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    651 Martin Luther King Jr Ave Waukegan, IL 60085

    • Investment properties
    • 86,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1487666
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 651 Martin Luther King Jr Ave

    Year built
    1956
    Property size
    86,000 SF
    Property type
    Investment properties

    Description

    This expansive 86,000 square foot warehouse in Waukegan, Illinois, presents a remarkable business opportunity. Situated on a sizable lot, the property boasts high ceilings, multiple loading docks, and ample on-site parking accommodating over 240 vehicles. Its versatile layout is perfect for various uses, including distribution, manufacturing, or storage. The interior features numerous offices with large windows, providing abundant natural light. The building is fully climate-controlled with heating and a comprehensive sprinkler system, ensuring a safe and comfortable working environment. Its strategic location near Route 137 and a short distance from Lake Michigan offers unparalleled accessibility for logistics and transportation. The flexible interior design allows for customization to meet specific business needs. This exceptional property provides a unique chance to establish or expand your operations in a thriving north suburban location. The property's size and features make it an attractive investment for businesses seeking a functional and well-located space. The combination of convenient access, ample parking, and a climate-controlled environment makes this warehouse a truly exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.83263
    Latitude
    42.34771

    Comparable in this City

    • $250,000

      Leased Office and Event Space

      Fully leased office suites and event space with parking lot.
      814 Washington St, Waukegan, IL 60085
      View Details
    • $100,000
      860 SF

      Waukegan Commercial Space - $100K

      Prime Waukegan location, 860 sq ft, B2 zoning.
      600 Washington St, Waukegan, IL 60085
      View Details
    • $750,000
      26,875 SF

      Downtown Waukegan Office Building

      Vacant, 26,875 SF Office Space
      216 Madison St, Waukegan, IL 60085
      View Details
    • $109,000
      1.68 Acres

      Waukegan Commercial Land - $109K

      1.68-acre lot, B-3 zoning, high visibility.
      3210 Grandview Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Waukegan Commercial Land - Grand Ave.

      1.63 Acres, C-1 Zoning, Prime Location
      1213 Grand Ave, Waukegan, IL 60085
      View Details
    • $54,900

      Corner Commercial Land Parcel For Sale

      Commercial land parcel with frontage on three roads available for sale.
      1430 N Green Bay Rd, Waukegan, IL 60085
      View Details

    Similar Nearby for Sale

    • $250,000

      Leased Office and Event Space

      Fully leased office suites and event space with parking lot.
      814 Washington St, Waukegan, IL 60085
      View Details
    • $100,000
      860 SF

      Waukegan Commercial Space - $100K

      Prime Waukegan location, 860 sq ft, B2 zoning.
      600 Washington St, Waukegan, IL 60085
      View Details
    • $750,000
      26,875 SF

      Downtown Waukegan Office Building

      Vacant, 26,875 SF Office Space
      216 Madison St, Waukegan, IL 60085
      View Details
    • $109,000
      1.68 Acres

      Waukegan Commercial Land - $109K

      1.68-acre lot, B-3 zoning, high visibility.
      3210 Grandview Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Waukegan Commercial Land - Grand Ave.

      1.63 Acres, C-1 Zoning, Prime Location
      1213 Grand Ave, Waukegan, IL 60085
      View Details
    • $54,900

      Corner Commercial Land Parcel For Sale

      Commercial land parcel with frontage on three roads available for sale.
      1430 N Green Bay Rd, Waukegan, IL 60085
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr

      Retail Space in Waukegan Center

      Retail spaces available in neighborhood shopping center on Grand Ave.
      2603 Grand Ave, Waukegan, IL 60085
      View Details
    • $12 SF/Yr

      Retail Space on Green Bay Road

      Retail space for lease with high traffic exposure.
      511 S Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Grocery Anchored Center

      Retail space available in a grocery-anchored shopping center.
      724-760 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      6,240 SF

      Waukegan Warehouse Space Available

      6,240 SF warehouse space for lease in Waukegan, IL.
      1000-1036 Northpoint Blvd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      48,372 SF

      Waukegan Industrial Space for Lease

      Industrial space available for lease in Waukegan, Illinois.
      3600-3648 Burwood Dr, Waukegan, IL 60085
      View Details
    • $18 SF/Yr
      10,244 SF

      Prime Auto Dealership Opportunity

      Lake County, Class A, High Traffic
      3375 Grand Ave, Waukegan, IL 60085
      View Details
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    651 Martin Luther King Jr Ave
    Waukegan, IL 60085
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    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
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