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Property profile & analytics
OFF-MARKET
Estimated value
$2,320,000
Office buildings
222 Wisconsin Ave, Lake Forest, IL 60045-1735
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-2398560
Property summary
AI-generated overview
This exceptional Lake Forest, Illinois commercial property, located at 222 E Wisconsin Ave (Wisconsin Avenue / Western Avenue), offers 12 available executive office suites within a 22,000 square foot Class B building. The property is zoned B-3 and situated in Lake County (zip code 60045). Suites range from a minimum of 226 square feet to a maximum contiguous space of 960 square feet, with a total of 5,362 square feet currently vacant. The building is multi-tenant, providing a diverse and collaborative environment. The property is ideal for businesses seeking flexible and efficient office space in a prime Lake Forest location. This retail and office space offers a convenient and accessible location for clients and employees alike. The lease terms are gross leases, meaning real estate taxes and common area maintenance (CAM) charges are included in the rent, simplifying budgeting and financial planning. The property's convenient location and all-inclusive lease structure make it an attractive option for businesses of all sizes. Inquire today to learn more about the available spaces and lease options.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1964
Construction
BRICK
Total area
27,176 SF
Lot
0.79 ac (34,360 SF)
APN
12-28-313-035
UPID
US28-2398560
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
$2.65M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.65M
Blend (final)
Blend
$2.32M
Owner & transaction history
Sunshine Enterprise LLC Series Viii · 2 yrs held
Sunshine Enterprise LLC Series Viii
since 2023
Last sale
$2.3M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.5M
+5.1%
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
$2,700,000
ML approach
$2,645,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,290,000
Current use
RETAIL STORES
$3,455,000
Change: +5% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$3,040,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$2.32M
Range $2.09M – $2.55M · ±10% · vs last sale $2.30M (Nov 22 2023)
Last sale anchor
$2.30M
Nov 22 2023
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
$85 / 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
$31,375
Tax year 2023
Assessed value
$550,621
Assessed 2023
Previous assessed
$519,620
+6.0% YoY
Effective rate
5.70%
On assessed value
Assessed land
$385,100
Assessed improvement
$165,521
Land market value
$1,155,416
Improvement market value
$496,613
Total market value
$1,652,029
Applied tax rate
10,014.0000
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
Off-Market
Year built
1964
Construction
BRICK
Heating
NONE
Total area
27,176 SF
Lot
0.79 ac (34,360 SF)
APN
12-28-313-035
UPID
US28-2398560
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
$3.3M
RETAIL STORES
Est. value
$3.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.0M
OFFICE BUILDING Current
RETAIL STORES
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
1964
Construction
BRICK
Heating
NONE
Lot
0.79 ac
Current owner
From public records · entity-resolved
Sunshine Enterprise LLC Series Viii
Entity
Mailing address
351 GREENLEAF ST E STE E, PARK CITY, IL 60085-5701
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 22, 2023
$2,300,000
Sunshine Enterprise LLC Series Viii
222 Wisconsin LLC
Special Warranty Deed
$1,725,000 · Libertyville Bank & Trust Co
Mar 19, 2021
$1,740,000
222 Wisconsin LLC
Campbell 222 Limited Partnership
Warranty Deed
$2,925,000 · Libertyville Bank & Trust Co
Oct 23, 1998
$791,000
Campbell 222 LP
Northern Trust Bank Trustee
Grant Deed
—
—
—
Campbell-222 LP
—
Loan Modification
related
—
—
—
Campbell 222 LP
—
Deed Of Trust
related
$2,310,000 · Charter One Bank
—
—
Campbell-222
—
Deed Of Trust
related
$2,152,824 · 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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