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    28835 Herky Dr Lake Bluff, IL 60044

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    28835 Herky Dr Lake Bluff, IL 60044

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    • Warehouses
    • 3,800 SF
    • 3.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 28835 Herky Dr

    Lot size
    3.00 lot acres
    Property size
    3,800 SF
    Property type
    Warehouses
    Property subtype
    Office properties & Spaces

    Description

    This exceptional Lake Bluff investment opportunity presents two combined, side-by-side flex/warehouse units totaling 3,800 square feet, ideally suited for owner-occupiers. Located at 28835 N Herky Dr, Units 211 & 212, in Lake County, Illinois (zip code 60044), this Class B property sits on a 3-acre lot and offers a compelling price per square foot of $111.84. The asking price for both units is $425,000, or $212,500 per unit. The space boasts a desirable mix of office and warehouse areas. Approximately 1,800 square feet are dedicated to office space, featuring high-end finishes, six private offices, two restrooms, hardwood floors, an upscale entry with French doors, a windowed conference room, and a full kitchen. The remaining 2,000 square feet comprise the warehouse area, equipped with two overhead doors. The units are in excellent condition and benefit from convenient access to I-94. The ceiling height ranges from 9 to 12 feet. The property is zoned L-1 and offers a multi-tenant configuration. This is a rare opportunity to acquire a well-maintained, versatile property in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lake Bluff
    County
    Lake
    State
    Illinois
    Longitude
    -87.9032
    Latitude
    42.281

    Comparable in this City

    • Value Estimation by Request
      29,014 SF

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    • Value Estimation
      $870,000
      17,700 SF

      922 Wn Shr Dr, Unit 2

      WAREHOUSE, STORAGE • 17,700 SF
      922 Wn Shr Dr, Lake Bluff, IL 60044
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    • Value Estimation
      $5,360,000
      84,719 SF

      917 Wn Shr Dr

      WAREHOUSE, STORAGE • 84,719 SF
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      View Details
    • Value Estimation
      $1,220,000
      21,000 SF

      918 Sherwood Dr

      WAREHOUSE, STORAGE • 21,000 SF
      918 Sherwood Dr, Lake Bluff, IL 60044-2204
      View Details
    • Value Estimation by Request
      2,562 SF

      20 Skokie Hwy

      MINI-WAREHOUSE, STORAGE • 2,562 SF
      20 Skokie Hwy, Lake Bluff, IL 60044-1711
      View Details
    • Value Estimation
      $565,000
      8,380 SF

      19 Skokie Vly Rd

      WAREHOUSE, STORAGE • 8,380 SF
      19 Skokie Vly Rd, Lake Bluff, IL 60044-1816
      View Details

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      Versatile Office Space For Sale

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      2.5 Acres Industrial Land Available

      2.5 acres of industrial land with income in place.
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    • $199,000
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      Rare 1-acre wooded lot in Arden Shores Estates.
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      Lake Bluff Warehouse Space Available

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      171,700 SF

      North Chicago Warehouse Space Available

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      43,560 SF

      Truck Parking or Outside Storage Yard

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      6,289 SF

      Flex Space Near I-94

      Office or flex space with ample parking near I-94.
      29888-29950 Skokie Hwy, Lake Bluff, IL 60044
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    • Contact for pricing

      Office Space Available for Rent

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      Spacious Office Suite For Lease

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    Lake Bluff, IL 60044
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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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    28835 Herky Dr, Lake Bluff, IL, 60044

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