Waukegan Warehouse with Outdoor
For Sale
Contact for pricing
1445 11th St, Waukegan, IL 60085
82,500 SF warehouse on 4.12 acres with fenced storage.
Property Size82,500 SF
Lot Size4.12 Acres
Price / SF$49.09
Days on Market195
Property Features for 1445 11th St
General Information
Standard status
Active
Size
82,500 SF
Lot size
4.12 Acres
Property subtype
Industrial
Zoning
I (Light Industrial)
Occupancy
100%
Lease Type
NNN
Net Operating Income
$293,400
Building Details
Year Built
1953
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Chicago Downtown
(972) 755-5200
Listed By:
Zach Orzel · License #475.198922
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
The property at 1445 11th Street in Waukegan, Illinois, offers approximately 82,500 square feet of warehouse space on a 4.12-acre lot. This single-tenant asset, leased to QXO, features clear heights ranging from 12 to 18 feet. It includes three dock-high doors and two drive-in doors, along with a full sprinkler system. A notable feature is the 1.6 acres of fenced-in industrial outdoor storage space (IOS). The property is situated between Illinois Routes 131 and 137, north of the Great Lakes Naval Station, and offers proximity to Interstate 94. QXO, identified as the largest publicly traded distributor of roofing, waterproofing, and complementary building products in North America, initiated a new 10-year lease in November 2025 on a triple-net basis at $3.56 per square foot, with 3.0 percent annual escalations.
Key Highlights
- Single‑tenant property leased to QXO, a major distributor of building products.
- New 10‑year triple‑net lease initiated in November 2025 with 3.0 percent annual escalations.
- Approximately 82,500 square feet of warehouse space on 4.12 acres.
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
$355,135
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
8.77%
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%
$7,102,700
$7.1M
Cap Rate 7%
$5,073,357
$5.1M
Cap Rate 9%
$3,945,944
$3.9M
Market Conditions
NOI Build-Up for 82,500 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
$534.6K $6.48/SF
− Vacancy
−$27.3K −$0.33/SF
EGI
$507.3K $6.15/SF
− OpEx
−$152.2K −$1.84/SF
NOI
$355.1K $4.30/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$7,102,700
Cap Rate 7%
$5,073,357
Cap Rate 9%
$3,945,944
Alternative Uses
Best Use
Warehouse
$6.16M
$5.39M – $7.19M
NOI $431,235 @ 7.0% cap · market cap 10.65%
Second Best
Industrial
$5.07M
$4.44M – $5.92M
NOI $355,135 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$28.48M
$24.92M – $33.23M
NOI $1,993,844 @ 7.0% cap · market cap 49.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Parkview Storage — 1504 14th St, Waukegan, IL 60085
- Self Storage Units Waukegan IL — 2221 Belvidere Rd, Waukegan, IL 60085
Frequently Asked Questions
What type of property is this?
Warehouse - 82,500 SF warehouse on 4.12 acres with fenced storage.
Where is this warehouse located?
The property is located at 1445 11th St Waukegan, IL.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: Single‑tenant property leased to QXO, a major distributor of building products.; New 10‑year triple‑net lease initiated in November 2025 with 3.0 percent annual escalations.; Approximately 82,500 square feet of warehouse space on 4.12 acres.
