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    Residential Lot in Waukegan Title is generated by Realmo AI

    613 Clarke Avenue, Waukegan, IL 60085

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    Picture of Residential land & home lots at 613 Clarke Avenue, Waukegan, IL
    For Sale
    $44,725

    LAND - Waukegan, IL

    Lot size:
    0.63 Acres
    Added:
    Jun 17, 2024
    Days on Market:
    697
    Last Refresh:
    May 14 at 6:06 am

    Property Features for 613 Clarke Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    SINGL
    Standard status
    Active
    APN
    08281100040000
    Lot size
    0.63 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    1406

    We can help!

    Listing Contact
    Frank Cox
    Frank Cox

    Listing agent Frank Cox License #475140741

    Listing office Century 21 Circle 3425 W. Sunset, Waukegan, IL

    Listing date Jun 17, 2024

    MLS# 12086562 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Spacious, buildable lot (185' x 79') ideal for a comfortable residence and outdoor amenities.
    • All essential utilities (gas, water, sewer, and electricity) are conveniently available up to the lot.
    • Located in Waukegan, offering proximity to local amenities, schools, and parks.
    • Ample space for potential outdoor amenities.
    • Hassle‑free utility connection for future home.
    • Excellent opportunity to build your dream home.

    Overview

    This spacious and buildable residential lot in Waukegan, Illinois, presents an excellent opportunity for constructing a dream home. The lot measures 185 feet wide by 79 feet deep, providing ample space for a comfortable residence and potential outdoor amenities. Essential utilities, including gas, water, sewer, and electricity, are conveniently available and run up to the lot, ensuring a hassle-free connection for a future home. It is important to verify the zoning regulations for this lot to understand any restrictions or requirements related to building setbacks, lot coverage, and architectural guidelines. Situated in Waukegan, the lot offers proximity to local amenities, schools, and parks. The neighborhood's character and accessibility should be considered. Before construction, obtaining the necessary building permits and approvals from the building and code department is essential to ensure compliance with local regulations and a smooth process. The lot size is approximately 0.63 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm 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
    -87.839568
    Latitude
    42.355041

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    FAQs

    What type of property is this?
    Residential land & home lot - Spacious, buildable lot with utilities in Waukegan, Illinois.
    Where is this residential land & home lot located?
    The property is located at 613 Clarke Avenue Waukegan, IL.
    What is the asking price?
    The asking price for this property is $44,725.
    What are key features of this property?
    This property features: Spacious, buildable lot (185' x 79') ideal for a comfortable residence and outdoor amenities.; All essential utilities (gas, water, sewer, and electricity) are conveniently available up to the lot.; Located in Waukegan, offering proximity to local amenities, schools, and parks.
    (847) 336-7333
    We can help!
    Listing Contact
    Frank Cox
    Frank Cox
    Real Estate License ID: 475140741
    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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