2312 Grand Ave Waukegan, IL 60087
Property profile & analytics
Location Intelligence
Current Use by Public Records
- Magnum Insurance Agency / Insurance Agency
- Smart Start Ignition Interlock / Auto Parts Store
Property Details for 2312 Grand Ave
- Year built
- 1971
- Lot size
- 0.34 lot acres
- Property size
- 5,940 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This 5,940 square foot retail shopping center in Waukegan, IL, presents a compelling investment opportunity. Located on Grand Avenue, this single-story, 1971-built property boasts 100% occupancy with five tenants, including a long-term tenant (since 2005). The net lease structure ensures consistent income, further enhanced by rent bumps built into three of the five leases (2-3% annual increases). The property features 14 parking spaces and sits on a 0.34-acre lot. With a strong NOI of $98,725 and an 8.30% cap rate, this asset offers significant return potential. The property benefits from high visibility due to its location on a major thoroughfare with approximately 19,300 vehicles passing daily. Convenient public transportation is also readily available, with seven bus stops within a half-mile radius and a Metra station within a short distance. The surrounding area demonstrates strong demographics, with a substantial population and high average household income within a five-mile radius. The leases have a remaining term of approximately four years, expiring November 30, 2028. The property's APN is 08-17-320-028. This is a rare opportunity to acquire a well-performing, fully occupied retail property in a prime location.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Waukegan
- County
- Lake
- State
- Illinois
- Longitude
- -87.8615
- Latitude
- 42.3705
