Freestanding Office Building with
For Sale
$499,900
1200 N Green Bay Road, Waukegan, IL 60085
Signalized corner property offers private rooms, conference space, and on-site parking.
Property Size2,808 SF
Price / SF$178.03
Days on Market423
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
Site & Location
Corner Location
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,394
Amenities
huge sign
conference room
two fireplaces
Building Details
Building Size
2,808 SF
Year Built
1957
Buildings
1
Stories
2
Abandoned
No
Listing Agency:
RE/MAX Plaza
(847) 596-6100
Listed By:
Jeffrey Bell · License #475095372
(847) 596-6100
Source:
Allinonerealestateco
Added: Jun 26, 2025
Changed: Aug 22
Last Checked: Aug 22 at 4:02AM
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 office building contains 2,808 square feet, including a finished basement. The interior provides five private rooms, a conference room, two fireplaces, and two baths, with mechanical systems located on the lower level. Built in 1957, the property is classified COMMR and includes a newer roof installed in 2019.
The building occupies the signalized intersection of Green Bay Road and Crescent Street in Waukegan. On-site parking accommodates 18 cars, including a carport at the entry, and the parking lot has been recently seal coated. A grandfathered large sign is also part of the property.
The building occupies the signalized intersection of Green Bay Road and Crescent Street in Waukegan. On-site parking accommodates 18 cars, including a carport at the entry, and the parking lot has been recently seal coated. A grandfathered large sign is also part of the property.
Key Highlights
- 2,808 SF freestanding building with finished basement area included
- Five private rooms, conference room, two fireplaces, and two baths
- 18‑car parking capacity with entry carport
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
Lease Details
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Signalized corner property offers private rooms, conference space, and on-site parking.
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: 2,808 SF freestanding building with finished basement area included; Five private rooms, conference room, two fireplaces, and two baths; 18‑car parking capacity with entry carport
