Freestanding Retail
For Sale
$499,900
1200 N Green Bay Road, Waukegan, IL 60085
Signalized corner property with flexible rooms, dedicated parking, and a grandfathered monument sign.
Property Size2,808 SF
Price / SF$178.03
Days on Market430
Property Features for 1200 N Green Bay Road
General Information
Standard status
Active
Size
2,808 SF
Total Parking Spaces
18
Property subtype
Commercial
Zoning
COMMR
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$9,394
Amenities
carport for entry
five private rooms
conference room
two fireplaces
two baths
Building Details
Building Size
2,808 SF
Year Built
1957
Buildings
1
Stories
2
Listing Agency:
RE/MAX Plaza
(847) 596-6100
Listed By:
Jeffrey Bell · License #475095372
(847) 596-6100
Source:
Gia-sells
Added: Jun 26, 2025
Changed: Aug 28
Last Checked: Aug 28 at 7:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Plaza
Investment Insights
Based on property information with market context.
This freestanding commercial building contains 2,808 square feet, including a finished lower-level area where the mechanical systems are located. The interior offers five private rooms, a conference room, two fireplaces, and two baths, providing a configuration suitable for retail or office operations. Zoning is COMMR.
The property occupies the signalized intersection of Green Bay Road and Crescent Street in Waukegan. Parking accommodates 18 vehicles and includes a carport at the entry. A grandfathered sign provides prominent on-site identification. Building updates include a newer roof installed in 2019 and a recently seal-coated parking lot.
The property occupies the signalized intersection of Green Bay Road and Crescent Street in Waukegan. Parking accommodates 18 vehicles and includes a carport at the entry. A grandfathered sign provides prominent on-site identification. Building updates include a newer roof installed in 2019 and a recently seal-coated parking lot.
Key Highlights
- 2,808 SF building including finished basement area
- Signalized intersection at Green Bay Road and Crescent Street
- Five private rooms, conference room, two fireplaces, and two baths
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,718
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$774,360
$774.4K
Cap Rate 7%
$553,114
$553.1K
Cap Rate 9%
$430,200
$430.2K
Market Conditions
NOI Build-Up for 2,808 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.7K $24.48/SF
− Vacancy
−$17.1K −$6.10/SF
EGI
$51.6K $18.38/SF
− OpEx
−$12.9K −$4.60/SF
NOI
$38.7K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$774,360
Cap Rate 7%
$553,114
Cap Rate 9%
$430,200
Alternative Uses
Best Use
Office B
$553.1K
$484.0K – $645.3K
NOI $38,718 @ 7.0% cap · market cap 7.75%
Second Best
Retail
$410.2K
$359.0K – $478.6K
NOI $28,717 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$969.5K
$848.3K – $1.13M
NOI $67,863 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 60085, IL
71,609
Population
26,781
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
74%
High-School Grad
14.8 sq mi
ZIP Area
4,838
Density / Sq Mi
$64,330
Median Household Income
$35,645
Median Earnings
$1,133
Median Rent
$164,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Signalized corner property with flexible rooms, dedicated parking, and a grandfathered monument sign.
Where is this retail space located?
The property is located at 1200 N Green Bay Road Waukegan, IL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,808 SF building including finished basement area; Signalized intersection at Green Bay Road and Crescent Street; Five private rooms, conference room, two fireplaces, and two baths
