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    1400 Sunset Ave Waukegan, IL 60087
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    Property profile & analytics

    1400 Sunset Ave Waukegan, IL 60087

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    • Office buildings
    • 10,839 SF
    • 0.57 lot acres
    For Sale
    $1,350,000
    View Listing →
    Waukegan Office Building For Sale For Sale
    $1,350,000
    11,784 SF

    Waukegan Office Building For Sale

    Stabilized, fully occupied office property with long-term tenants and durable construction.

    1400 Sunset Ave, Waukegan, IL 60087
    View Listing
    Property ID
    US28-1355765
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kaiser North Shore Insurance / Insurance Agency
    • Tax Solutions / Financial Advisor
    • Wheel Power Transportation Inc / Trucking Company
    • Paul W Kaiser & Associates / Insurance Agency
    • Fast Tax Solutions / Accounting Firm / Tax Preparation

    Property Details for 1400 Sunset Ave

    Year built
    1969
    Construction
    BRICK
    Lot size
    0.57 lot acres
    Property size
    10,839 SF
    Property type
    Office buildings
    APN
    08-08-404-001
    APU
    808404001

    Description

    This exceptional 2,000-square-foot executive office suite is ideally situated at 1400 Sunset Ave in Waukegan, Illinois, zip code 60087. Located in Lake County, this single-tenant property offers unparalleled convenience with easy access to both eastern and western destinations. Built in 1969, the building is a single-story structure with a B-2 zoning classification. The entire 2,000 square feet is currently vacant and ready for immediate occupancy. The space is highly adaptable and can be configured to suit various business needs. While the total space is 2,000 square feet, it's designed to allow for flexible configurations, potentially accommodating a division into two 1,000-square-foot units. The property features 0-100 Amps of power. This presents a fantastic opportunity for businesses seeking a well-located, adaptable, and readily available office space in a thriving area. The address is 1400 Sunset Ave, Waukegan, IL 60087. Don't miss this chance to establish your business in this prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $580,000
      ML approach
      $600,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $516,000
      Market price range: $397k - $933k
      AI Estimate
      $586,000
      Market price range: $442k - $1.08M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $670,000
      Current use
      INDUSTRIAL (GENERAL)
      $840,000
      Change: +25% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8484
    Latitude
    42.3918
    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
    $14,876
    $42,926
    $116,289
    $159,215
    -
    $128,791
    $348,902
    $477,693

    Comparable in this City

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    • Value Estimation by Request
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      601 Greenwood Ave

      OFFICE BUILDING • 4,753 SF
      601 Greenwood Ave, Waukegan, IL 60087-5006
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    • Value Estimation by Request
      256 SF

      3042 Sunset Ave

      OFFICE BUILDING • 256 SF
      3042 Sunset Ave, Waukegan, IL 60087-3436
      View Details
    • Value Estimation
      $1,710,000
      29,574 SF

      2000 Lewis Ave

      OFFICE BUILDING • 29,574 SF
      2000 Lewis Ave, Waukegan, IL 60087-4722
      View Details
    • Value Estimation
      $1,440,000
      7,857 SF

      2161 Northwestern Ave

      OFFICE BUILDING • 7,857 SF
      2161 Northwestern Ave, Waukegan, IL 60087-4144
      View Details
    • Value Estimation by Request
      1,451 SF

      1117 Greenwood Ave

      OFFICE BUILDING • 1,451 SF
      1117 Greenwood Ave, Waukegan, IL 60087-4908
      View Details

    Similar Nearby for Sale

    • $1,100,000
      0.57 Acres

      Commercial Property in Waukegan, IL

      Commercial property for sale in Waukegan, Illinois.
      1400 Sunset Ave, Waukegan, IL 60087
      View Details
    • Contact for pricing
      11,784 SF

      Waukegan Office Building For Sale

      Stabilized, fully occupied office property with long-term tenants and durable construction.
      1400 Sunset Ave, Waukegan, IL 60087
      View Details
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      0.24 Acres

      Vacant Lot in Beach Park

      Vacant lot next to Dollar Store, Beach Park, Illinois.
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    • $60,000
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      Waukegan Wooded Residential Land

      1.114-acre wooded residential site ideal for builders.
      1507 W Yorkhouse Rd, Waukegan, IL 60087
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    • $750,000
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      Corner Lot in Beach Park

      1.36 acre corner lot with high traffic visibility.
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      Beach Park Lot For Sale

      Half-acre lot in Beach Park, suitable for building a home.
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    Similar Nearby for Lease

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      450 SF

      Retail Space in Waukegan Center

      Retail space available in a 79,391 SF shopping center.
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      Retail Anchor Space Available

      Retail space available in a high-traffic, residential area.
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      10,652 SF

      Waukegan Warehouse Space Available

      Industrial space for rent with office and parking.
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      1,218 SF

      Retail Space Near Target Center

      Retail space adjacent to Target-anchored strip center in Waukegan, IL.
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      Waukegan Industrial Sublease Opportunity

      Industrial sublease with convenient location and modern features.
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      60,034 SF

      Warehouse Space Available for Lease

      60,034 SF warehouse space with 30' clear height.
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      View Details
    View Listing
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    Waukegan, IL 60087
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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.

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