Sign Up Successful!
You now have access to more from Realmo!
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

    88 Grand Ave Fox Lake, IL 60020-1555

    • Commercial real estate
    • 0.74 lot acres
    OFF-MARKET
    Last Sale
    Nov 10, 2023
    $420,000
    Value Estimations
    $495,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2320246
    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

    • Commercial real estate

    Property Details for 88 Grand Ave

    Lot size
    0.74 lot acres
    Property type
    Commercial real estate
    APN
    05-10-107-003
    APU
    510107003

    Description

    Prime Fox Lake location awaits a new culinary concept. This 7,100 square foot, vacant, freestanding restaurant is available for $550,000 ($77.46/SF). Located at 88 E Grand Ave, in the heart of downtown Fox Lake, Illinois (zip code 60020), this property boasts excellent visibility with pylon signage and over 9,000 vehicles passing daily. Built in 1958, the building sits on a 0.74-acre lot and is zoned D. The space is completely turnkey, including all furniture, fixtures, and equipment (FFE). Features include large dining rooms, a full-service bar, and a fully equipped kitchen with walk-in coolers and freezers, stainless steel prep areas, a 25-foot full-service hood, grills, fryers, and more. New HVAC units were installed in 2023. This is an exceptional opportunity to acquire a fully operational restaurant in a thriving downtown area. The property is vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $495,000
      ML approach
      $465,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fox Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.1757
    Latitude
    42.397
    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
    $17,756
    $85,141
    $78,508
    $163,649
    -
    $255,449
    $235,548
    $490,997

    Comparable in this City

    • Value Estimation
      $270,000
      0.21 Acres

      Lakeview Ave

      COMMERCIAL (GENERAL) • 0.21 Acres
      Lakeview Ave, Fox Lake, IL 60020
      View Details
    • Value Estimation
      $265,000
      0.03 Acres

      Nippersink Rd

      COMMERCIAL (GENERAL) • 0.03 Acres
      Nippersink Rd, Fox Lake, IL 60020
      View Details
    • Value Estimation
      $270,000
      0.20 Acres

      32 Nippersink Rd

      COMMERCIAL (GENERAL) • 0.20 Acres
      32 Nippersink Rd, Fox Lake, IL 60020-1414
      View Details
    • Value Estimation
      $280,000
      0.15 Acres

      114 Washington St

      COMMERCIAL (GENERAL) • 0.15 Acres
      114 Washington St, Fox Lake, IL 60020
      View Details
    • Value Estimation
      $270,000
      0.08 Acres

      33 Pistakee Lk Rd

      COMMERCIAL (GENERAL) • 0.08 Acres
      33 Pistakee Lk Rd, Fox Lake, IL 60020
      View Details
    • Value Estimation
      $270,000
      0.11 Acres

      33 Rolland Pl

      COMMERCIAL (GENERAL) • 0.11 Acres
      33 Rolland Pl, Fox Lake, IL 60020
      View Details

    Similar Nearby for Sale

    • $299,900
      2.00 Acres

      Fox Lake Commercial Land

      2-Acre B-2 Zoned Lot, Prime Location
      21 Hillside Dr, Fox Lake, IL 60020
      View Details
    • $4,555,000
      18.00 Acres

      Fox Lake Waterfront Commercial Land

      18 Acres, Prime Development Opportunity
      80 Us-12, Fox Lake, IL 60020
      View Details
    • Contact for pricing

      Fox Lake Boat Slips Rental

      Boat slips for rent with access to Chain O Lakes.
      8300 Reva Bay Lane Unit, Fox Lake, IL 60020
      View Details
    • $549,873
      0.24 Acres

      Fox Lake Waterfront Multi-Unit Property

      Multi-unit property with 40 feet of lake frontage.
      50 N Lk Ave, Fox Lake, IL 60020
      View Details
    • New
      $499,500
      0.21 Acres

      Commercial Building in Fox Lake

      High visibility commercial building with flexible B3 zoning.
      400 Washington St, Fox Lake, IL 60020
      View Details
    • $260,000

      Commercial Land in Recreational Community

      Commercial land suitable for development in a popular recreational community.
      160 Fox Lake Rd, Volo, IL 60020
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

      Retail Space in McHenry, IL

      Retail opportunities available in McHenry, Illinois.
      3200-3258 Shoppers Dr, McHenry, IL 60020
      View Details
    • Contact for pricing
      17,172 SF

      Retail Space in McHenry, IL

      Retail spaces available in a high-traffic shopping center.
      3310-3392 Shoppers Dr, McHenry, IL 60020
      View Details
    • Contact for pricing

      Fox Lake Office Space Available

      Office suites available in a newer building on Pistakee Lake.
      36 W Grand Ave, Fox Lake, IL 60020
      View Details
    • Contact for pricing
      7,350 SF

      Retail Space in McHenry, IL

      Retail spaces available in a shopping center in McHenry, IL.
      3400-3436 Shoppers Dr, McHenry, IL 60020
      View Details
    • Contact for pricing

      Fox Lake Retail Space For Rent

      Affordable retail space with great access, parking, and visibility.
      145 Sayton Rd, Fox Lake, IL 60020
      View Details
    • Contact for pricing

      Remodeled Retail Space on Route 12

      Affordable, remodeled retail space with high visibility and ample parking.
      145 Sayton Rd, Fox Lake, IL 60020
      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.
    88 Grand Ave
    Fox Lake, IL 60020-1555
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.