Restored Victorian Building in
For Sale
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132 N West St, Waukegan, IL 60085
Restored Victorian building suitable for office or live/work space.
Property Size2,064 SF
Price / SF$115.79
Days on Market187
Property Features for 132 N West St
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Office, Mixed Use
Zoning
H/C
Investment Type
Owner/User
Building Details
Year Built
1930
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Apex Commercial Realty LLC
Listed By:
Michael Purtell · License #IL 475.203792
Source:
Crexi
Added: Feb 12
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Apex Commercial Realty LLC
Investment Insights
Based on property information with market context.
This beautifully restored Victorian building is located in downtown Waukegan, near municipal buildings, the Lake County Courthouse, attorneys' offices, restaurants, and entertainment venues. The Metra station and Lake Michigan are also in close proximity. The property is suitable for office use or as a live-work space for an owner-user. The main floor features three large rooms, a kitchenette, a full bath, and a powder room. The second floor includes three large rooms, one smaller room, and a half bath. The property size is 2064 square feet.
Key Highlights
- Restored Victorian building, ideal for office or live/work.
- Prime downtown Waukegan location, near municipal buildings, courthouse, restaurants, and entertainment.
- Close to Metra station and Lake Michigan.
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
$21,362
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
8.94%
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%
$427,240
$427.2K
Cap Rate 7%
$305,171
$305.2K
Cap Rate 9%
$237,356
$237.4K
Market Conditions
NOI Build-Up for 2,064 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
$37.2K $18.00/SF
− Vacancy
−$3.0K −$1.44/SF
EGI
$34.2K $16.56/SF
− OpEx
−$12.8K −$6.21/SF
NOI
$21.4K $10.35/SF
Area
Lake County, IL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$427,240
Cap Rate 7%
$305,171
Cap Rate 9%
$237,356
Alternative Uses
Best Use
Office B
$406.6K
$355.7K – $474.3K
NOI $28,459 @ 7.0% cap · market cap 11.91%
Second Best
Mixed Use
$305.2K
$267.0K – $356.0K
NOI $21,362 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$712.6K
$623.5K – $831.4K
NOI $49,882 @ 7.0% cap · market cap 20.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,211
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?
Mixed-use property - Restored Victorian building suitable for office or live/work space.
Where is this mixed-use property located?
The property is located at 132 N West St Waukegan, IL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Restored Victorian building, ideal for office or live/work.; Prime downtown Waukegan location, near municipal buildings, courthouse, restaurants, and entertainment.; Close to Metra station and Lake Michigan.
