Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    4190 Il-83 Long Grove, IL 60047
    Back to Search
    Property profile & analytics

    4190 Il-83 Long Grove, IL 60047

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 4190 Il-83

    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional retail space, located at 4190 IL-83 in Long Grove, Illinois (zip code 60047), presents a prime opportunity for restaurant businesses. Situated within the Sunset Grove shopping center, this property offers a flexible layout ranging from 4,657 to 8,674 contiguous square feet, with 8,674 square feet currently vacant. The center enjoys a highly desirable location at a high-volume traffic intersection boasting 50,800 vehicles per day. This ensures significant visibility and accessibility for your business. The property benefits from a strong anchor tenant, Sunset Foods, and is surrounded by a variety of successful co-tenants including Starbucks, Sherwin Williams, CVS, and Domino's, creating a vibrant and complementary retail environment. The surrounding neighborhood is characterized by high household incomes, providing a strong customer base with significant purchasing power. The property's address is further identified by its cross street, Aptakisic Road. This location offers an unparalleled opportunity to establish or expand your restaurant business in a thriving and affluent community. The space is ideal for a variety of restaurant concepts, given its size and location within a well-established and successful shopping center. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Long Grove
    County
    Lake
    State
    Illinois
    Longitude
    -87.9891
    Latitude
    42.1811

    Comparable in this City

    • Value Estimation by Request

      591 Rand Rd

      Restaurants
      591 Rand Rd, Long Grove, IL 60047
      View Details
    • Value Estimation by Request
      5,525 SF

      119 Gilmer Rd

      Restaurants • 5,525 SF
      119 Gilmer Rd, Mundelein, IL 60047
      View Details
    • Value Estimation by Request
      2,350 SF

      442 Rand Rd

      Restaurants • 2,350 SF
      442 Rand Rd, Lake Zurich, IL 60047
      View Details
    • Value Estimation by Request
      2.24 Acres

      20420 Rand Rd

      Restaurants • 2.24 Acres
      20420 Rand Rd, Lake Zurich, IL 60047
      View Details
    • Value Estimation by Request
      24,095 SF

      3880 Salem Lk Dr

      Retail properties & Spaces • 24,095 SF
      3880 Salem Lk Dr, Lake Zurich, IL 60047
      View Details
    • Value Estimation by Request

      30-34 Main St

      Individual retail properties
      30-34 Main St, Lake Zurich, IL 60047
      View Details

    Similar Nearby for Sale

    • $119,000

      Restaurant and Wine Bar Opportunity

      Restaurant and wine bar with licenses in historic Long Grove.
      132 N Old Mchenry Rd, Long Grove, IL 60047
      View Details
    • Contact for pricing

      Retail Space on Rand Road

      Retail space with frontage on Rand Road and high visibility.
      195 S Rand Rd, Lake Zurich, IL 60047
      View Details
    • $397,900

      1186 Heather Drive, Lake Zurich, IL 60047

      Flex space
      1186 Heather Dr, Lake Zurich, IL 60047
      View Details
    • $580,000

      Commercial Land Development Opportunity

      Commercial land parcel for sale with approved special use permit.
      900 Winnetka Ter, Lake Zurich, IL 60047
      View Details
    • $1,499,999
      3,435 SF

      Lake Zurich Multi-Family Property

      Rebuilt multi-family residence across from Lake Zurich promenade and marina.
      217 W Main St, Lake Zurich, IL 60047
      View Details
    • $1,000,000
      1.79 Acres

      Land in Prime Deer Park Location

      1.79 acres of commercial land in Deer Park, Illinois.
      20406 N Rand Rd, Deer Park, IL 60047
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      Pending

      Commercial Space in Kildeer, IL

      Commercial space available for rent in Kildeer, Illinois.
      20370 N Rand Rd, Kildeer, IL 60047
      View Details
    • Contact for pricing

      Commercial Space in Lake Zurich

      Commercial property available for rent in Lake Zurich, Illinois.
      199-201 S Rand Rd, Lake Zurich, IL 60047
      View Details
    • Contact for pricing

      Commercial Space, Lake Zurich, IL

      Commercial space available for rent in Lake Zurich, Illinois.
      890 S Rand Rd, Lake Zurich, IL 60047
      View Details
    • $14 SF/Yr

      Retail Space on Rand Road

      Prime retail location with high visibility and drive-thru potential.
      890 S Rand Rd, Lake Zurich, IL 60047
      View Details
    • Contact for pricing
      2,200 SF

      Retail Space in Kildeer Center

      Retail space in vibrant shopping center with high visibility.
      20771 North Rand Rd, Kildeer, IL 60047
      View Details
    • $14 SF/Yr

      Prime Retail Space on Rand

      Retail space on Rand Road with high visibility and access.
      890 S Rand Rd, Lake Zurich, IL 60047
      View Details
    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.
    4190 Il-83
    Long Grove, IL 60047
    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
    4190 Il-83, Long Grove, IL, 60047
    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!