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Property profile & analytics
OFF-MARKET
Estimated value
$630,000
Manufacturing properties
1550 Grn Bay Rd, North Chicago, IL 60064-1522
Trust Owned
6-yr Hold
~
Est. High Equity
Property ID
US28-0338792
Property summary
AI-generated overview
This exceptional 5,400 square foot single-tenant office building, situated on a 25,088 square foot lot at 1550 N Green Bay Rd in North Chicago, IL 60064, presents a unique investment opportunity. Built in 1992, the one-story structure boasts 200 feet of prime Green Bay Road frontage, offering excellent visibility and accessibility. The building features approximately 1,400 square feet of front office space and a spacious 4,000 square foot rear warehouse area, complete with an overhead garage door. The property includes 15 parking spaces and benefits from its location within an Enterprise Zone. Its B2 General Business zoning allows for a diverse range of uses, including retail, medical, dental, and traditional office spaces. The asking price is $1,150,000, translating to $212.96 per square foot. Convenient access to major roadways such as I-94, Route 41, Route 120, and Waukegan Road enhances its strategic location. Originally designed for a printing company, this well-maintained building is ready for its next chapter. The property's APN is 08-31-409-016.
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1992
Construction
FRAME
Total area
5,400 SF
Lot
0.58 ac (25,088 SF)
APN
08-31-409-016
UPID
US28-0338792
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
Current use
Occupant on record · Public records
-
Steve Olson Printing & Design Marketing & Advertising Printing Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$467k
Blend (final)
Blend
$630k
Owner & transaction history
Olson Family Trust · 6 yrs held
Olson Family Trust
since 2020
Last sale
$665,000
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$980,000
+134.7%
Auto repair, garage
$945,000
+126.1%
Restaurant
$920,000
+120.7%
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 North Chicago submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North Chicago 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
$870,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$415,000
Current use
COMMERCIAL (GENERAL)
$980,000
Change: +135% · Conversion: Difficult
AUTO REPAIR, GARAGE
$945,000
Change: +126% · Conversion: Easy
RESTAURANT
$920,000
Change: +121% · Conversion: Difficult
RETAIL STORES
$685,000
Change: +65% · Conversion: Moderate
OFFICE BUILDING
$655,000
Change: +57% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$605,000
Change: +45% · Conversion: Difficult
WAREHOUSE, STORAGE
$455,000
Change: +9% · Conversion: Easy
Blend value · Realmo final
$630k
Range $567k – $693k · ±10% · vs last sale $665k (Jan 13 2020)
Last sale anchor
$665k
Jan 13 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
$117 / 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
$15,839
Tax year 2023
Assessed value
$117,628
Assessed 2023
Previous assessed
$112,026
+5.0% YoY
Effective rate
13.47%
On assessed value
Assessed land
$19,353
Assessed improvement
$98,275
Land market value
$58,065
Improvement market value
$294,854
Total market value
$352,919
Applied tax rate
9,002.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1992
Construction
FRAME
Heating
NONE
Total area
5,400 SF
Lot
0.58 ac (25,088 SF)
APN
08-31-409-016
UPID
US28-0338792
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
INDUSTRIAL (GENERAL) Current
Est. value
$415,000
COMMERCIAL (GENERAL)
Est. value
$980,000
AUTO REPAIR, GARAGE
Est. value
$945,000
RESTAURANT
Est. value
$920,000
RETAIL STORES
Est. value
$685,000
OFFICE BUILDING
Est. value
$655,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$605,000
WAREHOUSE, STORAGE
Est. value
$455,000
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
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
1992
Construction
FRAME
Heating
NONE
Lot
0.58 ac
Current owner
From public records · entity-resolved
Olson Family Trust
Trust
Mailing address
38590 N CHICAGO AVE, WADSWORTH, IL 60083-9501
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 13, 2020
—
Olson Family Trust
Steven B Olson
Quit Claim Deed
related
—
Jan 26, 2009
$665,000
Steven B Olson
Weakley,michael E
Warranty Deed
$330,000 · Lake Forest Bank & Trust Co
—
—
Michael E Wealdely
—
Deed Of Trust
related
$162,000 · Bank Of Northern Illinois NA
—
—
Michael E Weakley
—
Deed Of Trust
related
$41,733 · State Financial Bank
—
—
Steven B Olson
—
Deed Of Trust
related
$350,000 · Lake Forest Bank & Trust Co
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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