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

    560 Western Ave Lake Forest, IL 60045-1920

    • Retail space
    • 7,896 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2442332
    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

    • Retail space

    Property Details for 560 Western Ave

    Year built
    1958
    Construction
    BRICK
    Lot size
    0.22 lot acres
    Property size
    7,896 SF
    Property type
    Retail space
    APN
    12-33-124-003
    APU
    1233124003

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $529,000
      Market price range: $220k - $620k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,005,000
      Current use
      COMMERCIAL (GENERAL)
      $1,435,000
      Change: +43% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,380,000
      Change: +37% Conversion: Difficult
      RESTAURANT
      $1,345,000
      Change: +34% Conversion: Easy
      OFFICE BUILDING
      $955,000
      Change: -5% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $885,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Forest
    County
    Lake
    State
    Illinois
    Longitude
    -87.8396
    Latitude
    42.2498
    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
    $23,929
    $201,094
    $218,858
    $419,952
    -
    $603,342
    $656,640
    $1,259,982

    Comparable in this City

    • Value Estimation
      $7,965,000
      93,489 SF

      260 Deerpath

      RETAIL STORES (PERSONAL SERVICES) • 93,489 SF
      260 Deerpath, Lake Forest, IL 60045-1940
      View Details
    • Value Estimation
      $3,275,000
      18,397 SF

      188 Westminster

      RETAIL STORES (PERSONAL SERVICES) • 18,397 SF
      188 Westminster, Lake Forest, IL 60045-1840
      View Details
    • Value Estimation
      $2,950,000
      28,565 SF

      1085 Conway Rd

      RETAIL STORES (PERSONAL SERVICES) • 28,565 SF
      1085 Conway Rd, Lake Forest, IL 60045
      View Details
    • Value Estimation
      $930,000
      8,250 SF

      842 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,250 SF
      842 Western Ave, Lake Forest, IL 60045-1703
      View Details
    • Value Estimation
      $1,950,000
      19,288 SF

      758 Western Ave

      RETAIL STORES (PERSONAL SERVICES) • 19,288 SF
      758 Western Ave, Lake Forest, IL 60045
      View Details
    • Value Estimation by Request
      2,400 SF

      238 Wisconsin Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      238 Wisconsin Ave, Lake Forest, IL 60045-1706
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      65,836 SF

      Libertyville Office/Flex Portfolio For Sale

      18-property office/flex portfolio in Libertyville's commercial corridor.
      13975 W Polo Trail Dr, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      3,600 SF

      884 S Waukegan Rd, Lake Forest, IL 60045

      Banks • 3,600 SF
      884 S Waukegan Rd, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      15,315 SF

      Lake Forest Industrial NNN Property

      Single-tenant, net-leased industrial building in Lake Forest, Illinois.
      27825 Irma Lee Cir, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      225,354 SF

      Class A Office Buildings For Sale

      Two Class A office buildings in Lake Forest, Illinois.
      100 North Field Dr, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      35,482 SF

      Renovated Industrial Buildings with Income

      Two industrial buildings on 2.82 acres with income potential.
      28041 Bradley Rd, Lake Forest, IL 60045
      View Details
    • $6,229,680
      103,828 SF

      Office Space in Conway Park

      Office space for rent in premier north suburban office development.
      500 N Field Dr, Lake Forest, IL 60045
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,992 SF

      Prime Retail Space in Lake Forest

      Retail space in a high-traffic shopping center near Metra.
      248 Market Sq, Lake Forest, IL 60045
      View Details
    • Contact for pricing

      Lake Forest Retail/Office Space

      Class A retail/office space in affluent Lake Forest suburb.
      225 E Deerpath Rd, Lake Forest, IL 60045
      View Details
    • Contact for pricing

      Award-Winning Green Office Space

      Office space in an award-winning, energy-efficient building.
      100 S Saunders Rd, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      430 SF

      Renovated Mixed-Use Building Available

      Newly renovated mixed-use building near Lake Forest Metra Station.
      1000-1042 N Western Ave, Lake Forest, IL 60045
      View Details
    • $36 SF/Yr
      322 SF

      Professional Office Suites For Rent

      Office suites available with on-site parking and internet included.
      222 E Wisconsin Ave, Lake Forest, IL 60045
      View Details
    • Contact for pricing
      5,750 SF

      Lake Forest Warehouse Space Available

      5,750 SF warehouse space with dock door for lease.
      28401 Ballard Dr, Lake Forest, IL 60045
      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.
    560 Western Ave
    Lake Forest, IL 60045-1920
    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!