Add Listing
    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

    2504 Washington St Waukegan, IL 60085

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,195,000

    High-Occupancy Medical Office Building

    Property size:
    46,753 SF

    Property Features for 2504 Washington St

    General Information

    Property type
    Office properties & Spaces
    Square Feet
    46,753 SF
    Lot Size
    30,492 SF

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Steven Maher
    Steven Maher

    Listing Agency: KINZIE BROKERAGE LLC Listing Agent: Steven Maher

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional investment opportunity presents a six-story, Class B office building situated at 2504 Washington Street in Waukegan, Illinois. Boasting 46,753 square feet on a 0.7-acre lot, this multi-tenant property offers 28,796 square feet of rentable space, divided into 44 individual office suites. Constructed in 1970, the building enjoys a high occupancy rate, strategically positioned near Lake Behavioral Hospital, attracting a strong tenant base of medical professionals and a diverse range of service providers. This prime location ensures consistent demand and strong rental income potential. The building is currently available for purchase individually, or as part of a larger two-building portfolio that includes a separate property located in Lake Bluff, Illinois. Financial details are available upon request. This presents a compelling opportunity for investors seeking a stable, high-yield commercial real estate asset in a thriving market. The property's size, location, and existing tenant base make it an attractive investment for both individual and portfolio buyers. Detailed financial statements and tenant information are available to qualified buyers. Serious inquiries only.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Small Business Exchange, ... Business Management Consultant Sellers Insurance & Financial Insurance Agency Dr. Guillermo Arizona, ... Dental Office Dr. Georgia A. Williams, ... Dental Office Waukegan Dental Wellness Dental Office

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.86515
    Latitude
    42.35984

    Nearby Similar for Sale

    • New
      $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
    • 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
    • $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
    • $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
    • $335,000
      0.21 Acres

      Waukegan Multifamily Investment Opportunity

      Well-maintained four-unit building in Waukegan with immediate cash flow.
      714 Glen Rock 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
    • $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
    • New
      $245,000

      Waukegan Two-Unit Multifamily Property

      Two-unit property in good condition with separate access basements.
      214 Franklin Ave, Waukegan, IL 60085
      View Details
    • $475,000

      Waukegan Two-Unit Commercial Building

      Two-unit commercial building in Waukegan with investment potential.
      1104 W Glen Flora Ave, 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
    • $1,900,000

      89,000 SF Warehouse with Offices

      Versatile warehouse with ample parking and office space for sale.
      651 S Martin Luther King Jr Ave, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Office property - High-Occupancy Medical Office Building
    Where is this office property located?
    The property is located at 2504 Washington St Waukegan, IL.
    What is the asking price?
    The asking price for this property is $2,195,000.
    (847) 208-4450
    Request Owner's contact information
    2504 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.
    2504 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
    2504 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
    Steven Maher
    Steven Maher
    Real Estate License ID: IL 471.006472
    (847) 208-4450 (847) 383-6778
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!