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    Property profile & analytics

    200 Grn Bay Rd Waukegan, IL 60085-4411

    • Hotels
    • 10,000 SF
    • 5.69 lot acres
    OFF-MARKET
    Last Sale
    Feb 06, 2024
    $1,132,500
    Value Estimations
    $1,135,000
    Show details
    Cap Rate Potential
    5.9%
    Hotels
    Location Intelligence
    Property ID
    US28-1861236
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hotels

    Property Details for 200 Grn Bay Rd

    Year built
    1976
    Construction
    BRICK
    Lot size
    5.69 lot acres
    Property size
    10,000 SF
    Property type
    Hotels
    APN
    08-19-300-001
    APU
    819300001

    Description

    This exceptional 5.67-acre commercial land parcel, located at 200 North Green Bay Road in Waukegan, Illinois (zip code 60085), presents a unique redevelopment opportunity. Currently improved with a closed 186-room hotel, the property boasts significant potential for various uses. The B-3 zoning allows for a multitude of options, including hospitality, senior living, or multi-family developments. Alternatively, the existing structure could be demolished to accommodate a new construction project. The site enjoys a highly visible location on Green Bay Road, offering over 900 feet of frontage, with over 500 feet directly on Green Bay Road. This high-traffic area sees approximately 30,000 vehicles daily. The property's strategic location within a 3-mile radius of a population exceeding 110,000, with an average household income of $90,000, ensures strong market demand. The asking price for this prime commercial land is $1,200,000. Lake County location offers easy access to major transportation routes. This is an exceptional opportunity to acquire a substantial commercial property in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,135,000
      ML approach
      $1,135,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,120,000
      6.5%
      $1,035,000
      7%
      $960,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,055,000
      Market price range: $177k - $1.20M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,135,000
      AUTO REPAIR, GARAGE
      $910,000
      WAREHOUSE, STORAGE
      $865,000
      MEDICAL BUILDING
      $855,000
      COMMERCIAL (GENERAL)
      $825,000
      APARTMENT HOUSE (5+ UNITS)
      $820,000
      OFFICE BUILDING
      $715,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8771
    Latitude
    42.3624
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $111,146
    $328,870
    $54,425
    $383,295
    -
    $986,709
    $163,291
    $1,150,000

    Comparable in this City

    • Value Estimation
      $6,840,000
      21,234 SF

      1440 White Oak Dr

      HOTEL • 21,234 SF
      1440 White Oak Dr, Waukegan, IL 60085-8300
      View Details
    • Value Estimation
      $1,015,000
      15,960 SF

      680 Grn Bay Rd

      HOTEL • 15,960 SF
      680 Grn Bay Rd, Waukegan, IL 60085-7007
      View Details
    • Value Estimation
      $3,430,000
      60,564 SF

      3730 Casimir Pulaski Dr

      HOTEL • 60,564 SF
      3730 Casimir Pulaski Dr, Waukegan, IL 60085
      View Details
    • Value Estimation
      $4,585,000
      73,873 SF

      438 Lakehurst Rd

      HOTEL • 73,873 SF
      438 Lakehurst Rd, Waukegan, IL 60085-6604
      View Details
    • Value Estimation
      $3,985,000
      2,016 SF

      1177 Northpoint Blvd

      HOTEL • 2,016 SF
      1177 Northpoint Blvd, Waukegan, IL 60085-8216
      View Details
    • Value Estimation
      $8,750,000
      76,380 SF

      4101 Fountain Sq Pl

      HOTEL • 76,380 SF
      4101 Fountain Sq Pl, Waukegan, IL 60085-6716
      View Details

    Similar Nearby for Sale

    • $100,000
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      Waukegan Commercial Space - $100K

      Prime Waukegan location, 860 sq ft, B2 zoning.
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    • $750,000
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    • $109,000
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      Waukegan Commercial Land - $109K

      1.68-acre lot, B-3 zoning, high visibility.
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      View Details
    • Contact for pricing

      Waukegan Commercial Land - Grand Ave.

      1.63 Acres, C-1 Zoning, Prime Location
      1213 Grand Ave, Waukegan, IL 60085
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    • $250,000

      Leased Office and Event Space

      Fully leased office suites and event space with parking lot.
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      View Details
    • $54,900

      Corner Commercial Land Parcel For Sale

      Commercial land parcel with frontage on three roads available for sale.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Waukegan Commercial Land Development

      Prime Waukegan retail land near Belvidere Mall.
      2253 Belvidere Rd, Waukegan, IL 60085
      View Details
    • $9 SF/Yr

      Downtown Office Space For Rent

      Office space near lake and county complex in downtown Waukegan.
      239 N Genesee St, Waukegan, IL 60085
      View Details
    • $25 SF/Yr

      Retail Storefront on Belvidere Road

      Retail space available in Waukegan, close to major commercial corridors.
      2850 Belvidere Rd, Waukegan, IL 60085
      View Details
    • $13 SF/Yr

      Premium Office Space in Waukegan

      Premium office space in downtown Waukegan, across from the courthouse.
      415 Washington St, Waukegan, IL 60085
      View Details
    • $15 SF/Yr

      Corner Building with Available Units

      Two 1500 SF units available, one with past medical use.
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      View Details
    • $2,100 /Mo
      1,500 SF

      Updated 3-Bedroom Unit in Waukegan

      Updated 3-bedroom, 1-bath unit with garage parking in Waukegan.
      25 Keller Ave, Waukegan, IL 60085
      View Details
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    200 Grn Bay Rd
    Waukegan, IL 60085-4411
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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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