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    2504 Washington St Waukegan, IL 60085

    For Sale
    $2,195,000

    High-Occupancy Medical Office Building

    Property size:
    46,753 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    306
    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 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
    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, ... Dentist Dr. Georgia A. Williams, ... Dentist Waukegan Dental Wellness Dentist

    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
    -87.86515
    Latitude
    42.35984

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    FAQs

    What type of property is this?
    Office Property / Space - High-Occupancy Medical Office Building
    Where is this office property / space 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) 383-6778
    Request Owner's contact information
    2504 Washington St Waukegan, IL 60085
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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
    2504 Washington St Waukegan, IL 60085
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