8 Skokie HwyLake Bluff, IL 60044

Property Details for 8 Skokie Hwy

Year built

1975

Construction

FRAME

Lot size

0.33 AC

Property size (Sq ft)

6,632 SF

Property type

Office buildings

APN

12-19-206-010

APU

1219206010

Description

This exceptional redevelopment opportunity presents a 0.33-acre parcel in Lake Bluff, IL, encompassing a vacant, two-story, 6,632 sq ft office building at 8 N Skokie Hwy. Built in 1975 and renovated in 2015, the Class B building features 12 units and 25 parking spaces. The property boasts a desirable location in a thriving commercial corridor, benefiting from proximity to major employers like Abbott Labs and recent developments including a new Target, Chase Bank, and retail strip malls. Across the street sits a newly constructed Northwestern Medicine building. The property is zoned COMMR, offering flexibility for various uses, including retail, medical, or multi-family. The land itself is the primary asset, with a price per square foot of $132.50, reflecting the significant redevelopment potential. The asking price is $1,900,000. This is part of a larger, eight-parcel assembly totaling 2.75 acres, presenting further expansion possibilities. The seller is open to the buyer voluntarily annexing into the Village of Lake Bluff, which may offer financial incentives. This is a rare chance to acquire a strategically located property with substantial upside in a high-demand area. The property was previously sold in May 2020 for $3,700,000 for a 41,040 sq ft parcel. This sale comparable sold for $90.16 per sq ft.

• CAP approach

  CAP return

  Valuation

  6%

  $1,197,486

  6.5%

  $1,105,372

  7%

  $1,026,417

• Comparable approach

  Method

  Valuation

  Relative Method

  $673,302

  Geo Method

  $863,818

• Alternative Use

  Use

  Valuation

  Residential

  $1,370,661

  Hospitality

  $1,255,518

  Educational

  $1,044,576

  Medical

  $1,080,501

  Retail

  $1,624,897

Location Insight

City

Lake Bluff

County

Lake

State

Illinois

Latitude

42.2803

Longitude

-87.8711

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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