Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Vernon Hills Commercial Space Available Title is generated by Realmo AI

    Fairway Dr & Lakeview Pkwy, Vernon Hills, IL 60061

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Flex, industrial, office, and warehouse spaces for lease.

    Type:Office, Industrial
    Added:
    Jun 6, 2023
    Days on Market:
    1073
    Last Refresh:
    Mar 17 at 1:19 pm

    Property Features for Fairway Dr & Lakeview Pkwy

    General Information

    Standard status
    Active
    Property subtype
    Office, Industrial

    Spaces For Lease

    at Fairway Dr & Lakeview Pkwy Contact us

    We can help!

    Listing Contact
    Mark Baumhart

    Listing agent Mark Baumhart License #IL 475145852

    Listing office NAI Hiffman

    Listing date Jun 6, 2023

    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 NAI Hiffman

    HighLights

    • For Lease

    Overview

    Commercial space is available for lease in Vernon Hills, Illinois, offering a mix of flex space, industrial properties, office units, office spaces, warehouses, and other warehouse options. Located at the intersection of Fairway Drive and Lakeview Parkway, the property provides a variety of commercial real estate opportunities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Vernon Hills
    County
    Lake
    State
    Illinois
    Longitude
    -87.9651
    Latitude
    42.223

    Nearby Similar for Lease

    • Contact for pricing

      IL, Vernon Hills - Lakeview Pky

      544 Lakeview Pkwy, Unit 1ST, Vernon Hills, IL 60061
      View Details
    • Sponsored
      Contact for pricing

      IL, Vernon Hills - Atrium Dr

      568 Atrium Dr, Vernon Hills, IL 60061
      View Details
    • $13 SF/Yr

      Vernon Hills Medical Office Suites

      Multi-tenant medical office building with suites from 918-7,865 SF.
      6 E Phillip Rd, Vernon Hills, IL 60061
      View Details
    • $21 SF/Yr

      Vernon Hills Office Space Available

      Office space for rent near Hawthorn Shopping Center and I-94.
      175 East Hawthorn Parkway, Vernon Hills, IL, 60061
      View Details
    • $15 SF/Yr

      Vernon Hills Office Space Available

      Office space for rent in Vernon Hills, Illinois.
      544 Lakeview Parkway, Vernon Hills, IL, 60061
      View Details
    • Contact for pricing

      Retail Space in Vernon Hills

      Retail space with high traffic and excellent visibility.
      325 North Milwaukee Avenue, Vernon Hills, IL, 60061
      View Details
    • $8 SF/Yr

      Vernon Hills Specialty Property

      Specialty property for rent with flexible unit size options.
      110-130 Lakeview Parkway, Vernon Hills, IL 60061
      View Details
    • $24 SF/Yr

      Vernon Hills Office Space Available

      Office space available for lease in Vernon Hills, Illinois.
      977 Lakeview Pkwy, Vernon Hills, IL 60061
      View Details
    • $13 SF/Yr

      Vernon Hills Office Space Available

      Office space for rent with monument signage opportunity.
      750 Bunker Court, Vernon Hills, IL, 60061
      View Details
    • Contact for pricing

      Unique Buildings with World-Class Architecture

      Fifteen unique buildings featuring world-class architecture and authentic placemaking.
      851-1101 Milwaukee Ave | Vernon Hills, IL 60061
      View Details
    • $14 SF/Yr

      Vernon Hills Office Space Available

      Office space available for lease in Vernon Hills, Illinois.
      75 North Fairway Drive, Vernon Hills, IL, 60061
      View Details
    • $15 SF/Yr

      Vernon Hills Office Suites Available

      Office suites available for rent in Vernon Hills, Illinois.
      536-616 Atrium Dr, Vernon Hills, IL
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex, industrial, office, and warehouse spaces for lease.
    Where is this flex space located?
    The property is located at Fairway Dr & Lakeview Pkwy Vernon Hills, 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
    Mark Baumhart
    Real Estate License ID: IL 475145852
    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

    Thank You for Inquiry
    Fairway Dr & Lakeview Pkwy, Vernon Hills, IL 60061
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!