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Property profile & analytics
FOR LEASE
Office buildings
115 Commerce Dr Grayslake, IL 60030
Entity Owned
20-yr Hold
Free & Clear
Property ID
US28-5859710
For Lease
1 / 9
Contact for pricing
115 Commerce Dr, Grayslake, IL 60030
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1993
Construction
BRICK
Total area
7,942 SF
Lot
0.69 ac (30,056 SF)
APN
06-25-302-020
UPID
US28-5859710
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$832k
Blend (final)
Blend
$1.00M
Owner & transaction history
Thor Prop Mgmt Grayslake LLC · 20 yrs held
Thor Prop Mgmt Grayslake LLC
since 2006
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.4M
+81.0%
Retail stores
$950,000
+23.9%
Apartment house (5+ units)
$935,000
+21.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Grayslake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Grayslake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$765,000
Current use
AUTO REPAIR, GARAGE
$1,390,000
Change: +81% · Conversion: Difficult
RETAIL STORES
$950,000
Change: +24% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$935,000
Change: +22% · Conversion: Easy
COMMERCIAL (GENERAL)
$825,000
Change: +8% · Conversion: Easy
WAREHOUSE, STORAGE
$670,000
Change: -13% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$625,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$126 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$22,581
Tax year 2023
Assessed value
$255,562
Assessed 2023
Previous assessed
$200,645
+27.4% YoY
Effective rate
8.84%
On assessed value
Assessed land
$116,467
Assessed improvement
$139,095
Land market value
$349,436
Improvement market value
$417,327
Total market value
$766,763
Applied tax rate
7,060.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1993
Construction
BRICK
Heating
NONE
Total area
7,942 SF
Lot
0.69 ac (30,056 SF)
APN
06-25-302-020
UPID
US28-5859710
Jurisdiction
LAKE
Metro division
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$765,000
AUTO REPAIR, GARAGE
Est. value
$1.4M
RETAIL STORES
Est. value
$950,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$935,000
COMMERCIAL (GENERAL)
Est. value
$825,000
WAREHOUSE, STORAGE
Est. value
$670,000
INDUSTRIAL (GENERAL)
Est. value
$625,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1993
Construction
BRICK
Heating
NONE
Lot
0.69 ac
Current owner
From public records · entity-resolved
Thor Prop Mgmt Grayslake LLC
Entity
Free & Clear · 20 yrs held
Mailing address
115 COMMERCE DR, GRAYSLAKE, IL 60030-7812
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 23, 2019
—
Thor Prop Mgmt Gayslake LLC
—
Deed
related
$292,900 · Fifth Third Bk NA
Apr 4, 2006
—
Thor Prop Mgmt Grayslake LLC
Babiuk,jeffrey & Colleen
Warranty Deed
—
Dec 22, 2004
$650,000
Jeffrey Babiuk
Behm Raymond J & K M Trust
Grant Deed
$552,500 · American Chartered Bank
—
—
Thor Prop Mgmt Gayslake LLC
—
Loan Modification
related
$292,900 · Fifth Third Bk NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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