Buying a warehouse or flex building in Lake County, IL (10,000–40,000 SF)
What these buildings sold for, how many sold, who bought them, and the questions to ask before you buy one for your own business.
About 83 warehouse and flex buildings of 10,000 to 40,000 SF sold in Lake County from January 2024 to August 2026, an average of two to three a month, at a median of about $88 per square foot (69 sales with a price on record). Nearly half of the sales with a recorded sale type were businesses buying for their own use.
Prices by size
Median sale price and price per square foot, January 2024 to August 2026. The middle half is the range that holds the middle 50% of sales.
| Building size | Sales | Median price | Median per SF |
|---|---|---|---|
| 10,000–19,999 SF | 43 | $1.19M middle half $988K–$1.53M; n = 36 | $91 n = 36 |
| 20,000–29,999 SF | 20 | $1.98M middle half $1.50M–$2.69M; n = 15 | $81 n = 15 |
| 30,000–40,000 SF | 20 | $2.38M middle half $1.56M–$3.42M; n = 18 | $74 n = 18 |
The median year built among these sales was 1986.
What to ask before you buy one for your business
Put these to the seller, the town, your lender and your own team before you make an offer. They are questions, not legal, tax or engineering advice.
How high is the clear height?
Racking, a forklift mast and overhead doors depend on it. Among the buildings in this range that sold, the median clear height on record was 18 feet (n = 57).
Docks, drive-ins, or both?
Count the trucks you load each week and what size they are. A dock suits semi-trailers; a drive-in door suits vans, box trucks and equipment.
Is there enough power?
Ask for the electrical service in writing: voltage, phase and amps, from the panel labels or the utility. Three-phase power matters for many machines and compressors.
How much of it is office?
Ask how much of the building is office and what that share is worth to your operation. Measure the warehouse share against what you do.
Do you need a yard or truck parking?
Ask whether the district allows outdoor storage and truck parking for your business, not just the building. See where a contractor’s yard or outdoor storage is allowed in Lake County.
Does the zoning allow your business?
Ask whether the district allows your exact use by right or only by special use. Check it in the Commercial Zoning Lookup, then confirm the parcel with the town.
What does the environmental history say?
Ask whether you need a Phase I environmental site assessment before closing, including whether your lender requires one.
What will the property taxes be?
Get the last two tax bills and ask how a sale could change the assessment. Taxes are a yearly cost of owning.
Is there a tenant you could keep?
Could rent from a tenant in part of the building help with the cost of owning? Read the lease (term, rent and any options) and review it with your lender.
Does it make sense to buy instead of lease?
Compare the two over the years you plan to stay with the lease-vs-buy calculator, and ask your lender about loans for owner-occupied buildings.
An 11,400 SF building for sale now
135 Martin Ln, Elk Grove Village (Cook County, outside Lake County). A two-unit brick industrial building marketed at 11,400 SF (buyer to verify) on 0.66 acre, built in 1974, zoned I-1 Restricted Industrial: 4,200 SF vacant at closing, 7,200 SF leased to June 2027. Semi-truck dock, two drive-ins, approximately 14′ clear, three-phase power in the available unit (the other unit’s service to be verified), 1.1 miles to I-90. $1,300,000 ($114 per SF of building). See the listing →
Nothing in this size is listed with me in Lake County today. Tell me what you need and I’ll send you buildings as they come up, including ones that are not on the market.
Common questions
What does a 10,000 to 40,000 SF warehouse sell for in Lake County?
From January 2024 to August 2026 the median sale was about $88 per square foot (n = 69), with the middle half between $61 and $106. By size, the median price was about $1.19M for 10,000 to 19,999 SF, $1.98M for 20,000 to 29,999 SF and $2.38M for 30,000 to 40,000 SF.
How many of these buildings sold?
About 83 sold from January 2024 to August 2026, an average of two to three a month, most often in Wauconda, Gurnee and Mundelein.
Who buys them?
Of the 66 sales with a recorded sale type, 31 were owner-user purchases, nearly half, and 35 were investment purchases.
Should I buy or lease?
It depends on how long you will stay, your down payment and the rent you would pay instead. Run both with the lease-vs-buy calculator and talk to your lender and accountant.
Looking to buy a building for your business?
Tell me the towns, the size, the clear height, the doors and the yard you need, and your budget. I’ll send you the buildings that match and point out their weak spots before you make an offer.
Own a 10,000–40,000 SF building in Lake County?
Nearly half of the sales with a recorded sale type went to businesses buying for their own use. Ask me what yours would sell for and who is likely to buy it.
Jason Bitton is a commercial real estate broker with RE/MAX Commercial in Libertyville, IL — #1 RE/MAX Commercial Broker in Illinois (2022, 2024, 2025) — serving Lake County, the North Shore, the O’Hare corridor, and the Chicago suburbs.