Highest and Best Use Study for Two-Parcel Commercial Assemblage in Mundelein, Lake County, Illinois

Wert-Berater, Inc. completed an independent Highest and Best Use Study for two contiguous parcels totaling approximately 1.89 acres on a suburban commercial corridor in Mundelein, Lake County, Illinois. Applying Appraisal Institute four-test methodology, the study concluded that small-format commercial redevelopment emphasizing restaurant and small-shop retail uses represents the highest and best use of the combined assemblage, supported by an 8.0 percent stabilized yield on cost and a 17.7 percent ten-year equity IRR. A hybrid concept preserving a wedding and event venue component was also tested at the client's request and ranked fourth among ten alternatives examined.