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

    402 Lakehurst Rd Waukegan, IL 60085

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime 1-Acre Outparcel Near Casino

    Lot size:
    43,560 SF

    Property Features for 402 Lakehurst Rd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    43,560 SF

    Spaces For Lease

    at 402 Lakehurst Rd, Waukegan, IL 60085 Contact us

    We can help!

    Listing Contact
    Michael Wallace
    Michael Wallace

    Listing Agency: Canvas Real Estate Listing Agent: Michael Wallace

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 1-acre commercial land parcel presents a unique investment opportunity in Waukegan's thriving Fountain Square submarket. Situated directly in front of a planned Residence Inn by Marriott, this property enjoys unparalleled visibility and accessibility. Its strategic location across the street from The Temporary (a 70,000 square foot casino) and the future site of the American Place Casino (opening in 2025) guarantees high traffic and significant future growth potential. The property is zoned B-2 Community Shopping, allowing for a wide range of development possibilities to capitalize on the area's robust retail environment. Surrounded by established national retailers, branded hotels, and a substantial office population, this location offers immediate access to a large consumer base and a strong workforce. This is an ideal site for businesses seeking high visibility and proximity to major entertainment and hospitality venues. The single-tenant zoning provides flexibility for development, while the established infrastructure and surrounding amenities ensure a seamless transition for any new business. Don't miss this chance to secure a prime piece of real estate in a rapidly developing area with exceptional long-term prospects. Invest in Waukegan's future today.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hampton Inn Waukegan Restaurant genese theatre Theater & Performing Art Venue

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.902656037917
    Latitude
    42.344597453217

    Nearby Similar for Lease

    • Contact for pricing

      Waukegan Commercial Space For Lease

      Large commercial space in high-traffic Waukegan location.
      1724 Grand Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing
      20,248 SF

      Waukegan Retail Anchor Space Available

      20,248 SF anchor space in high-traffic Waukegan location.
      1700 North Lewis Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing
      211,190 SF

      Retail Space in Waukegan, Illinois

      Retail space with strong tenant mix and high visibility.
      1301-1555 N Lewis Ave, Waukegan, IL 60085
      View Details
    • $16 SF/Yr

      Waukegan Retail Storefront Opportunity

      Prime retail space in high-traffic Grandview Court neighborhood center.
      924 N Green Bay Rd, Waukegan, IL 60085
      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
    • Contact for pricing
      32,743 SF

      Retail Space in Waukegan Center

      Retail space available in a 79,391 SF shopping center.
      2229 N Lewis Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing
      3,931 SF

      Waukegan Road Office Space Available

      Office space for lease in Amhurst Lake Business Park.
      1507-1551 Waukegan Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      1,218 SF

      Retail Space Near Target Center

      Retail space adjacent to Target-anchored strip center in Waukegan, IL.
      3123 N Lewis Ave, Waukegan, IL 60087
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Grocery Anchored Center

      Retail space available in a grocery-anchored shopping center.
      724-760 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      3,030 SF

      Retail Space in Waukegan

      Retail space with strong tenant mix and high visibility.
      1301-1555 N Lewis Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing
      2,014 SF

      Retail Space at Grocery Anchored Center

      Retail space available at a grocery anchored shopping center.
      910-946 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      4,169 SF

      Retail Space in Fountain Square

      Inline retail space available in Waukegan shopping center.
      3933-3961 Fountain Square Pl, Waukegan, IL 60085
      View Details

    FAQs

    What type of property is this?
    Land - Prime 1-Acre Outparcel Near Casino
    Where is this land located?
    The property is located at 402 Lakehurst Rd Waukegan, IL.
    What are key features of this property?
    This property features: 1-acre commercial land parcel in Waukegan's Fountain Square submarket.; Located directly across from a temporary casino and the future site of a major casino (2025).; Situated in front of a future Residence Inn by Marriott.
    (614) 537-2403 Call to check price and availability
    Request Owner's contact information
    402 Lakehurst Rd Waukegan, IL 60085
    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.
    402 Lakehurst Rd
    Waukegan, IL 60085
    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
    402 Lakehurst Rd Waukegan, IL 60085
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Wallace
    Michael Wallace
    Real Estate License ID: 475211525
    (614) 537-2403 (773) 887-8212
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!