Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1507-1551 Waukegan Rd Waukegan, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space for lease in Amhurst Lake Business Park.

    Type:OFFICE
    Property size:
    3,931 SF
    Lot size:
    7.32 Acres
    Added:
    Apr 3, 2023
    Days on Market:
    1123
    Last Refresh:
    Apr 5 at 9:23 pm

    Property Features for 1507-1551 Waukegan Rd

    General Information

    Standard status
    Active
    Size
    3,931 SF
    Lot size
    7.32 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1507-1551 Waukegan Rd Contact us

    We can help!

    Listing Contact
    Jonathon Connor

    Listing agent Jonathon Connor

    Listing office Colliers | Chicago Rosemont

    Listing date Apr 3, 2023

    Source Moodyscre

    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 Colliers | Chicago Rosemont

    Overview

    Waukegan Road Office Space Available

    Available for lease is office space ranging from 3,931 to 36,244 square feet, divisible to suit tenant requirements. The property features a parking ratio of 6.0 per 1,000 square feet. Located in the Amhurst Lake Business Park, the property benefits from low Lake County taxes and high visibility along Waukegan Road, with convenient access to a variety of restaurants and retail options. Its location provides convenient access to I-94. Signage opportunities are available on Waukegan Road.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8941
    Latitude
    42.3328

    Nearby Similar for Lease

    • $1.00 SF/Yr

      Grand Avenue Retail Space Available

      High-visibility commercial space on Grand Avenue in Waukegan.
      1924 Grand Avenue, Waukegan, IL 60085
      View Details
    • $18 SF/Yr

      Move-In Ready Office Space

      10,939 SF office space available for immediate occupancy.
      415 Washington Street #200-206, Waukegan, IL 60085
      View Details
    • $17 SF/Yr

      Waukegan Office/Flex Space Available

      7,868 SF office/flex space ready to be tailored.
      415 Washington Street #006, Waukegan, IL 60085
      View Details
    • $1.00 SF/Yr

      Waukegan Office/Flex Space Available

      4,131 SF office/flex space ready to customize.
      415 Washington Street #214, Waukegan, IL 60085
      View Details
    • $18 SF/Yr

      Waukegan Office/Flex Space Available

      5,325 SF office/flex space ready for customization.
      415 Washington Street #104, Waukegan, IL 60085
      View Details
    • $18 SF/Yr

      Move-In Ready Waukegan Office Suite

      2,582 SF office suite with six private offices.
      415 Washington Street #107, Waukegan, IL 60085
      View Details
    • $18 SF/Yr

      Move-In Ready Office Space

      3,761 SF office suite with private entrance and multiple offices.
      415 Washington Street #109, Waukegan, IL 60085
      View Details
    • $13 SF/Yr

      Waukegan Office/Flex Space Available

      1,751 SF office/flex space ready to be tailored.
      415 Washington Street #005, Waukegan, IL 60085
      View Details
    • $13 SF/Yr

      Waukegan Office/Flex Space Available

      1,260 SF office/flex space ready to be tailored.
      415 Washington Street #003, Waukegan, IL 60085
      View Details
    • $16 SF/Yr

      Waukegan Business Center Office Suite

      Professional office space in Waukegan Business Center, available now.
      415 Washington Street #116, Waukegan, IL 60085
      View Details
    • $14 SF/Yr

      Remodeled Nail Salon Opportunity

      Fully remodeled nail salon with equipment and licenses included.
      1702 Washington Street #101, Waukegan, IL 60085
      View Details
    • $14 SF/Yr

      Waukegan Retail/Office Space Available

      High-traffic location, flexible layout, and ample parking.
      2423 Washington Street, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for lease in Amhurst Lake Business Park.
    Where is this office units located?
    The property is located at 1507-1551 Waukegan Rd Waukegan, IL.
    What are key features of this property?
    This property features: Divisible spaces available for lease from 3,931 – 36,244 SF; High visibility and prime location on Waukegan Road, near I‑94; Amhurst Lake Business Park location
    (847) 436-6664 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jonathon Connor
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!