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    Mixed-Use Building with Leased Ground Retail Title is generated by Realmo AI

    208 N Waukegan Rd, Lake Bluff, IL 60044

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    For Sale
    $740,000

    Six residential units above two fully leased commercial spaces provide diversified, long-term income potential.

    Type:Multifamily
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 3:02 am

    Property Features for 208 N Waukegan Rd

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1992

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    Listing Contact
    Radina Dimova

    Listing agent Radina Dimova License #IL #475.199924

    Listing office

    Listing date Jun 2, 2026

    Source Kisergroup

    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 Radina Dimova

    HighLights

    • Mixed‑use building built in 1992 with six residential units over two ground‑floor commercial spaces
    • Commercial spaces are fully leased to long‑term tenants
    • Unit mix includes four 1 bed/1 bath units, one studio, and one 2 bed/2.5 bath unit
    • Office space includes 19 parking spots
    • Total unit count: 6 residential units (4 conforming and 4 nonconforming units listed)
    • Located in unincorporated Lake County

    Overview

    This mixed-use building includes six residential units positioned above two ground-floor commercial spaces. The commercial areas are fully leased to long-term tenants, supporting a diversified income profile. Several of the residential units have been updated with modern finishes, which can help sustain tenant appeal and operating consistency.

    The property is offered for sale as part of Kiser Group’s exclusive presentation at 208 N Waukegan Rd in Lake Bluff, Illinois. The building includes parking for the commercial component with 19 parking spots identified as available for tenants. Unit mix includes four conforming and four nonconforming units, with configurations that encompass one studio, four 1-bedroom units, and one 2-bedroom unit, plus two office units.

    For investors or owner-operators seeking a combination of stable retail tenancy and residential income, this structure presents a practical way to balance cash flow across different revenue streams. The long-term leasing of the commercial spaces, paired with updated residential interiors in select units, may appeal to buyers looking for an established, mixed-use asset in a low-supply rental environment.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Bluff
    County
    Lake
    State
    Illinois
    Longitude
    -87.8819951
    Latitude
    42.2838745

    FAQs

    What type of property is this?
    Mixed-use property - Six residential units above two fully leased commercial spaces provide diversified, long-term income potential.
    Where is this mixed-use property located?
    The property is located at 208 N Waukegan Rd Lake Bluff, IL.
    What is the asking price?
    The asking price for this property is $740,000.
    What are key features of this property?
    This property features: Mixed‑use building built in 1992 with six residential units over two ground‑floor commercial spaces; Commercial spaces are fully leased to long‑term tenants; Unit mix includes four 1 bed/1 bath units, one studio, and one 2 bed/2.5 bath unit
    (630) 670-4860
    We can help!
    Listing Contact
    Radina Dimova
    Real Estate License ID: IL #475.199924
    Learn More
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    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
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    208 N Waukegan Rd, Lake Bluff, IL 60044
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