Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Waukegan Retail/Office Space Available Title is generated by Realmo AI

    2423 Washington Street, Waukegan, IL 60085

    View on Map
    Claim this Listing
    For Lease
    $14 SF/Yr $1,166/Mo (calc)

    High-traffic location, flexible layout, and ample parking.

    Type:Commercial
    Property size:
    1,000 SF
    Added:
    Mar 16, 2026
    Days on Market:
    77
    Last Refresh:
    Apr 1 at 9:02 pm

    Property Features for 2423 Washington Street

    General Information

    Standard status
    Active
    Size
    1,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    KAYE SOTTO RICE

    Listing agent KAYE SOTTO RICE

    Listing office COLDWELL BANKER REALTY

    Listing date Mar 16, 2026

    Source Corcoran

    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 COLDWELL BANKER REALTY

    HighLights

    • High‑traffic street and business corridor location.
    • Flexible layout suitable for office or retail use.
    • Includes reception, open work areas, private rooms, kitchenette, and restroom.
    • Ample rear parking for employees and customers.
    • 750 SF basement storage area.
    • 100‑amp electrical service.

    Overview

    This property offers approximately 1,000 square feet of office or retail space. It is situated on a high-traffic street and business corridor in Waukegan, located one mile west of downtown and the harbor. The space features a flexible layout that includes a reception area, open work areas, private rooms, a kitchenette, and restroom facilities. Previously used as a hair salon, the property is equipped with 100-amp electrical service. Additionally, there is access to a 750 square foot basement storage area. The property provides ample rear parking for both employees and customers.
    Location Intelligence

    Current Use by Public Records

    July's Princess Boutique Clothing & Fashion Store Sara mia beauty ... Hair Salon

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8635772
    Latitude
    42.3593252

    Nearby Similar for Lease

    • Contact for pricing

      Waukegan Commercial Space Available

      Commercial unit for rent in a high-visibility Waukegan location.
      7 N County Street, Waukegan, IL 60085
      View Details
    • $1.00 SF/Yr
      3,000 SF

      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
      10,939 SF

      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
      7,868 SF

      Waukegan Office/Flex Space Available

      7,868 SF office/flex space ready to be tailored.
      415 Washington Street #006, Waukegan, IL 60085
      View Details
    • $16 SF/Yr
      1,002 SF

      Waukegan Retail Storefront Opportunity

      Prime retail space in high-traffic Grandview Court neighborhood center.
      924 N Green Bay Road, Waukegan, IL 60085
      View Details
    • $1.00 SF/Yr
      4,131 SF

      Waukegan Office/Flex Space Available

      4,131 SF office/flex space ready to customize.
      415 Washington Street #214, Waukegan, IL 60085
      View Details
    • $13 SF/Yr
      1,751 SF

      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
      1,260 SF

      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
      1,730 SF

      Waukegan Business Center Office Suite

      Professional office space in Waukegan Business Center, available now.
      415 Washington Street #116, Waukegan, IL 60085
      View Details
    • $18 SF/Yr
      5,325 SF

      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
      2,582 SF

      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
      3,761 SF

      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

    FAQs

    What type of property is this?
    Retail space - High-traffic location, flexible layout, and ample parking.
    Where is this retail space located?
    The property is located at 2423 Washington Street Waukegan, IL.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: High‑traffic street and business corridor location.; Flexible layout suitable for office or retail use.; Includes reception, open work areas, private rooms, kitchenette, and restroom.
    (773) 631-8300
    We can help!
    Listing Contact
    KAYE SOTTO RICE
    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
    2423 Washington Street, 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!