Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Center with Parking, Apartments Title is generated by Realmo AI

    94 S Waukegan Rd, Deerfield, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail center with parking and apartments near major roadways.

    Type:RETAIL
    Property size:
    135,855 SF
    Lot size:
    25.12 Acres
    Added:
    Aug 18, 2025
    Days on Market:
    275
    Last Refresh:
    Apr 5 at 9:33 pm

    Property Features for 94 S Waukegan Rd

    General Information

    Standard status
    Active
    Size
    135,855 SF
    Lot size
    25.12 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 94 S Waukegan Rd Contact us

    We can help!

    Listing Contact
    Liz Krebs

    Listing agent Liz Krebs

    Listing office Mid-America Real Estate Group | Oakbrook Terrace

    Listing date Aug 18, 2025

    Source Moodyscre

    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 Mid-America Real Estate Group | Oakbrook Terrace

    HighLights

    • Convenient location: Two miles from both the 294 Tri‑State Tollway and the I‑94/Route 41 (Eden's Expressway).
    • Ample parking: Proposed 1,850 parking spaces (4.1/1,000 SF).
    • Residential component: Proposed ± 230 apartments/townhomes behind the center.
    • High traffic volume: Lake Cook Road sees 37,900 vehicles per day (VPD).
    • Significant traffic volume: Waukegan Road sees 30,600 vehicles per day (VPD).

    Overview

    This retail property is located approximately two miles east of the 294 Tri-State Tollway and two miles west of the Eden's 1-94/Route 41. The property features a proposed 1,850 parking spaces, which equates to approximately 4.1 spaces per 1,000 square feet. Plans include the addition of approximately 230 apartments or townhomes located behind the center. Traffic counts indicate significant vehicular presence, with Lake Cook Road recording 37,900 vehicles per day (VPD) and Waukegan Road recording 30,600 VPD. The property encompasses a total area of 135,855 square feet.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Deerbrook Shopping Center — 110 S Waukegan Rd, Deerfield, IL 60015
    • Deerfield Park Plaza — 401 - 459 Lake Cook Rd, Deerfield, IL 60015
    • Brookside Plaza — 461 Waukegan Rd, Northbrook, IL 60062
    • Coinstar Kiosk | Bitcoin ATM — 16 S Waukegan Rd Jewel, Deerfield, IL 60015

    Location Insight

    • Map
    • Local Demand
    City
    Deerfield
    County
    Lake
    State
    Illinois
    Longitude
    -87.8361
    Latitude
    42.1508

    Nearby Similar for Lease

    • $20 SF/Yr
      7,500 SF

      Regional Shopping Destination in Deerfield

      Regional shopping destination with specialty medical and office suites for lease.
      401-499 Lake Cook Road, Deerfield, IL 60015
      View Details
    • $25 SF/Yr
      21,206 SF

      Former Therapy Day School

      21,206 SF space ideal for educational, medical, community use.
      1161 Lake Cook Rd, Deerfield, IL 60015
      View Details
    • $22 SF/Yr
      16,000 SF

      Retail Center with Prominent Visibility

      Retail space in a visible center with national and local tenants.
      360 Waukegan Road, Deerfield, IL 60015
      View Details
    • Contact for pricing

      Prime Deerfield Retail Space

      Retail space in a thriving Deerfield commercial corridor.
      655 Deerfield Road, Deerfield, Illinois 60015
      View Details
    • $25 SF/Yr
      21,206 SF

      Former Therapy Day School Space

      21,206 SF divisible space ideal for educational, medical use.
      1161 Lake Cook Rd, Deerfield, IL 60015
      View Details
    • Contact for pricing
      125,000 SF

      Deerfield Shopping Center Sublease Opportunity

      7,500 SF space available for sublease in Deerfield, Illinois.
      405 Lake Cook Rd, Deerfield, IL 60015
      View Details
    • $18 SF/Yr
      517 SF

      Office Suite in Deerfield

      Office suite featuring a windowed office, open area, and closet.
      1020 Milwaukee Ave, Deerfield, IL
      View Details
    • $33 SF/Yr

      Private Office in Deerfield Park

      Private office space available for sublease in Deerfield industrial park.
      151 S Pfingsten Road #T, Deerfield, IL 60015
      View Details
    • Contact for pricing
      2,590 SF

      Retail Space on Waukegan Road

      High-visibility retail space in affluent North Shore market.
      190 South Waukegan Road, Deerfield, IL, 60015
      View Details
    • $23 SF/Yr
      1,353 SF

      Office Space For Lease

      Office space available for lease in Deerfield, Illinois.
      510 Lake Cook Rd, Deerfield, IL
      View Details
    • Contact for pricing
      4,640 SF

      Retail Space on Milwaukee Avenue

      Retail spaces available in Deerfield with high traffic volume.
      20050 Milwaukee Avenue, Deerfield, IL, 60015
      View Details
    • Contact for pricing
      9,994 SF

      Six-Story Office Building For Rent

      Six-story office building with connected amenities in Deerfield, IL.
      520 Lake Cook Rd, Deerfield, IL
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail center with parking and apartments near major roadways.
    Where is this shopping center located?
    The property is located at 94 S Waukegan Rd Deerfield, IL.
    What are key features of this property?
    This property features: Convenient location: Two miles from both the 294 Tri‑State Tollway and the I‑94/Route 41 (Eden's Expressway).; Ample parking: Proposed **1,850 parking spaces (4.1/1,000 SF)**.; Residential component: Proposed ± 230 apartments/townhomes behind the center.
    (630) 954-7300 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Liz Krebs
    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
    94 S Waukegan Rd, Deerfield, IL
    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!