375 Il Route 83Grayslake, IL 60030

Property Details for 375 Il Route 83

Year built

1968

Construction

FRAME

Lot size

0.29 AC

Property size (Sq ft)

2,160 SF

Property type

Office properties

Property subtype

Office buildings

APN

06-35-200-039

APU

635200039

Description

This 2,200 square foot, single-story office building presents a compelling investment opportunity in Grayslake, Illinois. The frame-constructed building sits on an irregular lot measuring 57 x 288 x 213 x 59 feet, providing ample space. Located in the General Business District, the property boasts excellent visibility with frontage along Route 83, opening doors to a variety of commercial uses. The building is set back approximately 80 feet from the main road, allowing for approximately 10 parking spaces. Additional rear area offers potential for storage or extra parking. The property includes an overhead entrance door on the south side. Interior demolition is complete, presenting a blank canvas for a buyer to customize the space to their specific needs. With a modest amount of renovation, this property can be transformed into a highly functional and attractive commercial space. The asking price is $265,000. This is a rare opportunity to acquire a well-located commercial property with significant upside potential in a thriving business district. The property's location and zoning offer considerable flexibility for future development or adaptation to various commercial enterprises.

• CAP approach

  CAP return

  Valuation

  6%

  $390,014

  6.5%

  $360,013

  7%

  $334,297

• Comparable approach

  Method

  Valuation

  Relative Method

  $219,290

  Geo Method

  $281,340

• Alternative Use

  Use

  Valuation

  Residential

  $446,416

  Hospitality

  $408,914

  Educational

  $340,212

  Medical

  $351,912

  Retail

  $529,218

Location Insight

City

Grayslake

County

Lake

State

Illinois

Latitude

42.3354

Longitude

-88.0302

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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