property with 5%
For Sale
Contact for pricing
990 S Waukegan Rd., Lake Forest, IL 60045
Retail property offered with stated 5% cap rate and 12,046-square-foot building for sale.
Property Size12,046 SF
Price / SF$530.47
Days on Market69
Property Features for 990 S Waukegan Rd.
General Information
Standard status
Active
Size
12,046 SF
Property subtype
Retail
Investment Type
Stabilized
Net Operating Income
$319,347
Additional Details
Cap Rate
5%
Building Details
Year Built
2002
Units
1
Tenancy
Single
Listing Agency:
Quantum Real Estate Advisors
Listed By:
Dan Sanfilippo · License #475218594
Source:
Crexi
Added: Jun 29
Changed: Aug 26
Last Checked: Sep 3 at 10:05AM
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 Quantum Real Estate Advisors
Investment Insights
Based on property information with market context.
This for-sale retail investment property is presented with a stated 5.00% cap rate and a 12,046-square-foot building. The offering is categorized across commercial property types including retail spaces.
The property is located at 990 S. Waukegan Rd. in Lake Forest, Illinois (60045).
The property is located at 990 S. Waukegan Rd. in Lake Forest, Illinois (60045).
Key Highlights
- Retail property built in 2002
- 12,046 SF retail building
- Stated 5.00% cap rate
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
$221,750
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
3.47%
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%
$4,435,000
$4.4M
Cap Rate 7%
$3,167,857
$3.2M
Cap Rate 9%
$2,463,889
$2.5M
Market Conditions
NOI Build-Up for 12,046 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
$303.6K $25.20/SF
− Vacancy
−$7.9K −$0.66/SF
EGI
$295.7K $24.54/SF
− OpEx
−$73.9K −$6.14/SF
NOI
$221.7K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,435,000
Cap Rate 7%
$3,167,857
Cap Rate 9%
$2,463,889
Alternative Uses
Best Use
Specialty Retail
$3.17M
$2.77M – $3.70M
NOI $221,750 @ 7.0% cap · market cap 3.47%
Second Best
Retail
$1.76M
$1.54M – $2.05M
NOI $123,194 @ 7.0% cap · market cap 1.93%
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,125 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
60
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Retail property offered with stated 5% cap rate and 12,046-square-foot building for sale.
Where is this bank located?
The property is located at 990 S Waukegan Rd. Lake Forest, IL.
What is the asking price?
The asking price for this property is $6,390,000.
What are key features of this property?
This property features: Retail property built in 2002; 12,046 SF retail building; Stated 5.00% cap rate
