Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    115 Us-45 Grayslake, IL 60030
    Property profile & analytics

    115 Us-45 Grayslake, IL 60030

    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 115 Us-45

    Year built
    1980
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This exceptional 1,125 square foot retail or professional office space is ideally situated on Route 45 in Grayslake, within the vibrant School House Plaza. Located at the southeast corner of Route 45 and Old Plank Road, this single-tenant space boasts a prime location alongside established businesses including Tang's, Foremost, Cut and Tan, Local Nails, and Lewis Florist. Previously used as extra dining space, this adaptable unit is perfect for a variety of uses, such as a coffee shop, donut shop, massage therapy center, or professional office (law, accounting, dental, etc.). The landlord is willing to partition the space to meet specific tenant needs. The property features convenient rear door access for deliveries, simplifying logistics. This Class B building, constructed in 1980, offers a single story with 45 total parking spaces. The 48,061 square foot lot is zoned GB. The lease is a gross lease, meaning the landlord covers snow removal, lawn maintenance, parking lot maintenance, real estate taxes, and building insurance; the tenant is responsible for utilities only. The current tenant is flexible regarding occupancy and may leave existing tables and booths for the new tenant's use. This is a fantastic opportunity to establish a business in a high-traffic area with ample parking and established neighboring businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grayslake
    County
    Lake
    State
    Illinois
    Longitude
    -88.0046
    Latitude
    42.3425

    Comparable in this City

    • Value Estimation by Request
      6,823 SF

      146 Center St

      Individual retail properties • 6,823 SF
      146 Center St, Grayslake, IL 60030
      View Details
    • Value Estimation by Request
      2,790 SF

      115 Illinois 83

      Restaurants • 2,790 SF
      115 Illinois 83, Grayslake, IL 60030
      View Details
    • Value Estimation by Request
      5,500 SF

      1276 Illinois 83

      Restaurants • 5,500 SF
      1276 Illinois 83, Grayslake, IL 60030
      View Details
    • Value Estimation by Request
      6,380 SF

      1490 Belvidere Rd

      MEDICAL CLINIC • 6,380 SF
      1490 Belvidere Rd, Grayslake, IL 60030-2000
      View Details
    • Value Estimation by Request
      1,850 SF

      1860 Il Rte 83rd Ste, Unit 117

      MEDICAL CLINIC • 1,850 SF
      1860 Il Rte 83rd Ste, Grayslake, IL 60030-7928
      View Details
    • Value Estimation
      $1,370,000
      4,584 SF

      1203 Il Rte 83

      MEDICAL CLINIC • 4,584 SF
      1203 Il Rte 83, Grayslake, IL 60030-7954
      View Details

    Similar Nearby for Sale

    • $599,900
      3,150 SF

      Grayslake Corner Location For Sale

      Prime corner location in downtown Grayslake with redevelopment potential.
      102-106 Center St, Grayslake, IL 60030
      View Details
    • $899,900
      8,380 SF

      Renovated Storefront Building on Highway

      Two-unit storefront building with leases in place and parking.
      55 N Barron Blvd, Grayslake, IL 60030
      View Details
    • $899,900
      4,800 SF

      Grayslake Storefront Building For Sale

      Two-unit storefront building in Grayslake, fully rented, renovated in 2005.
      55 Barron Blvd, Grayslake, IL 60030
      View Details
    • $629,900
      3,150 SF

      Grayslake Retail Corner Property

      High-traffic location, redevelopment potential
      102-106 Center St, Grayslake, IL 60030
      View Details
    • $950,000
      8,380 SF

      Grayslake Retail Investment Opportunity

      Two-unit storefront, high-traffic location.
      55 Barron Blvd, Grayslake, IL 60030
      View Details
    • $599,900
      0.14 Acres

      Grayslake Commercial Property for Sale

      Commercial property in Grayslake, IL, zoned COMMR, for sale.
      102-106 Center St, Grayslake, IL 60030
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office and Storefront Spaces Available

      Suites and storefronts in a fantastic, busy Grayslake location.
      100 S Atkinson Rd, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Mixed-Use Retail and Office Center

      Well-maintained mixed-use retail and office center in Grayslake, IL.
      100 N Atkinson Rd, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Commercial Space For Rent

      Office suites and storefronts available in Grayslake, Illinois.
      100 S Atkinson Rd, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Commercial Space For Rent

      Office suites and storefronts available in Grayslake, Illinois.
      100 S Atkinson Rd, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Commercial Space Available

      Office suites and storefronts available in Grayslake, Illinois.
      100 S Atkinson Rd, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Commercial Space Available

      Office suites and storefronts available in Grayslake, Illinois.
      100 S Atkinson Rd, Grayslake, IL 60030
      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.
    115 Us-45
    Grayslake, IL 60030
    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
    115 Us-45, Grayslake, IL, 60030
    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!