Freestanding Retail
For Sale
$499,900
1200 N Green Bay Road, Waukegan, IL 60085
Five private rooms, a conference room, and two baths create a flexible interior layout.
Property Size2,808 SF
Price / SF$178.03
Days on Market487
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
Building Details
Building Size
2,808 SF
Year Built
1957
Buildings
1
Stories
2
Listing Agency:
RE/MAX Plaza
Listed By:
Jeffrey Bell · License #475095372
(847) 596-6100
Source:
Fishmangroup
Added: Jun 26, 2025
Changed: Oct 23
Last Checked: Oct 23 at 1:22PM
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
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Investment Insights
Based on property information with market context.
This freestanding retail building contains 2,808 square feet, including a finished basement where the mechanicals are located. The interior has five private rooms, a conference room, two fireplaces, and two bathrooms. A newer roof was installed in 2019, and the parking area has been seal coated. The property is zoned COMMR.
At 1200 N Green Bay Road in Waukegan, the building occupies a signalized intersection with Crescent Street. Parking accommodates 18 cars, including a carport at the entrance, and the property has a grandfathered sign.
At 1200 N Green Bay Road in Waukegan, the building occupies a signalized intersection with Crescent Street. Parking accommodates 18 cars, including a carport at the entrance, and the property has a grandfathered sign.
Key Highlights
- 2,808 square feet, including finished basement space
- Five private rooms, a conference room, two fireplaces, and two bathrooms
- Parking for 18 cars, with a carport at the entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,718
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Five private rooms, a conference room, and two baths create a flexible interior layout.
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 square feet, including finished basement space; Five private rooms, a conference room, two fireplaces, and two bathrooms; Parking for 18 cars, with a carport at the entrance
