Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    2504 Washington St Waukegan, IL 60085

    • Office buildings
    • 46,753 SF
    • 0.70 lot acres
    For Sale
    View listing
    $2,195,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2310763
    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

    • Small Business Exchange, LLC / Business Management Consultant
    • Sellers Insurance & Financial / Insurance Agency / Accounting Firm
    • Dr. Guillermo Arizona, DDS / Dentist
    • Dr. Georgia A. Williams, DDS / Dentist
    • Waukegan Dental Wellness / Dentist

    Property Details for 2504 Washington St

    Year built
    1965
    Construction
    FRAME
    Lot size
    0.70 lot acres
    Property size
    46,753 SF
    Property type
    Office buildings
    APN
    08-20-300-003
    APU
    820300003

    Description

    This exceptional investment opportunity presents a six-story, Class B office building situated at 2504 Washington Street in Waukegan, Illinois. Boasting 46,753 square feet on a 0.7-acre lot, this multi-tenant property offers 28,796 square feet of rentable space, divided into 44 individual office suites. Constructed in 1970, the building enjoys a high occupancy rate, strategically positioned near Lake Behavioral Hospital, attracting a strong tenant base of medical professionals and a diverse range of service providers. This prime location ensures consistent demand and strong rental income potential. The building is currently available for purchase individually, or as part of a larger two-building portfolio that includes a separate property located in Lake Bluff, Illinois. Financial details are available upon request. This presents a compelling opportunity for investors seeking a stable, high-yield commercial real estate asset in a thriving market. The property's size, location, and existing tenant base make it an attractive investment for both individual and portfolio buyers. Detailed financial statements and tenant information are available to qualified buyers. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $760,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8652
    Latitude
    42.3599
    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
    $33,538
    $58,781
    $453,390
    $512,171
    -
    $176,361
    $1,360,306
    $1,536,667

    Comparable in this City

    • Value Estimation
      $465,000
      14,025 SF

      7 County St

      OFFICE BUILDING • 14,025 SF
      7 County St, Waukegan, IL 60085-4332
      View Details
    • Value Estimation
      $425,000
      9,308 SF

      1208 Grand Ave

      OFFICE BUILDING • 9,308 SF
      1208 Grand Ave, Waukegan, IL 60085-3716
      View Details
    • Value Estimation
      $80,000
      3,837 SF

      818 Washington St

      OFFICE BUILDING • 3,837 SF
      818 Washington St, Waukegan, IL 60085-5425
      View Details
    • Value Estimation
      $295,000
      4,346 SF

      124 Washington St

      OFFICE BUILDING • 4,346 SF
      124 Washington St, Waukegan, IL 60085-5612
      View Details
    • Value Estimation
      $305,000
      8,156 SF

      16 St

      OFFICE BUILDING • 8,156 SF
      16 St, Waukegan, IL 60085-8110
      View Details
    • Value Estimation
      $330,000
      984 SF

      Waukegan, IL 60085

      OFFICE BUILDING • 984 SF
      Waukegan, IL 60085
      View Details

    Similar Nearby for Sale

    • $529,000
      0.31 Acres

      Commercial Building at Signalized Corner

      Freestanding commercial building suited for retail or office use.
      1200 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • $349,900
      0.18 Acres

      Waukegan Commercial Building For Sale

      Commercial building in downtown Waukegan, near transportation and business district.
      319 N County St, Waukegan, IL 60085
      View Details
    • Contact for pricing
      131,341 SF

      Waukegan Office Building for Sale

      131,341 SF office building 100% leased to Fortune 200 company.
      1850 Norman Dr, Waukegan, IL 60085
      View Details
    • Contact for pricing
      18,040 SF

      Redevelopment Opportunity in Waukegan

      Two-story, 18,000 SF building with reuse potential in Waukegan.
      1601 N Lewis Ave, Waukegan, IL 60085
      View Details
    • $750,000
      0.19 Acres

      Waukegan Office Building For Sale

      Well-maintained office building in prime location, ideal for investors.
      222 N County St, Waukegan, IL 60085
      View Details
    • $750,000
      26,875 SF

      Downtown Waukegan Office Building

      Vacant, 26,875 SF Office Space
      216 Madison St, Waukegan, IL 60085
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      320,000 SF

      Belvidere Mall Medical Office Space

      Waukegan, IL medical office suites available
      2103 Belvidere Rd, Waukegan, IL 60085
      View Details
    • $18 SF/Yr
      22,500 SF

      Waukegan Office Space for Lease

      Prime Waukegan office space, flexible layouts.
      1725 Lewis Ave, Waukegan, IL 60085
      View Details
    • $12 SF/Yr

      Waukegan Office Space For Rent

      Centrally located office building with ample parking and varied spaces.
      2424 Washington St, Waukegan, IL 60085
      View Details
    • Contact for pricing
      3,931 SF

      Waukegan Road Office Space Available

      Office space for lease in Amhurst Lake Business Park.
      1507-1551 Waukegan 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
    • $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
    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.
    2504 Washington St
    Waukegan, IL 60085
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.