Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1520 N Mcaree Rd Waukegan, IL 60085
    Back to Search
    Property profile & analytics

    1520 N Mcaree Rd Waukegan, IL 60085

    View on Map
    • Churches & religious facilities
    • 13,800 SF
    Off-Market
    Property ID
    US28-0305876
    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

    • St John's United Church / Church
    • Eagles Martial Arts System / Training Center / Sports School

    Property Details for 1520 N Mcaree Rd

    Year built
    1967
    Property size
    13,800 SF
    Property type
    Churches & religious facilities
    Property subtype
    Commercial real estate

    Description

    Nice church in great condition ready for a new church. Approx 13,800 sf on huge 2.5+ acre lot. Loads of parking and room to expand. Sanctuary seats around 200 plus large foyer with nice fellowship hall in lower level. Commercial kitchen in lower level and second kitchen off large meeting room o ... n main level. 6 total bathrooms, 2 singles on main level and 2 singles and 2 main bathrooms by fellowship hall. Several offices and classrooms on both levels.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8660717
    Latitude
    42.3814308

    Comparable in this City

    • $469,000
      0.39 Acres

      Waukegan Church with Ample Parking

      Well-maintained church with family center and permitted uses.
      2126 10Th St, 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
    • $469,000
      17,030 SF

      Waukegan Brick Building with Parking

      Well-maintained building featuring a sanctuary, family center, and ample parking.
      2126 10Th St, Waukegan, IL 60085
      View Details
    • $469,000
      0.39 Acres

      Waukegan Brick Building with Parking

      Well-maintained building with sanctuary, family center, and ample parking.
      2126 10Th St, Waukegan, IL 60085
      View Details
    • $2,000,000
      40,000 SF

      Historic Waukegan Masonic Temple

      Historic landmark with redevelopment potential in the heart of Waukegan.
      220 N Sheridan Rd, Waukegan, IL 60085
      View Details
    • $515,000
      1,500 SF

      Waukegan Retail Investment Opportunity

      High-yield, single-tenant retail property with long-term lease.
      2000 Grand Ave, Waukegan, IL 60085
      View Details

    Similar Nearby for Sale

    • $469,000
      0.39 Acres

      Waukegan Church with Ample Parking

      Well-maintained church with family center and permitted uses.
      2126 10Th St, 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
    • $469,000
      17,030 SF

      Waukegan Brick Building with Parking

      Well-maintained building featuring a sanctuary, family center, and ample parking.
      2126 10Th St, Waukegan, IL 60085
      View Details
    • $469,000
      0.39 Acres

      Waukegan Brick Building with Parking

      Well-maintained building with sanctuary, family center, and ample parking.
      2126 10Th St, Waukegan, IL 60085
      View Details
    • $2,000,000
      40,000 SF

      Historic Waukegan Masonic Temple

      Historic landmark with redevelopment potential in the heart of Waukegan.
      220 N Sheridan Rd, Waukegan, IL 60085
      View Details
    • $515,000
      1,500 SF

      Waukegan Retail Investment Opportunity

      High-yield, single-tenant retail property with long-term lease.
      2000 Grand Ave, Waukegan, IL 60085
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Lake County Property with Storage

      Commercial property near Route 41 with fenced outdoor storage.
      1430 12Th St, Waukegan, IL 60085
      View Details
    • Contact for pricing

      Commercial Space in Waukegan, IL

      Commercial property available for rent in Waukegan, Illinois.
      9 County St, Waukegan, IL 60085
      View Details
    • Contact for pricing
      40,692 SF

      Waukegan Warehouse Near I-94

      40,692 SF warehouse near I-94 and local amenities.
      3971 S Lakeside Dr, Waukegan, IL 60085
      View Details
    • $14 SF/Yr

      Remodeled Nail Salon Opportunity

      Fully remodeled nail salon with equipment and licenses included.
      1702 Washington St, Waukegan, IL 60085
      View Details
    • $1.00 SF/Yr

      Functional Office Space Available Now

      Move-in ready office suite in Waukegan Business Center.
      415 Washington St, Waukegan, IL 60085
      View Details
    • $15 SF/Yr

      Waukegan Business Center Office Space

      450 SF office space in Waukegan Business Center.
      415 Washington 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.
    1520 N Mcaree Rd
    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

    Thank You for Inquiry
    1520 N Mcaree Rd, Waukegan, IL, 60085
    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!