105 Unit Property & Separate Commercial Opportunity

Market Price

700 Sheridan Rd, Highwood, IL 60040

For Sale

Retail Free Standing

Active

Last Updated: 12/27/2024

Details:

Building Size: 91,500 sqft

Lot Area: 1.6667 acres

Class: C

Units: 105

Year Built: 1965

Offered by

Chet Evans

Vice President

Hilco Real Estate

Request Info to Unlock

Highlights:

95 studios/10 one-bedroom units
Located in Chicago’s North Shore suburbs – between the major cities of Lake Forest & Highland Park
Easily accessible via I-94, IL Route 22, IL Route 131 & U.S. Route 41
Amenities include: lobby & reception area, management office, library, mail room, beauty/barber shop, sundry store, wellness/therapy facilities, indoor pool & sauna, industrial kitchen

Description:

On-Site Inspections: By Appointment Only

This property, known as 700 on Sheridan, is a five-story housing facility. Originally designed as a Ramada Inn hotel, this building features a total of 105 units, with 95 studio units averaging 316± SF and 10 one-bedroom units ranging from 632± to 720± SF.

The building has undergone comprehensive interior and exterior renovations including its recent additions of 2,100± SF commercial kitchen and a 20,000± SF retail space suitable for grocery operations, restaurants and similar uses. This site is a prime opportunity for a new investor or owner to provide quality housing and retail opportunities for the Chicago North Shore area.

Highwood, Illinois, is situated in Chicago’s affluent North Shore suburban neighborhood. Known for its top-rated schools, beautiful lakefront views and charming communities, this area offers a vibrant culture with boutique shops, fine dining, golf courses, country clubs and nature preserves.

The area’s development is further characterized by its excellent transportation access. It is 27 miles from the Chicago Loop and 20 miles from O’Hare Airport. Public transportation options include Metra’s Chicago & North Western/North Line commuter trains and Pace bus service. Metra trains run over twenty times a day between Kenosha, Wisconsin, and Chicago, Illinois, with nearby stations in Highwood, Fort Sheridan and Highland Park. The express train from Highwood to Chicago takes only thirty minutes. Additionally, Highwood is easily accessible via IL Route 22, IL Route 131 and U.S. Route 41.