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    116 Il Rte 83 Grayslake, IL 60030-1643
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    Property profile & analytics

    116 Il Rte 83, Grayslake, IL 60030-1643

    View on Map
    • Retail space
    • 7,450 SF
    • 0.96 lot acres
    Off-Market
    Property ID
    US28-2364453
    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.
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 116 Il Rte 83

    Year built
    2003
    Construction
    BRICK
    Lot size
    0.96 lot acres
    Property type
    Retail space
    APN
    06-35-200-002
    APU
    635200002

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 7, 2018 $485,000 116 Barron Properties LLC Neenah Menasha LLC Warranty Deed —
    May 16, 2017 $425,000 Neenah Menasha LLC Bank Of Hope Grant Deed —
    Apr 9, 2014 — Bbcn Bk Sheriff Of Lake County Trustees Deed · related —
    Aug 18, 2005 $1,175,000 Yong S Yu Trust 2308 Grant Deed $675k · Foster Bank
    Jan 6, 2004 — Northside Community Bank Ttee — Trustees Deed · related $245k · Northside Community Bank
    May 22, 2003 — Northside Community Bank Ttee Salemi,j Quit Claim Deed · related $780k · Northside Community Bank
    May 22, 2003 $150,000 Joseph R Salemi Garnett,robert William Grant Deed —
    — — Yong S Yu — Deed Of Trust · related $618k · Foster Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $950,000
      Market price range: $478k - $1.34M
      AI Estimate
      $611,000
      Market price range: $335k - $900k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $890,000
      Current use
      AUTO REPAIR, GARAGE
      $1,300,000
      Change: +46% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $875,000
      Change: -2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $775,000
      Change: -13% Conversion: Easy
      OFFICE BUILDING
      $720,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Grayslake
    County
    Lake
    State
    Illinois
    Longitude
    -88.0336
    Latitude
    42.3414
    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
    $21,595
    $94,450
    $107,982
    $202,432
    -
    $283,378
    $323,978
    $607,356

    Comparable in this City

    • Value Estimation by Request
      12,474 SF

      136 Rear

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      136 Rear, Grayslake, IL 60030
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    • Value Estimation by Request
      6,292 SF

      124 Il Rte 83

      RETAIL STORES (PERSONAL SERVICES)
      124 Il Rte 83, Grayslake, IL 60030-1620
      View Details
    • Value Estimation
      $895,000
      9,900 SF

      10 Lk St

      RETAIL STORES (PERSONAL SERVICES)
      10 Lk St, Grayslake, IL 60030-3635
      View Details
    • Value Estimation by Request
      8,378 SF

      147 Us Hwy 45

      RETAIL STORES (PERSONAL SERVICES)
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      123 Ctr St

      RETAIL STORES (PERSONAL SERVICES)
      123 Ctr St, Grayslake, IL 60030-1532
      View Details
    • Value Estimation by Request
      8,787 SF

      34171 Us Highway 45

      Individual retail properties
      34171 Us Highway 45, Third Lake, IL 60030
      View Details

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      Grayslake Storefront Building For Sale

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    • $629,900
      3,150 SF

      Grayslake Retail Corner Property

      High-traffic location, redevelopment potential
      102-106 Center St, Grayslake, IL 60030
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      8,380 SF

      Renovated Storefront Building on Highway

      Two-unit storefront building with leases in place and parking.
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    • $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
      765 SF

      Grayslake Retail-Office Space Available

      765 SF retail-office space in downtown Grayslake available for lease.
      136 Center St, 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
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      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 For Rent

      Office suites and storefronts available in Grayslake, Illinois.
      100 S Atkinson Rd, Grayslake, IL 60030
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    • 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
    • $222 SF/Yr
      12,474 SF

      Grayslake Retail Space For Lease

      765 SF Retail Space, Downtown Grayslake
      136 Rear, Grayslake, IL 60030
      View Details
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    Grayslake, IL 60030-1643
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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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