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Property profile & analytics
FOR LEASE
Office buildings
2401 Waukegan Rd, Bannockburn, IL 60015
Entity Owned
26-yr Hold
~
Est. High Equity
Property ID
US28-2395608
For Lease
1 / 16
$5,500,000
2401 Waukegan Rd, Bannockburn, IL 60015
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1980
Construction
BRICK
Total area
48,472 SF
Lot
6.08 ac (264,845 SF)
APN
16-17-300-012
UPID
US28-2395608
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
-
Terlato Wine Group Advertising Agency Marketing & Advertising
-
Bannockburn Bankruptcy Attorney Law Firm Accounting Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.07M
Blend (final)
Blend
$5.50M
Owner & transaction history
Terlato Group LLC · 26 yrs held
Terlato Group LLC
since 1999
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$8.8M
+49.9%
Auto repair, garage
$8.5M
+44.4%
Restaurant
$8.3M
+41.0%
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 Bannockburn submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bannockburn 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$5,865,000
Current use
COMMERCIAL (GENERAL)
$8,795,000
Change: +50% · Conversion: Easy
AUTO REPAIR, GARAGE
$8,470,000
Change: +44% · Conversion: Difficult
RESTAURANT
$8,270,000
Change: +41% · Conversion: Moderate
RETAIL STORES
$6,165,000
Change: +5% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$5,425,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$5.50M
Range $4.95M – $6.05M · ±10%
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
$113 / 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
$95,430
Tax year 2023
Assessed value
$1,279,791
Assessed 2023
Previous assessed
$1,279,086
+0.1% YoY
Effective rate
7.46%
On assessed value
Assessed land
$983,337
Assessed improvement
$296,454
Land market value
$2,950,306
Improvement market value
$889,451
Total market value
$3,839,757
Applied tax rate
17,039.0000
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
For Lease
Year built
1980
Construction
BRICK
Heating
NONE
Total area
48,472 SF
Lot
6.08 ac (264,845 SF)
APN
16-17-300-012
UPID
US28-2395608
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
OFFICE BUILDING Current
Est. value
$5.9M
COMMERCIAL (GENERAL)
Est. value
$8.8M
AUTO REPAIR, GARAGE
Est. value
$8.5M
RESTAURANT
Est. value
$8.3M
RETAIL STORES
Est. value
$6.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.4M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RESTAURANT
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
1980
Construction
BRICK
Heating
NONE
Lot
6.08 ac
Current owner
From public records · entity-resolved
Terlato Group LLC
Entity
Mailing address
900 ARMOUR DR, LAKE BLUFF, IL 60044-1926
Ownership since
1999
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 8, 2022
—
Terlato Real Estate LLC
—
Deed
related
$2,300,000 · Jpmorgan Chase Bank NA
Jul 23, 1999
$2,726,000
Terlato Group LLC
Vanguard Properties II LLC
Grant Deed
—
Jun 11, 1999
—
Vanguard Properties II LLC
Futorian Furnishings INC
Quit Claim Deed
related
—
Nov 17, 1997
$2,510,000
Futorian Furnishing INC
American Bk & Tr Chicago Ttee
Grant Deed
—
—
—
Teralto Group LLC
—
Deed Of Trust
related
$2,745,000 · General Electric Capital Corp
—
—
Terlato Real Estate LLC
—
Deed Of Trust
related
$3,600,000 · Privatebank & Trust
—
—
Terlato Real Estate LLC
—
Deed Of Trust
related
$3,600,000 · Privatebank & Tr
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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