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226 Sheridan Rd Waukegan, IL 60085-4230

OFF-MARKET Turn key restaurants Google Maps
3,680 SF 0.58 ac lot Built 1985
Individually Owned Absentee Owner ~ Est. High Equity
Estimated value (blended)
$365k
Range $329k – $402k (±10%)
Property ID US28-3193340

Property summary

AI-generated overview

This exceptional turnkey restaurant opportunity is located at 226 N Sheridan Road, Waukegan, IL, a prime corner location at the intersection of Grand Avenue and Sheridan Road. The 3,680 square foot building boasts a highly desirable location, situated next to a McDonald's and just one block from the Genesee Theatre, ensuring high visibility and foot traffic. Previously a successful pizza restaurant, the property retains significant existing restaurant equipment, including pizza ovens, overhead cooktops, freezers, and various other kitchen accessories. The interior features a large bar area, numerous booth seats for comfortable dining, and ample space for customer seating. An added benefit is the outdoor patio seating area, perfect for expanding capacity during warmer months. The property also includes a significant advantage with 36 on-site parking spaces, a rare find in this location. The property is being sold "as-is," presenting a unique chance for an experienced restaurateur to acquire a fully equipped establishment in a high-traffic area. The building's existing infrastructure and equipment offer immediate operational potential, minimizing start-up costs and allowing for a swift transition into business. This is an exceptional opportunity to establish or expand a restaurant business in a vibrant and growing community. The property's location and existing features make it an ideal investment for a discerning buyer seeking a ready-to-operate restaurant. The sale price is $495,000.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1985
Construction BRICK
Total area 3,680 SF
Lot 0.58 ac (25,260 SF)
APN 08-21-221-005
UPID US28-3193340

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Employment Agency
  • Bar & Pub

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$365k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$365k

Owner & transaction history

since 2025
Last sale
$425,000
7 recorded transactions
2026
Price N/A
2025
$425,000
2023
$420,000
2023
$420,000
2022
$420,000
2013
$300,000
2011
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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