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    Versatile Retail and Office Building Title is generated by Realmo AI

    33 N Waukegan Rd, Lake Bluff, IL 60044

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    Freestanding commercial property with strong visibility and easy access on a major Lake County thoroughfare.

    Type:Retail, Office
    Property size:
    7,950 SF
    Added:
    May 28, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 6 at 2:09 am

    Property Features for 33 N Waukegan Rd

    General Information

    Standard status
    Active
    Size
    7,950 SF
    Property subtype
    Retail, Office

    We can help!

    Listing Contact
    Tim Henry

    Listing agent Tim Henry License #IL

    Listing office Avison Young - Chicago Downtown

    Listing date May 28, 2026

    Source Crexi

    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 Avison Young - Chicago Downtown

    HighLights

    • Freestanding commercial property on 33 N. Waukegan Road along a major Lake County thoroughfare
    • Offers strong visibility and easy access to support a variety of commercial uses
    • Located minutes from downtown Lake Bluff and the Tri‑State Tollway (I‑94)

    Overview

    33 N. Waukegan Road is a versatile commercial property offering approximately 7,950 sq. ft. of space suitable for a range of retail, service, and office users. Its configuration supports flexible occupancy needs for businesses seeking a storefront-style presence with direct access to customers.

    The site is positioned along one of Lake County’s most traveled thoroughfares, designed for strong visibility and straightforward access. It is located just minutes from downtown Lake Bluff and the Tri-State Tollway (I-94), placing it within a well-traveled retail and service corridor.

    For tenants and buyers, the combination of prominent placement and versatile space makes the property practical for businesses that rely on customer access and walk-in traffic. The location’s emphasis on visibility and day-to-day accessibility supports a variety of commercial concepts, including retail storefronts, service-based operations, and office uses seeking convenient presence along a major commuter route.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Bluff
    County
    Lake
    State
    Illinois
    Longitude
    -87.8792325
    Latitude
    42.2813322

    Nearby Similar for Sale

    • $740,000

      Mixed-Use Building with Leased Ground Retail

      Six residential units above two fully leased commercial spaces provide diversified, long-term income potential.
      208 N Waukegan Rd, Lake Bluff, IL 60044
      View Details
    • Contact for pricing
      93,903 SF

      Versatile Office Space For Sale

      15,034 SF divisible office space suitable for medical use.
      101 Waukegan Road, Lake Bluff, IL 60044
      View Details

    FAQs

    What type of property is this?
    Retail space - Freestanding commercial property with strong visibility and easy access on a major Lake County thoroughfare.
    Where is this retail space located?
    The property is located at 33 N Waukegan Rd Lake Bluff, IL.
    What are key features of this property?
    This property features: Freestanding commercial property on 33 N. Waukegan Road along a major Lake County thoroughfare; Offers strong visibility and easy access to support a variety of commercial uses; Located minutes from downtown Lake Bluff and the Tri‑State Tollway (I‑94)
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Tim Henry
    Real Estate License ID: IL
    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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    33 N Waukegan Rd, Lake Bluff, IL 60044
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