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    2848 Belvidere Rd Waukegan, IL 60085-6040

    • Retail space
    • 4,320 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2725306
    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

    • Retail space

    Property Details for 2848 Belvidere Rd

    Year built
    1982
    Construction
    FRAME
    Lot size
    0.19 lot acres
    Property size
    4,320 SF
    Property type
    Retail space
    APN
    08-30-217-034
    APU
    830217034

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $405,000
      Market price range: $188k - $792k
      AI Estimate
      $246,000
      Market price range: $163k - $433k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $455,000
      Current use
      WAREHOUSE, STORAGE
      $440,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8723
    Latitude
    42.3498
    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
    $6,779
    $20,300
    $53,510
    $73,810
    -
    $60,906
    $160,546
    $221,452

    Comparable in this City

    • Value Estimation
      $685,000
      21,267 SF

      1101 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 21,267 SF
      1101 Washington St, Waukegan, IL 60085-5301
      View Details
    • Value Estimation
      $550,000
      12,220 SF

      1411 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 12,220 SF
      1411 Washington St, Waukegan, IL 60085-5344
      View Details
    • Value Estimation
      $230,000
      4,176 SF

      542 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,176 SF
      542 Grand Ave, Waukegan, IL 60085-9609
      View Details
    • Value Estimation
      $355,000
      3,600 SF

      1321 Grn Bay Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,600 SF
      1321 Grn Bay Rd, Waukegan, IL 60085-1137
      View Details
    • Value Estimation
      $520,000
      12,412 SF

      230 Genesee St

      RETAIL STORES (PERSONAL SERVICES) • 12,412 SF
      230 Genesee St, Waukegan, IL 60085-4262
      View Details
    • Value Estimation
      $250,000
      5,280 SF

      12 Genesee St

      RETAIL STORES (PERSONAL SERVICES) • 5,280 SF
      12 Genesee St, Waukegan, IL 60085-5603
      View Details

    Similar Nearby for Sale

    • $3,065,680
      14,868 SF

      Triple-Net Leased Retail Portfolio

      Illinois Retail Investment, 100% Occupied
      3331 Belvidere Rd, Park City, IL 60085
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    • $475,000
      0.03 Acres

      Waukegan Commercial Building For Sale

      Commercial building in Waukegan, currently a salon and office.
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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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    • Contact for pricing
      66,345 SF

      Retail Spaces on Grand Avenue

      Retail and office spaces available in Waukegan shopping center.
      2603-2709 Grand Ave, Waukegan, IL 60085
      View Details
    • $2,200,000
      3,129 SF

      Waukegan Retail Building - $2.2M

      Freestanding building, high visibility, strong location.
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    • $529,000
      0.31 Acres

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      Freestanding commercial building suited for retail or office use.
      1200 N Green Bay Rd, Waukegan, IL 60085
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    Similar Nearby for Lease

    • $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
    • Contact for pricing
      4,169 SF

      Retail Space in Fountain Square

      Inline retail space available in Waukegan shopping center.
      3933-3961 Fountain Square Pl, Waukegan, IL 60085
      View Details
    • Contact for pricing
      3,030 SF

      Retail Space in Waukegan

      Retail space with strong tenant mix and high visibility.
      1301-1555 N Lewis Ave, Waukegan, IL 60085
      View Details
    • $15 SF/Yr

      Retail Space in Waukegan Center

      Retail spaces available in neighborhood shopping center on Grand Ave.
      2603 Grand Ave, Waukegan, IL 60085
      View Details
    • $12 SF/Yr

      Retail Space on Green Bay Road

      Retail space for lease with high traffic exposure.
      511 S Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      32,670 SF

      Waukegan Retail Outlot For Lease

      High-traffic retail space, multiple units available.
      1700 Lewis Ave, Waukegan, IL 60085
      View Details
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    2848 Belvidere Rd
    Waukegan, IL 60085-6040
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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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