Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Bannockburn Office Building For Rent Title is generated by Realmo AI

    2401 Waukegan Road, Bannockburn, IL 60015

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

    46,455 SF office building available for lease.

    Type:Office
    Property size:
    46,455 SF
    Added:
    Nov 22, 2025
    Days on Market:
    181
    Last Refresh:
    May 19 at 8:41 pm

    Property Features for 2401 Waukegan Road

    General Information

    Standard status
    Active
    Size
    46,455 SF
    Property subtype
    Office

    Spaces For Lease

    at 2401 Waukegan Road Contact us

    We can help!

    Listing Contact
    Rob Graham

    Listing agent Rob Graham

    Listing office

    Listing date Nov 22, 2025

    Source Cbre

    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 Rob Graham

    HighLights

    • 46,455 SF building available
    • Located just south of Half Day Road/Route 22

    Overview

    A 46,455 square foot office building is available for rent. The property is located just south of Half Day Road/Route 22.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Terlato Wine Group Advertising Agency Bannockburn Bankruptcy Attorney Law Firm

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Bannockburn
    County
    Lake
    State
    Illinois
    Longitude
    -87.8598
    Latitude
    42.1968

    Nearby Similar for Lease

    • Contact for pricing
      3,000 SF

      Former Bank Building in Bannockburn

      Freestanding building suitable for retail, medical, or office use.
      2595 Waukegan Road, Bannockburn, IL 60015
      View Details
    • Contact for pricing
      160,114 SF

      Grocery Anchored Retail Space Available

      Retail spaces for lease in affluent Bannockburn near major transportation.
      2501-2585 Waukegan Rd, Bannockburn, IL 60015
      View Details
    • Contact for pricing
      21,253 SF

      Bannockburn Office Space Available

      Office building in Bannockburn, IL, offering 21,253 square feet.
      1500 S Lakeside Dr, Bannockburn, IL 60015
      View Details
    • Contact for pricing
      4,651 SF

      Bannockburn Office Space for Rent

      Office space in a campus setting with modern amenities.
      3000 Lakeside Dr, Bannockburn, IL
      View Details
    • Contact for pricing
      21,253 SF

      Bannockburn Office Building For Rent

      Office building with ample parking and high visibility signage.
      1500 Lakeside Dr, Bannockburn, IL
      View Details
    • Contact for pricing
      36,188 SF

      Furnished Office Space Available

      Fully furnished office space with private offices and conference rooms.
      2333 Waukegan Rd, Bannockburn, IL
      View Details
    • Contact for pricing
      8,853 SF

      Move-in Ready Furnished Office Suites

      Modern, fully furnished office suites with comprehensive amenities.
      2121 Waukegan Rd, Bannockburn, IL
      View Details
    • Contact for pricing
      4,686 SF

      Bannockburn Lakes Office Space

      Modern office space with comprehensive amenities in Bannockburn, Illinois.
      2201 Waukegan Rd, Bannockburn, IL
      View Details
    • Contact for pricing
      35,922 SF

      Bannockburn Office Space for Rent

      Office space in Bannockburn with tenant amenities and natural setting.
      2345 Waukegan Rd, Bannockburn, IL
      View Details
    • $17 SF/Yr

      Bannockburn Professional Center Office Space

      Professional office building near amenities and North Shore Hospital.
      2101 Waukegan Rd, Bannockburn, IL 60015
      View Details

    FAQs

    What type of property is this?
    Office building - 46,455 SF office building available for lease.
    Where is this office building located?
    The property is located at 2401 Waukegan Road Bannockburn, IL.
    What are key features of this property?
    This property features: 46,455 SF building available; Located just south of Half Day Road/Route 22
    (847) 706-4034
    We can help!
    Listing Contact
    Rob Graham
    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
    2401 Waukegan Road, Bannockburn, IL, 60015
    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!