700 Sheridan RdHighwood, IL 60040

Property Details for 700 Sheridan Rd

Year built

1965

Construction

BRICK

Lot size

1.67 AC

Property size (Sq ft)

59,742 SF

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

16-15-202-008

APU

1615202008

Description

This exceptional mixed-use property in Highwood, Illinois, presents a unique investment opportunity. The five-story building, originally a Ramada Inn, boasts 105 units: 95 studios averaging 316 square feet and 10 one-bedroom units ranging from 632 to 720 square feet. A recent, comprehensive renovation (2019) included the addition of a 2,100 square foot commercial kitchen and a 20,000 square foot retail space ideal for grocery stores, restaurants, or similar ventures. The total square footage is 91,500, situated on a 1.67-acre lot zoned PUD. Building amenities include a lobby, reception area, management office, library, mail room, beauty/barber shop, sundry store, wellness/therapy facilities, an indoor pool, sauna, and an industrial kitchen. The property is currently vacant. Its location in Chicago's affluent North Shore, between Lake Forest and Highland Park, offers easy access via I-94, IL Route 22, IL Route 131, and US Route 41. Excellent public transportation is available via Metra and Pace, with convenient access to the Chicago Loop and O'Hare Airport. This property is perfect for an investor seeking to provide quality housing and retail options in a vibrant, desirable community. The building was constructed in 1971 and is classified as Class B. Bid deadline is August 14th at 5:00 PM CT. On-site inspections are available by appointment only.

• CAP approach

  CAP return

  Valuation

  6%

  $12,860,900

  6.5%

  $11,871,600

  7%

  $11,023,600

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,247,150

  Geo Method

  $8,014,840

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $22,927,200

  Retail / Commercial

  $11,618,000

  Mixed-Use / Specialty

  $11,467,100

  Hospitality / Lodging

  $8,270,550

  Office

  $11,285,000

  Institutional / Educational

  $11,882,100

  Residential Income

  $13,902,000

  Multifamily

  $17,280,300

  Automotive / Energy

  $10,184,600

  Parking / Income-Based Land

  $3,622,760

  Restaurant / Food Service

  $5,730,510

Location Insight

City

Highwood

County

Lake

State

Illinois

Latitude

42.2103

Longitude

-87.8147

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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