Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3035 Belvidere Rd Waukegan, IL 60085

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,962,000

    100% occupied strip building with long-term leases and rental increases.

    Property size:
    14,180 SF
    Lot size:
    1.30 Acres

    Property Features for 3035 Belvidere Rd

    General Information

    Size
    14,180 SF
    Lot size
    1.30 Acres

    We can help!

    Listing Contact
    Benjamin Udell
    Source: Moodyscre

    Listing Agent: Benjamin Udell

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Occupied Strip Building For Sale

    This 100% occupied inline strip building features long-term leases with annual rental increases. The property was recently renovated in 2024, which included roof replacement on 40% of the leasable area. It includes an endcap with a drive-thru. The property is anchored by Concentra. The average household income within a 1-mile radius of the subject property is $103,000. The building has a total area of 14,180 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Checkers Fast Food Restaurant

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8769178
    Latitude
    42.3486939

    Nearby Similar for Sale

    • $349,900
      0.18 Acres

      Waukegan Commercial Building For Sale

      Commercial building in downtown Waukegan, near transportation and business district.
      319 N County St, Waukegan, IL 60085
      View Details
    • $260,000
      0.17 Acres

      Waukegan Two-Unit Property For Sale

      Well-maintained two-unit property with a detached two-car garage.
      920 Adams St, Waukegan, IL 60085
      View Details
    • $309,900

      Waukegan Residential Income Opportunity

      Two-unit property with spacious units and garage on corner lot.
      1525 North Ave, Waukegan, IL 60085
      View Details
    • $750,000
      0.19 Acres

      Waukegan Office Building For Sale

      Well-maintained office building in prime location, ideal for investors.
      222 N County St, Waukegan, IL 60085
      View Details
    • $260,000
      0.12 Acres

      Waukegan Two-Unit Income Property

      Two-unit building with income potential in Waukegan, Illinois.
      832 Lenox Ave, Waukegan, IL 60085
      View Details
    • New
      $379,900
      Pending

      Renovated Duplex in Quiet Neighborhood

      Vacant, renovated brick ranch duplex with finished basement and attached garages.
      2504 9Th Pkwy, Waukegan, IL 60085
      View Details
    • $239,900
      0.11 Acres

      Two Homes on One Lot

      Unique investment opportunity with two homes on one lot.
      515 May St, Waukegan, IL 60085
      View Details
    • New
      $469,975
      0.04 Acres

      Downtown Waukegan Office Building

      Three-story office building in downtown Waukegan near Lake Michigan.
      5 S County St, Waukegan, IL 60085
      View Details
    • $250,000
      0.08 Acres

      Updated Office with Ample Parking

      B2-zoned office space with full basement and parking.
      927 W Glen Flora Ave, Waukegan, IL 60085
      View Details
    • $475,000
      0.03 Acres

      Waukegan Commercial Building For Sale

      Commercial building in Waukegan, currently a salon and office.
      34 N Genesee St, Waukegan, IL 60085
      View Details
    • $283,975
      0.08 Acres

      Mixed-Use Property in Business District

      Mixed-use property with retail storefront and apartments in Waukegan.
      726 10Th St, Waukegan, IL 60085
      View Details
    • $529,000
      0.31 Acres

      Commercial Building at Signalized Corner

      Freestanding commercial building suited for retail or office use.
      1200 N Green Bay Rd, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Strip mall - 100% occupied strip building with long-term leases and rental increases.
    Where is this strip mall located?
    The property is located at 3035 Belvidere Rd Waukegan, IL.
    What is the asking price?
    The asking price for this property is $2,962,000.
    What are key features of this property?
    This property features: - 100% occupied with long-term leases and annual rental increases.; - Anchored by Concentra, a national leader in occupational health services.; - Endcap with drive-thru.
    (415) 274-2700
    Request Owner's contact information
    3035 Belvidere Rd Waukegan, IL 60085
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3035 Belvidere Rd
    Waukegan, IL 60085
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    3035 Belvidere Rd Waukegan, IL 60085
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Benjamin Udell
    Real Estate License ID: #471.022764
    (415) 274-2700
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.