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    Property profile & analytics

    1700 Lewis Ave Waukegan, IL 60085

    • Outlet malls
    • 88,332 SF
    • 5.32 lot acres
    For Lease
    View listing
    Last Sale
    Feb 02, 2022
    $6,200,000
    Value Estimations
    $6,890,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-5829748
    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

    • Royal Prestige / Home Goods Store
    • Super Clean Landromat / Laundromat
    • Total By Verizon / Cell Phone Store / Telecommunications Service Provider
    • Primo Water Exchange / Bottled Water Supplier
    • MoneyGram / Money Transfer Service

    Property Details for 1700 Lewis Ave

    Year built
    1994
    Construction
    BRICK
    Lot size
    5.32 lot acres
    Property size
    88,332 SF
    Property type
    Outlet malls
    APN
    08-17-104-001
    APU
    817104001

    Description

    This exceptional retail property, located at 1700 N Lewis Ave in Waukegan, Illinois (zip code 60085), offers a prime opportunity for businesses seeking high visibility and accessibility. The property consists of a total of 32,670 square feet of retail space situated on a sizable lot ranging from 0.35 to 0.4 acres. Currently, the entire space is vacant and available for lease, presenting a unique chance to establish a significant presence in a thriving market. The property is classified as a commercial outlot, ensuring excellent exposure and convenient access for customers. Multiple tenancy options are available, with a minimum divisible space of 15,246 square feet and a maximum contiguous space of 15,246 square feet. This flexibility allows for businesses of various sizes to find a suitable space to meet their operational needs. The property's strategic location in Waukegan, Illinois, provides easy access to major transportation routes and a substantial customer base. This makes it an ideal location for a variety of retail businesses seeking to capitalize on a high-traffic area. Interested parties are encouraged to inquire about leasing options and explore the potential of this exceptional retail property. The property is zoned for commercial use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,515,000
      ML approach
      $6,550,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,006,000
      Market price range: $3.84M - $16.2M
      AI Estimate
      $4,873,000
      Market price range: $3.34M - $8.84M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $9,315,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $9,885,000
      Change: +6% Conversion: Difficult
      WAREHOUSE, STORAGE
      $9,045,000
      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
    -87.8565
    Latitude
    42.3836
    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
    $135,721
    $312,904
    $1,144,814
    $1,457,718
    -
    $938,806
    $3,434,785
    $4,373,591

    Comparable in this City

    • Value Estimation
      $480,000
      2,502 SF

      3900 Fountain Sq Pl

      WHOLESALE OUTLET, DISCOUNT STORE • 2,502 SF
      3900 Fountain Sq Pl, Waukegan, IL 60085-6708
      View Details
    • Value Estimation
      $725,000
      30,510 SF

      1600 Lewis Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 30,510 SF
      1600 Lewis Ave, Waukegan, IL 60085-1762
      View Details
    • Value Estimation
      $10,785,000
      91,273 SF

      2700 Belvidere Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 91,273 SF
      2700 Belvidere Rd, Waukegan, IL 60085-6008
      View Details
    • Value Estimation
      $925,000
      69,723 SF

      920 Grn Bay Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 69,723 SF
      920 Grn Bay Rd, Waukegan, IL 60085-2240
      View Details
    • Value Estimation
      $810,000
      80,160 SF

      2650 Belvidere Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 80,160 SF
      2650 Belvidere Rd, Waukegan, IL 60085-6006
      View Details
    • Value Estimation
      $680,000
      35,868 SF

      699 Lakehurst Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 35,868 SF
      699 Lakehurst Rd, Waukegan, IL 60085-6707
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Occupied Strip Center with Long-Term Leases

      100% occupied strip center with long-term leases and annual increases.
      3035-3043 Belvidere Rd, Waukegan, IL 60085
      View Details
    • $2,962,000
      14,180 SF

      Occupied Strip Building For Sale

      100% occupied strip building with long-term leases and rental increases.
      3035 Belvidere Rd, Waukegan, IL 60085
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      Park City Retail Investment Opportunity

      Fully occupied retail property in Park City, Illinois for sale.
      3331 Belvidere Rd, Park City, IL 60085
      View Details
    • 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
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      10,244 SF

      Waukegan Auto Dealership - Prime Location

      High-traffic retail area, 10-bay service. Excellent investment opportunity.
      3375 Grand Ave, Waukegan, IL 60085
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    • $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
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    Similar Nearby for Lease

    • Contact for pricing
      32,743 SF

      Retail Space in Waukegan Center

      Retail space available in a 79,391 SF shopping center.
      2229 N Lewis Ave, Waukegan, IL 60085
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Grocery Anchored Center

      Retail space available in a grocery-anchored shopping center.
      724-760 N Green Bay Rd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      2,014 SF

      Retail Space at Grocery Anchored Center

      Retail space available at a grocery anchored shopping center.
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      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
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    1700 Lewis Ave
    Waukegan, IL 60085
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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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