Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Il Rte 83 Grayslake, IL 60030-1619

    • Turn key restaurants
    • 2,790 SF
    • 1.58 lot acres
    OFF-MARKET
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1490183
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 115 Il Rte 83

    Year built
    1997
    Construction
    BRICK
    Lot size
    1.58 lot acres
    Property size
    2,790 SF
    Property type
    Turn key restaurants
    APN
    06-35-200-088
    APU
    635200088

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $503,000
      Market price range: $198k - $503k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Grayslake
    County
    Lake
    State
    Illinois
    Longitude
    -88.0323
    Latitude
    42.3417
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,186
    $104,017
    $96,071
    $200,088
    -
    $312,082
    $288,242
    $600,324

    Comparable in this City

    • Value Estimation
      $340,000
      4,760 SF

      101 Ctr St

      RESTAURANT • 4,760 SF
      101 Ctr St, Grayslake, IL 60030-3661
      View Details
    • Value Estimation
      $380,000
      3,400 SF

      125 Ctr St

      RESTAURANT • 3,400 SF
      125 Ctr St, Grayslake, IL 60030-1532
      View Details
    • Value Estimation
      $355,000
      3,949 SF

      161 Ctr St

      RESTAURANT • 3,949 SF
      161 Ctr St, Grayslake, IL 60030-1532
      View Details
    • Value Estimation by Request
      221 SF

      199 Mcmillan St

      RESTAURANT • 221 SF
      199 Mcmillan St, Grayslake, IL 60030
      View Details
    • Value Estimation
      $325,000
      7,740 SF

      133 Ctr St

      RESTAURANT • 7,740 SF
      133 Ctr St, Grayslake, IL 60030
      View Details
    • Value Estimation
      $555,000
      3,843 SF

      1804 Belvidere Rd

      RESTAURANT • 3,843 SF
      1804 Belvidere Rd, Grayslake, IL 60030-2289
      View Details

    Similar Nearby for Sale

    • $950,000
      0.66 Acres

      Renovated Storefront Building with Parking

      Fully rented two-unit building on busy state highway.
      55 Barron Blvd, Grayslake, IL 60030
      View Details
    • $629,900
      0.14 Acres

      Prime Corner Location in Grayslake

      Thriving downtown location with redevelopment potential for restaurant/bar.
      102-106 Center St, Grayslake, IL 60030
      View Details
    • $549,900
      0.30 Acres

      Grayslake Commercial Suites For Sale

      Five suites, plus apartment, suitable for retail or office.
      33125 N Us 45 Hwy, 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
    • $549,900
      0.29 Acres

      Mixed-Use Building on Hwy 45

      Versatile commercial/residential building in high-visibility location on Hwy 45.
      33125 N Us Highway 45, 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

    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Retail Space Available For Lease

      Retail space available for lease in Grayslake, Illinois.
      34111 N Barron Blvd, 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
    • $16 SF/Yr
      30,040 SF

      Waterstone Place Retail Space

      Lake County retail center; two spaces available.
      34500 Us Highway 45, Third Lake, IL 60030
      View Details
    • Contact for pricing
      2,546 SF

      Retail Space in Grayslake Center

      Retail space available in a busy shopping center.
      813-817 E Belvidere 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 Il Rte 83
    Grayslake, IL 60030-1619
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.