700 Sheridan RdHighwood, IL 60040

  • Healthcare properties
  • 59,742 SF
For Sale

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
Healthcare properties
Property subtype
Assisted living facilities
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $10,544,417
    6.5%
    $9,733,308
    7%
    $9,038,072
  • Comparable approach

    Method
    Valuation
    Relative Method
    $6,974,978
    Geo Method
    $8,948,605
  • Alternative Use

    Use
    Valuation
    Residential
    $12,347,112
    Hospitality
    $11,309,888
    Educational
    $9,409,694
    Medical
    $9,733,308
    Retail
    $14,637,302
700 Sheridan Rd, Highwood, Illinois

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

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
$187,502
$508,923
$3,028,630
$3,537,553
-
$1,526,922
$9,086,799
$10,613,721

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