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    515 May St Waukegan, IL 60085

    Sponsored
    For Sale
    $239,900

    MULTI_FAMILY - Waukegan, IL

    Lot size:
    0.11 Acres
    Days on Market:
    1
    Last Refresh:
    Jan 7 at 9:06 pm

    Property Features for 515 May St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    MULTI
    Rooms
    Bedroom 5, Basement, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 3
    Bedrooms
    5
    Bathrooms
    2
    APN
    08283110340000
    Parking
    4
    Parking features
    Owned
    Fencing
    Fenced
    Basement
    Unfinished, Partial
    Lot size
    0.11 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    1915
    Building materials
    Aluminum Siding, Block
    Roof type
    Asphalt
    Additional Structures
    Residence

    Real Broker LLC (630) 439-6385 [email protected]

    Listing agent Katelyn Garcell (630) 999-0958

    Listing date Jan 7, 2026

    MLS# 12534517 Listing URL

    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.

    Overview

    Two Homes on One Lot

    This unique property in Waukegan features two homes on one lot, offering flexibility for investors or owner-occupants. It is ideal for those looking to live in one home while renting the other, or for multi-generational living with separate residences on one parcel. The main home is a two-story residence featuring 3 bedrooms and 1.5 bathrooms, a spacious living room, separate dining area, and a full basement for storage. The second home offers 2 bedrooms and 1 bathroom and is currently tenant-occupied, providing immediate rental income. The property is versatile with long-term potential, perfect for expanding a portfolio or creating a smart living arrangement. The lot size is 0.11 acres. The main home has a new roof and siding planned for 2025. The property is located in Waukegan, Illinois, with MULTI zoning.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.837134
    Latitude
    42.346044

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    FAQs

    What type of property is this?
    Duplex - Unique investment opportunity with two homes on one lot.
    Where is this duplex located?
    The property is located at 515 May St Waukegan, IL.
    What is the asking price?
    The asking price for this property is $239,900.
    What are key features of this property?
    This property features: - Two homes on one lot: Ideal for investors or owner-occupants seeking rental income or multi-generational living.; - Immediate rental income potential from the tenant-occupied second home.; - Main home features 3 bedrooms, 1.5 bathrooms, spacious living areas, and a full basement.
    (630) 999-0958
    Request Owner's contact information
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    Waukegan, IL 60085
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    Realmo Value Estimation

    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.

    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.

    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
    515 May St Waukegan, IL 60085
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