Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1508 Washington St Waukegan, IL 60085

    Sponsored
    For Sale
    $330,000

    COMMERCIAL - Waukegan, IL

    Lot size:
    0.11 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 26 at 12:06 am

    Property Features for 1508 Washington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    08204091180000
    Lot size
    0.11 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Building materials
    Block
    Roof type
    Rubber

    We can help!

    Listing Contact
    Porfirio Garcia

    NetGar Investments Inc. (847) 263-8100

    Listing agent Porfirio Garcia (847) 812-9106

    Listing date Feb 25, 2026

    MLS# 12557913

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Waukegan Restaurant For Sale

    This commercial property in Waukegan, Illinois, is a single-building restaurant currently leased and operating. The property is situated in a high-traffic area, offering significant visibility. The lot size is 0.1148 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Maple Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Thunderbear Corporation, Plantines and things

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8498338
    Latitude
    42.3598456

    Nearby Similar for Sale

    • Contact for pricing

      Salon Ready for New Owner

      Move-in ready salon with natural light and ample parking.
      2052 Western Ave, Waukegan, IL 60087
      View Details
    • $529,000
      0.31 Acres

      Commercial Building at Signalized Corner

      Freestanding commercial building suited for retail or office use.
      1200 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • New
      $320,000
      2,500 SF

      Remodeled Two-Unit Property in Waukegan

      Move-in ready duplex, ideal for homeowners or investors.
      302 Cory Ave, Waukegan, IL 60085
      View Details
    • New
      $309,900

      Waukegan Residential Income Opportunity

      Two-unit property with spacious units and garage on corner lot.
      1525 North Ave, Waukegan, IL 60085
      View Details
    • $325,000
      2,400 SF

      Waukegan Multifamily Property For Sale

      Well-maintained duplex featuring two independent units, each with 1,200 sq. ft.
      600 Sunderlin St, Waukegan, IL 60085
      View Details
    • $299,000
      0.07 Acres

      Waukegan Turnkey Two-Flat

      Fully rehabbed two-flat with modern amenities and convenient location.
      518 Chestnut St, Waukegan, IL 60085
      View Details
    • $750,000
      0.19 Acres

      Waukegan Office Building For Sale

      Well-maintained office building in prime location, ideal for investors.
      222 N County St, Waukegan, IL 60085
      View Details
    • New
      $250,000
      0.12 Acres

      Waukegan Two-Unit Building For Sale

      Two-unit building with income potential in Waukegan, Illinois.
      832 Lenox Ave, Waukegan, IL 60085
      View Details
    • $239,900
      0.11 Acres

      Two Homes on One Lot

      Unique investment opportunity with two homes on one lot.
      515 May St, Waukegan, IL 60085
      View Details
    • $799,000
      7,804 SF

      Established Restaurant with Slot Machines

      Waukegan restaurant, real estate, and slot machines for sale.
      1401 Golf Rd, Waukegan, IL 60087
      View Details
    • $2,962,000
      14,180 SF

      Occupied Strip Building For Sale

      100% occupied strip building with long-term leases and rental increases.
      3035 Belvidere Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Occupied Strip Center with Long-Term Leases

      100% occupied strip center with long-term leases and annual increases.
      3035-3043 Belvidere Rd, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Restaurant - Restaurant property for sale in high-traffic Waukegan location.
    Where is this restaurant located?
    The property is located at 1508 Washington St Waukegan, IL.
    What is the asking price?
    The asking price for this property is $330,000.
    What are key features of this property?
    This property features: - High traffic area with lots of visibility; - Currently leased and operating; - Single building restaurant
    (847) 812-9106
    Request Owner's contact information
    1508 Washington St Waukegan, IL 60085
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1508 Washington St
    Waukegan, IL 60085
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1508 Washington St Waukegan, IL 60085
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Porfirio Garcia
    Real Estate License ID: 471005245
    (847) 812-9106 (847) 263-8100
    Learn more
    Google sign-in failed. Please try again or use another login method.