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Property profile & analytics
OFF-MARKET
Estimated value
$1,440,000
Office buildings
2161 Northwestern Ave, Waukegan, IL 60087-4144
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US28-5401399
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Construction
BRICK
Total area
7,857 SF
Lot
2.28 ac (99,186 SF)
APN
07-12-401-062
UPID
US28-5401399
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
joud Hotel & Motel
-
Air Team Vehicle Emissions Testing Station - Waukegan Vehicle Inspection Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.51M
CAP Approach
CAP
$1.78M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.44M
Owner & transaction history
Fip Master Funding Xv LLC · 2 yrs held
Fip Master Funding Xv LLC
since 2024
Last sale
$1.4M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.4M
+181.7%
Restaurant
$1.3M
+168.6%
Commercial (general)
$980,000
+101.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waukegan submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waukegan submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,405,000
ML approach
$1,505,000
CAP Approach
CAP Return
Estimation
6%
$1,925,000
6.5%
$1,780,000
7%
$1,650,000
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$1,375,000
Change: +182% · Conversion: Difficult
RESTAURANT
$1,310,000
Change: +169% · Conversion: Moderate
COMMERCIAL (GENERAL)
$980,000
Change: +101% · Conversion: Easy
RETAIL STORES
$885,000
Change: +81% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$880,000
Change: +80% · Conversion: Easy
Blend value · Realmo final
$1.44M
Range $1.30M – $1.58M · ±10% · vs last sale $1.43M (Dec 6 2023)
Last sale anchor
$1.43M
Dec 6 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$183 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$31,596
Tax year 2023
Assessed value
$260,676
Assessed 2023
Previous assessed
$253,084
+3.0% YoY
Effective rate
12.12%
On assessed value
Assessed land
$78,985
Assessed improvement
$181,691
Land market value
$236,979
Improvement market value
$545,128
Total market value
$782,107
Applied tax rate
8,024.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1999
Construction
BRICK
Heating
NONE
Total area
7,857 SF
Lot
2.28 ac (99,186 SF)
APN
07-12-401-062
UPID
US28-5401399
Jurisdiction
LAKE
Metro division
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$1.4M
RESTAURANT
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$980,000
RETAIL STORES
Est. value
$885,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$880,000
AUTO REPAIR, GARAGE
RESTAURANT
COMMERCIAL (GENERAL)
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
BRICK
Heating
NONE
Lot
2.28 ac
Current owner
From public records · entity-resolved
Fip Master Funding Xv LLC
Entity
Mailing address
2425 E CAMELBACK RD STE #800, PHOENIX, AZ 85016-4208
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 10, 2024
—
Fip Master Funding Xv LLC
Fip Master Funding Viii LLC
Re-recorded Document
related
—
Dec 6, 2023
$1,425,000
Fip Master Funding Xv LLC
Fip Master Funding Viii LLC
Warranty Deed
—
Nov 14, 2023
$1,425,000
Fip Master Funding Xv LLC
Fip Master Funding Viii LLC
Special Warranty Deed
—
Feb 22, 2023
—
Applus Techonologies INC
Fip Master Funding Viii LLC
Lease
—
Feb 22, 2023
$1,352,000
Fip Master Funding Vii LLC
Applus Technologies INC
Special Warranty Deed
$800,000,000 · Citibank NA
Jul 6, 2021
—
Applus Technologies INC
—
Deed
related
$250,000 · Libertytown USA 1 INC
Nov 26, 2007
$1,110,273
Applus Technologies INC
Envirotest Il INC
Grant Deed
—
Oct 23, 2006
—
County Of Lake
Envirotest Illinois INC
Warranty Deed
—
Dec 29, 1998
—
Envirotest Illinois INC
—
Deed Of Trust
related
$435,000,000 · Credit Suisse 1st Boston Ttee
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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