Religious Facility with Grand
For Sale
$2,000,000
220 North Sheridan Road, Waukegan, IL 60085
A landmark-style property with expansive assembly areas, reception spaces, and a Grand Ballroom for varied commercial use.
Property Size40,000 SF
Price / SF$189.27
Days on Market150
Property Features for 220 North Sheridan Road
General Information
Standard status
Active
Size
40,000 SF
Zoning
OTHER
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$27,313
Amenities
multiple expansive gathering spaces
Grand Ballroom
reception areas
Building Details
Year Built
1923
Buildings
1
Stories
3
Building Size
40,000 SF
Listing Agency:
RE/MAX Plaza
(847) 363-7489
Listed By:
Greg Klemstein · License #475116618
(847) 363-7489
Source:
Compass
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 2:02PM
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 RE/MAX Plaza
Investment Insights
Based on property information with market context.
The Waukegan Masonic Temple is a substantial religious-facility asset constructed in 1923. Its interior includes several large gathering areas, reception spaces, and a Grand Ballroom, providing a range of existing assembly and event-oriented improvements. The property is approximately 40,000 square feet and is identified for potential events, mixed-use, commercial, or creative-space applications.
Located on North Sheridan Road, the building has views of Lake Michigan and sits near the Genesee Theatre, shopping, restaurants, and transportation. The property is within both a TIF District and the Illinois Enterprise Zone. Zoning is listed as OTHER.
Located on North Sheridan Road, the building has views of Lake Michigan and sits near the Genesee Theatre, shopping, restaurants, and transportation. The property is within both a TIF District and the Illinois Enterprise Zone. Zoning is listed as OTHER.
Key Highlights
- Approximately 40,000 square feet
- Constructed in 1923
- Grand Ballroom with multiple expansive gathering spaces
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
$145,702
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
7.29%
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%
$2,914,040
$2.9M
Cap Rate 7%
$2,081,457
$2.1M
Cap Rate 9%
$1,618,911
$1.6M
Market Conditions
NOI Build-Up for 10,567 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
$258.7K $24.48/SF
− Vacancy
−$64.4K −$6.10/SF
EGI
$194.3K $18.38/SF
− OpEx
−$48.6K −$4.60/SF
NOI
$145.7K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$2,914,040
Cap Rate 7%
$2,081,457
Cap Rate 9%
$1,618,911
Alternative Uses
Best Use
Office B
$2.08M
$1.82M – $2.43M
NOI $145,702 @ 7.0% cap · market cap 7.29%
Second Best
Mixed Use
$1.56M
$1.37M – $1.82M
NOI $109,368 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$3.65M
$3.19M – $4.26M
NOI $255,381 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,068
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - A landmark-style property with expansive assembly areas, reception spaces, and a Grand Ballroom for varied commercial use.
Where is this church & religious facility located?
The property is located at 220 North Sheridan Road Waukegan, IL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Approximately 40,000 square feet; Constructed in 1923; Grand Ballroom with multiple expansive gathering spaces
