Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Rand Rd & Elmhurst Rd Mount Prospect, IL 60056

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available for lease in Mount Prospect, Illinois.

    Type:Retail
    Added:
    May 6, 2022
    Days on Market:
    1435
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for Rand Rd & Elmhurst Rd

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Spaces For Lease

    at Rand Rd & Elmhurst Rd Contact us

    We can help!

    Listing Contact
    Dan Nieman

    Listing agent Dan Nieman License #NY 346134

    Listing office DLC Management Corp.

    Listing date May 6, 2022

    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 DLC Management Corp.

    Overview

    Retail Space For Lease

    This retail space is available for lease and is located at the intersection of Rand Road and Elmhurst Road in Mount Prospect, Illinois.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Mount Prospect
    County
    Cook
    State
    Illinois
    Longitude
    -87.9341
    Latitude
    42.0663

    Nearby Similar for Lease

    • $11/mo

      Mount Prospect Industrial Units For Rent

      Industrial units with truck docks and retail exposure available for rent.
      1500-1534 E. Algonquin Rd., Mount Prospect, IL 60056
      View Details
    • $10/mo

      Mount Prospect Industrial Space Available

      Industrial space for rent near restaurants, hotels, and shopping.
      1840-1894 Elmhurst Rd, Mount Prospect, IL
      View Details
    • Contact for pricing

      Regional Center with Anchor Tenants

      Large shopping center with high traffic and diverse offerings.
      1 Randhurst Village Drive, Mount Prospect, IL, 60056
      View Details
    • Contact for pricing

      Retail Space at Signalized Intersection

      Retail space with high visibility and strong demographics in Mount Prospect.
      1002-1070 S Elmhurst Rd, Mount Prospect, IL
      View Details
    • Contact for pricing

      Kensington Corporate Center Location

      Located in Kensington Corporate Center in Mount Prospect, Illinois.
      1471 Business Center Dr., Mount Prospect, IL 60056
      View Details
    • Contact for pricing

      Mixed-Use Space in Mt. Prospect

      Mixed-use space available for rent in downtown Mt. Prospect.
      214 S Emerson Street, Mount Prospect, IL 60056
      View Details
    • Contact for pricing

      Retail Space in Mount Prospect

      Retail space available in a busy Mount Prospect shopping center.
      1000-1080 S Elmhurst Rd, Mount Prospect, IL
      View Details
    • Contact for pricing

      Mount Prospect Retail Space Available

      Retail space for lease in a busy shopping center.
      1000-1145 Mount Prospect Plz, Mount Prospect, IL
      View Details
    • $24/mo

      Renovated Office Space in Prospect

      Multi-tenant building with excellent exposure in downtown Mount Prospect.
      325 W Prospect Avenue unit: 5, Mount Prospect, IL 60056
      View Details
    • Contact for pricing

      Mount Prospect Warehouse Space

      60,461 square foot warehouse space available for lease.
      1731 Wall Street, Mount Prospect, IL, 60056
      View Details
    • Contact for pricing

      Mount Prospect Warehouse Space Available

      10,902 SF warehouse space with air conditioning for lease.
      2200 S Busse Rd, Mount Prospect, IL
      View Details
    • $8/mo

      Mount Prospect Flex Space Available

      High-end flex space available for lease in Mount Prospect.
      1910 S Carboy Rd, Mount Prospect, IL
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available for lease in Mount Prospect, Illinois.
    Where is this retail space located?
    The property is located at Rand Rd & Elmhurst Rd Mount Prospect, IL.
    What are key features of this property?
    This property features: For Lease
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Dan Nieman
    Real Estate License ID: NY 346134
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!