Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    31 S County Street Waukegan, IL 60085

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $15 SF/Yr

    Updated office space in brick corner building near County Complex.

    Type:Commercial
    Property size:
    2,000 SF
    Added:
    Oct 13, 2025
    Days on Market:
    171
    Last Refresh:
    Mar 25 at 9:51 pm

    Property Features for 31 S County Street

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1982

    We can help!

    Listing Contact
    JOHN PANTELOPOULOS

    Listing agent JOHN PANTELOPOULOS License #475097681

    Listing office CALLAHAN BLANDINGS & SCHAPER

    Listing date Oct 13, 2025

    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 CALLAHAN BLANDINGS & SCHAPER

    Overview

    Updated Office Space For Rent

    This attractive, updated brick corner building offers 2000 square feet of office space for rent. The layout includes a reception area, eight offices, a break room, and two bathrooms. The property also features its own dedicated parking. The building is conveniently located directly across the street from the County Complex.
    Location Intelligence

    Current Use by Public Records

    Goldman & Associates- Lake ... Law Firm The Spagui Law Firm Law Firm ATM Atm Andys House Restaurant DUI Evaluation Services ... Association Or Organization

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    -87.8322
    Latitude
    42.3584

    Nearby Similar for Lease

    • $16/mo

      Waukegan Retail Storefront Opportunity

      Prime retail space in high-traffic Grandview Court neighborhood center.
      924 N Green Bay Road, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Retail Space in Waukegan, Illinois

      Retail space with strong tenant mix and high visibility.
      1301-1555 N. Lewis Ave., Waukegan, IL 60085
      View Details
    • Contact for pricing

      Waukegan Retail Anchor Space Available

      20,248 SF anchor space in high-traffic Waukegan location.
      1700 North Lewis Avenue, Waukegan, IL, 60085
      View Details
    • $6/mo

      Waukegan Warehouse with Office Space

      4,800 SF warehouse with 1,385 SF office space available.
      940 - 972 Northpoint Blvd, Waukegan, IL
      View Details
    • Contact for pricing

      Lake County Property with Storage

      Commercial property near Route 41 with fenced outdoor storage.
      1430 12th St, Waukegan, IL 60085
      View Details
    • $9/mo

      Downtown Office Space For Rent

      Office space near lake and county complex in downtown Waukegan.
      239 N Genesee Street, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Retail Space in Waukegan Center

      Retail space available in a 79,391 SF shopping center.
      2229 N Lewis Ave, Waukegan, IL
      View Details
    • $15/mo

      Corner Building with Available Units

      Two 1500 SF units available, one with past medical use.
      1020 W Glen Flora Avenue, Waukegan, IL 60085
      View Details
    • $15/mo

      Retail Space in Waukegan Center

      Retail spaces available in neighborhood shopping center on Grand Ave.
      2603 GRAND Avenue, Waukegan, IL 60085
      View Details
    • $4/mo

      Former Restaurant Space For Lease

      Restaurant space in a high-traffic Fountain Square location.
      4030 Northpoint Boulevard, Waukegan, IL 60085
      View Details
    • $13/mo

      Premium Office Space in Waukegan

      Premium office space in downtown Waukegan, across from the courthouse.
      415 Washington Street #004A, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Waukegan Warehouse Space Available

      23,806 SF warehouse space for lease in Waukegan, IL.
      3540 Amhurst Pkwy, Waukegan, IL
      View Details

    FAQs

    What type of property is this?
    Office units - Updated office space in brick corner building near County Complex.
    Where is this office units located?
    The property is located at 31 S County Street Waukegan, IL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Convenient location directly across the street from the County Complex.; Attractive, updated brick corner building.; 2000 sf with 8 offices, reception area, break room, and 2 baths.
    (847) 249-0660
    We can help!
    Listing Contact
    JOHN PANTELOPOULOS
    Real Estate License ID: 475097681
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!