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Property profile & analytics
OFF-MARKET
Estimated value
$11,825,000
Retail space
145 Morris Ln, Lake Forest, IL 60045-1388
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US28-4761429
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2018
Construction
BRICK
Total area
78,088 SF
Lot
2.88 ac (125,453 SF)
APN
12-28-301-040
UPID
US28-4761429
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
$11.01M
CAP Approach
CAP
$12.29M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$11.83M
Owner & transaction history
Kelmscott Apts Illinois LLC · 6 yrs held
Kelmscott Apts Illinois LLC
since 2020
Last sale
$12.0M
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$14.2M
+42.7%
Auto repair, garage
$13.7M
+37.4%
Restaurant
$13.3M
+34.1%
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 Lake Forest submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Forest 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
$15,720,000
ML approach
$11,010,000
CAP Approach
CAP Return
Estimation
6%
$13,310,000
6.5%
$12,285,000
7%
$11,410,000
Alternative Use
Use
Estimation
RETAIL STORES
$9,935,000
Current use
COMMERCIAL (GENERAL)
$14,170,000
Change: +43% · Conversion: Easy
AUTO REPAIR, GARAGE
$13,650,000
Change: +37% · Conversion: Difficult
RESTAURANT
$13,320,000
Change: +34% · Conversion: Easy
OFFICE BUILDING
$9,450,000
Change: -5% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$8,740,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$11.83M
Range $10.64M – $13.01M · ±10% · vs last sale $12.00M (Jun 19 2020)
Last sale anchor
$12.00M
Jun 19 2020
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
$151 / 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
$649,013
Tax year 2023
Assessed value
$10,995,010
Assessed 2023
Previous assessed
$10,748,627
+2.3% YoY
Effective rate
5.90%
On assessed value
Assessed land
$1,379,955
Assessed improvement
$9,615,055
Land market value
$4,140,279
Improvement market value
$28,848,050
Total market value
$32,988,329
Applied tax rate
10,061.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2018
Construction
BRICK
Heating
NONE
Buildings
2
Total area
78,088 SF
Lot
2.88 ac (125,453 SF)
APN
12-28-301-040
UPID
US28-4761429
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
RETAIL STORES Current
Est. value
$9.9M
COMMERCIAL (GENERAL)
Est. value
$14.2M
AUTO REPAIR, GARAGE
Est. value
$13.7M
RESTAURANT
Est. value
$13.3M
OFFICE BUILDING
Est. value
$9.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$8.7M
RETAIL STORES Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RESTAURANT
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
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
2018
Construction
BRICK
Heating
NONE
Buildings
2
Lot
2.88 ac
Current owner
From public records · entity-resolved
Kelmscott Apts Illinois LLC
Entity
Mailing address
1270 SOLDIERS FLD RD, BOSTON, MA 02135-1003
Ownership since
2020
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
Jun 19, 2020
$53,750,000
Kelmscott Apts Illinois LLC
Kelmscott Park Apartments LLC
Grant Deed
$26,875,000 · Jones Lang Lasalle Multifamily
Oct 31, 2019
—
Kelmscott Park Apartments LLC
—
Loan Modification
related
$86,060,000 · Northbrook Bk&tr
Sep 27, 2016
$12,000,000
Kelmscott Park Realty LLC
City Of Lake Forest
Trustees Deed
$6,374,997 · Miscellaneous Govt Agcy
Sep 27, 2016
—
Kelmscott Park Apartments LLC
Kelmscott Park Realty LLC
Quit Claim Deed
related
$28,000,000 · Northbrook Bk&tr
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.
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