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    216 Madison St Waukegan, IL 60085

    Sponsored
    For Sale
    $750,000

    Vacant, 26,875 SF Office Space

    Property size:
    26,875 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional two-story office building, located at 216 W Madison St in Waukegan, Illinois, presents a prime development opportunity. Boasting 26,875 square feet of vacant space, this traditional office building is priced at $750,000, or $27.91 per square foot. Its prime downtown location offers unparalleled convenience, situated just half a block from the Lake County government offices and courthouse, ensuring high visibility and accessibility. The property's strategic positioning within the heart of Waukegan provides easy access to a robust workforce and essential city services. Adding to its appeal is the adjacent two-level parking garage, addressing the crucial need for ample parking for tenants or future development plans. The building's traditional office layout offers flexibility for various business needs, making it an attractive investment for developers seeking to capitalize on the growing Waukegan market. The property is currently vacant, providing a blank canvas for immediate occupancy or extensive renovations. This presents a unique chance to acquire a substantial commercial property in a thriving Illinois location. The zip code is 60085, and the property is situated in Lake County.

    Property Features for 216 Madison St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    26,875 SF

    Building Details

    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Franks William Y Attorney Commercial Lending Waukegan ... Finance Broker

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.832235596844
    Latitude
    42.360913461669

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    FAQs

    What type of property is this?
    Office Property / Space - Vacant, 26,875 SF Office Space
    Where is this office property / space located?
    The property is located at 216 Madison St Waukegan, IL.
    What is the asking price?
    The asking price for this property is $750,000.
    Request Owner's contact information
    216 Madison St Waukegan, IL 60085
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    Waukegan, IL 60085
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    Realmo Value Estimation

    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.

    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.

    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
    216 Madison St Waukegan, IL 60085
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