Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Sec Rte 176 & Waukegan Rd Lake Bluff, IL 60044
    Property profile & analytics

    Sec Rte 176 & Waukegan Rd, Lake Bluff, IL 60044

    View on Map
    • Lifestyle centers
    • 64,574 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 0 Sec Rte 176 & Waukegan Rd

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Carriage Way Shopping Center presents a prime retail investment opportunity in Lake County. This multi-tenant shopping center boasts a total of 64,574 square feet, offering spaces ranging from 4,261 to 8,539 square feet currently available. The center is strategically located at a high-traffic intersection experiencing over 38,000 vehicles per day, providing exceptional visibility and accessibility for businesses. A significant advantage is its adjacency to a newer Target store, further enhancing its draw and customer base. The center is anchored by a Heinen's grocery store, attracting a consistent flow of shoppers. The property features ample parking, with a ratio of 5.25 spaces per 1,000 square feet. The surrounding area demonstrates strong daytime population density and high household incomes, creating a robust and affluent market for potential tenants. This established center is home to a mix of successful national and local businesses, creating a vibrant and thriving retail environment. The available spaces present a unique chance to establish or expand a business within a well-established and successful shopping center. The minimum divisible space is 4,261 square feet, while the maximum contiguous space available is 4,278 square feet. A total of 8,539 square feet is currently vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake Bluff
    County
    Lake
    State
    Illinois
    Longitude
    -87.8953
    Latitude
    42.28

    Comparable in this City

    • Value Estimation by Request
      3,446 SF

      101 Waukegan Rd

      RESTAURANT
      101 Waukegan Rd, Lake Bluff, IL 60044-1686
      View Details
    • Value Estimation by Request
      13,003 SF

      1601 Shr Acres Dr

      RETAIL STORES (PERSONAL SERVICES)
      1601 Shr Acres Dr, Lake Bluff, IL 60044-1338
      View Details
    • Value Estimation by Request
      5,600 SF

      29770 Skokie Hwy

      AUTO REPAIR, GARAGE
      29770 Skokie Hwy, Lake Bluff, IL 60044-1109
      View Details
    • Value Estimation
      $6,340,000
      65,956 SF

      201 Waukegan Rd

      RETAIL STORES (PERSONAL SERVICES)
      201 Waukegan Rd, Lake Bluff, IL 60044-1666
      View Details
    • Value Estimation by Request
      1,542 SF

      975 Rockland Rd

      RETAIL STORES (PERSONAL SERVICES)
      975 Rockland Rd, Lake Bluff, IL 60044-2221
      View Details
    • Value Estimation
      $1,550,000
      11,463 SF

      955 Rockland Rd

      RETAIL STORES (PERSONAL SERVICES)
      955 Rockland Rd, Lake Bluff, IL 60044-2219
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      2.5 Acres Industrial Land Available

      2.5 acres of industrial land with income in place.
      123 Skokie Hwy, Lake Bluff, IL 60044
      View Details
    • $740,000

      Mixed-Use Building with Leased Ground Retail

      Six residential units above two fully leased commercial spaces provide diversified, long-term income potential.
      208 N Waukegan Rd, Lake Bluff, IL 60044
      View Details
    • Contact for pricing
      Pending

      Lake Bluff Redevelopment Opportunity

      Commercial land for redevelopment in Lake Bluff, Illinois.
      511 W Rockland Rd, Lake Bluff, IL 60044
      View Details
    • Contact for pricing

      Versatile Office Space For Sale

      15,034 SF divisible office space suitable for medical use.
      101 Waukegan Rd, Lake Bluff, IL 60044
      View Details
    • $199,000
      1.00 Acre

      Wooded Lot in Lake Bluff

      Rare 1-acre wooded lot in Arden Shores Estates.
      188 Melvin Dr, Lake Bluff, IL 60044
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      43,560 SF

      Truck Parking or Outside Storage Yard

      Distribution centers
      123 Skokie Hwy, Lake Bluff, IL 60044
      View Details
    • Contact for pricing

      Metal Building Near I-94

      Sprinklered metal building with ample parking, near I-94.
      29870 Skokie Hwy, Lake Bluff, IL 60044
      View Details
    • Contact for pricing

      Office Space Available for Rent

      Office spaces for rent with flexible lease terms.
      N Skokie Hwy, Lake Bluff, IL 60044
      View Details
    • Contact for pricing
      6,289 SF

      Flex Space Near I-94

      Office or flex space with ample parking near I-94.
      29888-29950 Skokie Hwy, Lake Bluff, IL 60044
      View Details
    • Contact for pricing

      Prime Parcel on Waukegan Road

      12,500 SF parcel suitable for a 2,000 SF building.
      29021 N Waukegan Rd, Lake Bluff, IL 60044
      View Details
    • Contact for pricing

      Spacious Office Suite For Lease

      Well-maintained office suite suitable for various professional uses.
      21 N Skokie Hwy, Lake Bluff, IL 60044
      View Details
    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.
    Sec Rte 176 & Waukegan Rd
    Lake Bluff, IL 60044
    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
    Sec Rte 176 & Waukegan Rd, Lake Bluff, IL, 60044
    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!