Add Listing
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

    375 Il Rte 83 Grayslake, IL 60030-1669

    • Office buildings
    • 2,160 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    May 20, 2025
    $240,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1493768
    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

    • Office buildings

    Property Details for 375 Il Rte 83

    Year built
    1968
    Construction
    FRAME
    Lot size
    0.29 lot acres
    Property size
    2,160 SF
    Property type
    Office buildings
    APN
    06-35-200-039
    APU
    635200039

    Description

    This 2,200 square foot, single-story office building presents a compelling investment opportunity in Grayslake, Illinois. The frame-constructed building sits on an irregular lot measuring 57 x 288 x 213 x 59 feet, providing ample space. Located in the General Business District, the property boasts excellent visibility with frontage along Route 83, opening doors to a variety of commercial uses. The building is set back approximately 80 feet from the main road, allowing for approximately 10 parking spaces. Additional rear area offers potential for storage or extra parking. The property includes an overhead entrance door on the south side. Interior demolition is complete, presenting a blank canvas for a buyer to customize the space to their specific needs. With a modest amount of renovation, this property can be transformed into a highly functional and attractive commercial space. The asking price is $265,000. This is a rare opportunity to acquire a well-located commercial property with significant upside potential in a thriving business district. The property's location and zoning offer considerable flexibility for future development or adaptation to various commercial enterprises.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grayslake
    County
    Lake
    State
    Illinois
    Longitude
    -88.0302
    Latitude
    42.3354
    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
    $8,649
    $33,802
    $7,861
    $41,663
    -
    $101,416
    $23,585
    $125,001

    Comparable in this City

    • Value Estimation by Request
      600 SF

      99 Us Hwy 45

      OFFICE BUILDING • 600 SF
      99 Us Hwy 45, Grayslake, IL 60030-2201
      View Details
    • Value Estimation by Request
      5,768 SF

      162 Ctr St

      OFFICE BUILDING • 5,768 SF
      162 Ctr St, Grayslake, IL 60030-1533
      View Details
    • Value Estimation by Request
      3,800 SF

      148 Ctr St

      OFFICE BUILDING • 3,800 SF
      148 Ctr St, Grayslake, IL 60030-3633
      View Details
    • Value Estimation
      $740,000
      5,632 SF

      352 Ctr St

      OFFICE BUILDING • 5,632 SF
      352 Ctr St, Grayslake, IL 60030-1641
      View Details
    • Value Estimation
      $1,610,000
      15,540 SF

      144 Commerce Dr

      OFFICE BUILDING • 15,540 SF
      144 Commerce Dr, Grayslake, IL 60030-7832
      View Details
    • Value Estimation by Request
      3,378 SF

      450 Barron Blvd

      OFFICE BUILDING • 3,378 SF
      450 Barron Blvd, Grayslake, IL 60030-1666
      View Details

    Similar Nearby for Sale

    • $495,900
      743 SF

      Grayslake Commercial Suites For Sale

      Five office/retail suites with apartment in Grayslake, Illinois.
      33125 N Us 45 Hwy, Grayslake, IL 60030
      View Details
    • $495,900
      0.29 Acres

      Mixed-Use Building on Highway 45

      Versatile commercial/residential building in high-visibility Grayslake location.
      33125 N Us Highway 45, Grayslake, IL 60030
      View Details
    • Contact for pricing
      3,150 SF

      Grayslake Corner Location For Sale

      Prime corner location in downtown Grayslake with redevelopment potential.
      102-106 Center St, Grayslake, IL 60030
      View Details
    • $69,900
      0.40 Acres

      Grayslake Lot Near Highland Lake

      0.4 acre lot with lake access and park.
      34110 S Circle Dr, Grayslake, IL 60030
      View Details
    • Contact for pricing

      Grayslake Pad Ready Land

      30,500 square feet of general business zoned land.
      1886 E Belvidere Rd, 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

    Similar Nearby for Lease

    • 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
    • Contact for pricing

      Professional Office Space Available

      Move-in ready office space for professionals in prime location.
      115 Commerce Dr, Grayslake, IL 60030
      View Details
    • Contact for pricing
      30,056 SF

      Professional Office Space in Grayslake

      Move-in ready office space for professionals in a prime location.
      115 Commerce Dr, Grayslake, IL 60030
      View Details
    • 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
      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.
    375 Il Rte 83
    Grayslake, IL 60030-1669
    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.
    Sign Up Successful!
    You now have access to more from Realmo!