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    1355 Western Ave Lake Forest, IL 60045
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    1355 Western Ave Lake Forest, IL 60045

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    • Retail properties & Spaces
    • 10,032 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1355 Western Ave

    Property size
    10,032 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity is located at 1355 N. Western Avenue in Lake Forest, Illinois, within the highly desirable 1339-1363 Western Avenue retail strip center. The property boasts a total of 10,032 square feet, with 1,254 square feet currently available for lease. The space features a storefront design with a prominent glass facade, ensuring excellent visibility and attracting potential customers. Convenient street parking is available for customers, while tenants benefit from ample surface parking located at the rear of the building. The building is zoned B2 and is situated at the intersection of Western Avenue and Thomas Place in Lake County (zip code 60045). The property includes full basements and restrooms, providing added convenience and functionality for tenants. This multiple-tenancy building presents a fantastic opportunity for businesses seeking a high-traffic location with excellent visibility and ample parking. The available space is ideal for a variety of retail uses. The property's location in Lake Forest, Illinois offers a strong customer base and a vibrant commercial environment. This is a rare opportunity to secure a prime retail space in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake Forest
    County
    Lake
    State
    Illinois
    Longitude
    -87.8442
    Latitude
    42.2643

    Comparable in this City

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      $5,250,000
      51,564 SF

      500 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 51,564 SF
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    • Value Estimation by Request
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      104 Washington Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,432 SF
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      720 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,925 SF
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    • Value Estimation by Request
      5,709 SF

      724 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,709 SF
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    • Value Estimation by Request
      2,730 SF

      231 Wisconsin Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,730 SF
      231 Wisconsin Ave, Lake Forest, IL 60045-1706
      View Details
    • Value Estimation
      $1,010,000
      11,160 SF

      834 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 11,160 SF
      834 Western Ave, Lake Forest, IL 60045
      View Details

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    1355 Western Ave
    Lake Forest, IL 60045
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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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