Freestanding Office Building with
For Sale
$499,900
1200 N Green Bay Road, Waukegan, IL 60085
Freestanding office building with private rooms, conference room, and parking for 18 cars at a signalized corner.
Days on Market400
Property Features for 1200 N Green Bay Road
General Information
Standard status
Active
Total Parking Spaces
18
Property subtype
Commercial
Amenities
five private rooms
conference room
two fireplaces
two baths
Building Details
Building Size
2,808 SF
Year Built
1957
Listing Agency:
RE/MAX Plaza
(847) 596-6100
Listed By:
Jeffrey Bell · License #475095372
(847) 596-6100
Source:
Birdrealtysells
Added: Jun 26, 2025
Changed: Jul 30
Last Checked: Jul 30 at 10:51AM
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.
Freestanding commercial building positioned for office use, with a layout that includes five private rooms, a conference room, two baths, and two fireplaces. Mechanicals are located in the lower level, and the square footage includes the finished basement area. The property includes a huge sign that is grandfathered in and designed to be visible.
Set at a busy, signalized corner at the intersection of Green Bay Rd and Crescent St in Waukegan, IL, the building offers parking for 18 cars, including a carport for entry. The roof is newer (2019), and the parking lot was recently seal coated.
Built in 1957 and currently described as being in excellent condition, this freestanding structure is set up for flexible office and professional uses with dedicated interior rooms and on-site parking.
Set at a busy, signalized corner at the intersection of Green Bay Rd and Crescent St in Waukegan, IL, the building offers parking for 18 cars, including a carport for entry. The roof is newer (2019), and the parking lot was recently seal coated.
Built in 1957 and currently described as being in excellent condition, this freestanding structure is set up for flexible office and professional uses with dedicated interior rooms and on-site parking.
Key Highlights
- Signalized corner location at Green Bay Rd and Crescent St
- Parking for 18 cars plus carport for entry
- Huge grandfathered sign intended to be highly visible
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $68.7k | $24.48 |
| − Vacancy | −$17.1k | −$6.10 |
| EGI | $51.6k | $18.38 |
| − OpEx | −$12.9k | −$4.60 |
| NOI | $38.7k | $13.79 |
2,808 SF · lease $24.48/SF/yr · vacancy 24.90% · expense 25.00%
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
Current Use
Location Intelligence
Trade Area within ½ mile
686
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?
Office building - Freestanding office building with private rooms, conference room, and parking for 18 cars at a signalized corner.
Where is this office building 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: Signalized corner location at Green Bay Rd and Crescent St; Parking for 18 cars plus carport for entry; Huge grandfathered sign intended to be highly visible
