What’s my Lake County commercial property worth?
For commercial and industrial buildings in Lake County, Arlington Heights, Elk Grove Village, Northbrook, Palatine and Wheeling.
Type the street address and town to get a free Property Report. It shows the county’s record of the building, how it compares with the rest of the town, and buyers or tenants on my board who may fit. For an industrial building with a size on file, the report also gives the most likely value and the range buildings like it usually sell for.
Why only industrial buildings get an automatic number
Industrial buildings sell mostly on size and location, so recorded sales of similar buildings nearby give a fair price range. I tested the method on 857 recorded sales of commercial and industrial buildings in these towns since January 2023. For industrial buildings, about 7 in 10 sold inside the band the report shows.
Retail, office and other commercial buildings are different. Their prices depend on the leases, the tenants and the condition, and no public record carries those. The best formula I tested missed at least four of those sales in ten. That is too often to show you an automatic number, so the report gives you the facts on file, and I give you the number.
What the number can’t see
Leases
A building with a tenant sells on the rent and the tenant’s credit, not on its size. The report values the building as if it were sold empty.
Condition and features
The roof, clear height, docks and doors, office build-out, sprinklers and power affect the price. County records carry none of them.
Land and location
Extra land, outdoor storage, highway access, or a neighbor who wants to expand can put a building well above the band.
Who is buying right now
A buyer who needs your kind of building in your town can pay more than recorded sales suggest.
The record itself
The building size on file can be wrong. A building recorded on several parcels gets no automatic number.
My opinion of value weighs these, along with sales I know of that are not in public records and the buyers I am working with.
Buyers and tenants on my board
I keep my active requirements on two public pages: buyers looking to purchase and tenants looking to lease. When a requirement names your town or county and the general type of your building (industrial, retail or office), the report lists up to three of them. The match is broad. Each requirement has its own use and size needs, so a match is a reason to talk, not an offer.
Common questions
How is the value worked out?
For an industrial building, the report multiplies the building size in county records by the median price per square foot of recorded sales of similar-size industrial buildings in the same county over the last two years. The band extends 35% above and below that figure. In my test of recorded sales since January 2023, about 7 in 10 industrial buildings sold inside that band.
Why doesn't my retail or office building get a number?
Because a formula built from public records can't price it well. Retail, office and other commercial buildings sell on their leases, tenants and condition, which no public record shows. The report still gives you the county record, how the building compares with the town and buyers who may fit. I can give you a real number.
Is the value an appraisal?
No. It is a broker's price estimate, prepared by me as a licensed Illinois real estate broker, not by a state-certified appraiser. It is a starting figure for an owner thinking about selling. A lender, a court or an estate may need an appraisal.
Why is there no number for a building that is for sale?
When another broker has a building on the market, the report doesn't show an automatic number for it. The listing broker is the best source on that building. When the building is one of my listings, the report shows my list price.
Where do the building facts come from?
From Jason Bitton RE/MAX Commercial's database from public records, the same records behind the Commercial Property Lookup: the recorded building size, the land, the year built (Cook County), the 2025 county valuation and the last usable sale. Some buildings have no record or no usable sale. For those, the report shows less. County records can be wrong.
What happens to the address I type?
Nothing leaves your browser while you search. The report looks up the address in the county file your browser downloads. The address reaches me only if you send the form. When you click the button that opens the form, the address is carried over so you don't retype it.
Want the real number? Get my free value opinion.
Tell me about the property. I’ll come back with my opinion of what it is worth today, with the leases, the condition and the buyers I am working with in mind.
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.