Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waukegan Development Opportunity Title is generated by Realmo AI

    200 N Green Bay Rd, Waukegan, IL 60085

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

    5.69-acre site for retail, multifamily, or mixed-use development.

    Type:Land
    Lot size:
    5.69 Acres
    Added:
    Feb 25, 2026
    Days on Market:
    80
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 200 N Green Bay Rd

    General Information

    Standard status
    Active
    Lot size
    5.69 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Scott Lamontagne
    Scott Lamontagne

    Listing agent Scott Lamontagne License #TX 509323

    Listing office Northmarq

    Listing date Feb 25, 2026

    Source Crexi

    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 Northmarq

    HighLights

    • ±5.69‑acre development opportunity in a significant employment corridor of the Chicago metropolitan area.
    • Located between Chicago and Milwaukee, benefiting from strong regional demand drivers.
    • Zoned B‑3, permitting retail, restaurant, and office uses by‑right; mixed‑use multifamily permitted via conditional use.
    • Allows building heights up to 100 feet, enabling higher‑density development.
    • Proximity to a deep, diversified employment base including healthcare, pharmaceutical, manufacturing, and corporate headquarters.
    • Immediate access to major transportation corridors.

    Overview

    This \u00b15.69-acre development opportunity is located at 200 N. Green Bay Road in Waukegan, Illinois, within the North Chicago submarket. The site is suitable for retail, multifamily, or mixed-use development. Positioned along the western shores of Lake Michigan, the property is centrally located between the Chicago and Milwaukee metropolitan areas. It benefits from regional demand drivers, access to major transportation corridors, and proximity to a diversified employment base anchored by healthcare, pharmaceutical, manufacturing, and corporate headquarters. The property is zoned B-3, General Commercial, permitting retail, restaurant, and office uses. Mixed-use multifamily development is permitted via conditional use approval. The zoning allows building heights up to 100 feet, providing potential for higher-density mixed-use development. This location presents an opportunity for retail, multifamily, or mixed-use development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8769833
    Latitude
    42.3623271

    Nearby Similar for Sale

    • $469,000

      Waukegan Brick Building with Parking

      Well-maintained building with sanctuary, family center, and ample parking.
      2126 10th Street, Waukegan, IL 60085
      View Details
    • $469,000

      Waukegan Church with Ample Parking

      Well-maintained church with family center and permitted uses.
      2126 10th Street, Waukegan, IL 60085
      View Details
    • $499,900

      Commercial Building at Signalized Corner

      Freestanding commercial building suited for retail or office use.
      1200 N Green Bay Road, Waukegan, IL 60085
      View Details
    • $2,000,000
      40,000 SF

      Historic Waukegan Masonic Temple

      Historic landmark with redevelopment potential in the heart of Waukegan.
      220 N Sheridan Road, Waukegan, IL 60085
      View Details
    • $469,975

      Downtown Waukegan Office Building

      Three-story office building in downtown Waukegan near Lake Michigan.
      5 S County Street, Waukegan, IL 60085
      View Details
    • $1,100,000

      Commercial Property in Waukegan, IL

      Commercial property for sale in Waukegan, Illinois.
      1400 Sunset Avenue, Waukegan, IL 60087
      View Details
    • $1,200,000
      4,320 SF

      Waukegan Commercial Parcels For Sale

      Two commercial buildings, formerly a tire shop and car wash.
      1340-1350 Lewis Avenue, Waukegan, IL 60085
      View Details
    • $519,000

      Waukegan Multifamily Investment Opportunity

      Five-unit property with income and potential for increased cash flow.
      1425 10th Street, Waukegan, IL 60085
      View Details
    • $750,000

      Waukegan Office Building For Sale

      Well-maintained office building in prime location, ideal for investors.
      222 N County Street, Waukegan, IL 60085
      View Details
    • $700,000

      Prime Corner Development Site Available

      High-visibility 1.52-acre corner lot ideal for various commercial uses.
      Brookside Avenue, Waukegan, IL 60085
      View Details
    • $559,000

      Waukegan Land Development Opportunity

      Prime vacant land for commercial development in Waukegan, Illinois.
      1213 Grand Avenue, Waukegan, IL 60085
      View Details
    • $289,000

      Waukegan Commercial Property For Sale

      Commercial property in Waukegan, IL, available for sale.
      518 Chestnut Street, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Commercial land - 5.69-acre site for retail, multifamily, or mixed-use development.
    Where is this commercial land located?
    The property is located at 200 N Green Bay Rd Waukegan, IL.
    What are key features of this property?
    This property features: ±5.69‑acre development opportunity in a significant employment corridor of the Chicago metropolitan area.; Located between Chicago and Milwaukee, benefiting from strong regional demand drivers.; Zoned B‑3, permitting retail, restaurant, and office uses by‑right; mixed‑use multifamily permitted via conditional use.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Scott Lamontagne
    Scott Lamontagne
    Real Estate License ID: TX 509323
    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

    Thank You for Inquiry
    200 N Green Bay Rd, Waukegan, IL 60085
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!