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    2159-2219 Rte Round Lake Beach, IL 60073
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    2159-2219 Rte Round Lake Beach, IL 60073

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    • Neighborhood centers
    • 28,425 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 2159-2219 Rte

    Property size
    28,425 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Sweetwater Crossing, located at 2159-2219 N Route 83 in Round Lake Beach, Illinois, presents a fantastic opportunity for retail businesses. This multi-tenant strip center boasts a total of 28,425 square feet, offering excellent visibility and accessibility along Route 83 in Lake County. Currently, there are two available spaces, ranging from 1,200 to 1,500 square feet, perfect for a variety of retail concepts. The property's strategic location in the bustling Round Lake Beach community ensures high foot traffic and strong potential for customer engagement. The existing tenants contribute to a vibrant and thriving retail environment, creating a synergistic atmosphere for new businesses. The zip code is 60073. This is an exceptional opportunity to establish or expand your retail presence in a high-demand area. The property's size and layout offer flexibility for various retail uses, making it an ideal investment for both established businesses and emerging entrepreneurs. With its convenient location and ample space, Sweetwater Crossing promises a strong return on investment. The available spaces provide a chance to capitalize on the growing retail market in Round Lake Beach. Serious inquiries are encouraged to explore this exceptional retail opportunity further. The property is classified as a retail strip center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Round Lake Beach
    County
    Lake
    State
    Illinois
    Longitude
    -88.0621
    Latitude
    42.3874

    Comparable in this City

    • Value Estimation
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    • Value Estimation by Request
      3,700 SF

      1427 Cedar Lk Rd

      SHOPPING CENTER, STRIP CENTER • 3,700 SF
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    • Value Estimation by Request
      3,050 SF

      920 Rollins Rd

      Retail properties & Spaces • 3,050 SF
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    • Value Estimation by Request
      69,774 SF

      300-400 Rollins Rd

      Individual retail properties • 69,774 SF
      300-400 Rollins Rd, Round Lake Beach, IL 60073
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    • Value Estimation by Request
      6,500 SF

      24431 Il-134

      Medical space • 6,500 SF
      24431 Il-134, Round Lake, IL 60073
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    • Value Estimation by Request
      19,200 SF

      2536 Illinois 83

      Restaurants • 19,200 SF
      2536 Illinois 83, Round Lake Beach, IL 60073
      View Details

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    • New
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    Similar Nearby for Lease

    • $18 SF/Yr

      Retail Space in Eagle Creek Plaza

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      Retail space available in Rollins Crossing Shopping Center.
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      Retail space available in a busy shopping center.
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      5,483 SF

      Prime Retail Space on Rollins

      High-visibility retail space near Round Lake Beach shopping district.
      3 W Rollins Rd, Round Lake Beach, IL 60073
      View Details
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    Round Lake Beach, IL 60073
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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
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