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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3035 Belvidere Rd Waukegan, IL 60085

    • Retail space
    • 14,176 SF
    • 1.35 lot acres
    For Sale
    View listing
    $2,962,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0338790
    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

    • Checkers / Chicken Restaurant / Hamburger Restaurant

    Property Details for 3035 Belvidere Rd

    Year built
    2006
    Construction
    BRICK
    Lot size
    1.35 lot acres
    Property size
    14,176 SF
    Property type
    Retail space
    APN
    08-30-305-001
    APU
    830305001

    Description

    This exceptional free-standing retail building, constructed in 2005, offers 14,180 square feet of space, with 2,280 square feet currently available for lease. The property is situated on 1.35 acres of land and features a single-story design with 75 total parking spaces. The building is zoned B-3, allowing for a variety of retail uses. The available space is part of a multi-tenant building, sharing the site with established businesses such as Checkers, Cricket Wireless, and Concentra Urgent Care, ensuring high foot traffic and visibility. The property boasts excellent accessibility and pylon signage opportunities. This location benefits from a substantial daytime population exceeding 200,000 within a 10-mile radius. The property's strategic location is less than half a mile from the Skokie Highway (Route 41) on/off ramp, providing easy access for customers and employees. Furthermore, its proximity to a 625,000 square foot Amazon Fulfillment Center adds to its appeal and potential for increased customer traffic. Nearby businesses include AutoZone, Dollar Tree, and McDonald's, further enhancing the area's commercial vibrancy. The maximum contiguous space available is 11,780 square feet, offering flexibility for larger tenants. The minimum divisible space is 2,280 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,881,000
      Market price range: $617k - $2.60M
      AI Estimate
      $1,145,000
      Market price range: $536k - $1.42M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,495,000
      Current use
      RESTAURANT
      $2,360,000
      Change: +58% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,585,000
      Change: +6% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,450,000
      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
    -87.8772
    Latitude
    42.3486
    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
    $32,866
    $132,971
    $209,555
    $342,526
    -
    $398,953
    $628,728
    $1,027,681

    Comparable in this City

    • Value Estimation
      $1,010,000
      27,600 SF

      1001 Lewis Ave

      RETAIL STORES (PERSONAL SERVICES) • 27,600 SF
      1001 Lewis Ave, Waukegan, IL 60085-7665
      View Details
    • Value Estimation by Request
      3,996 SF

      1817 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 3,996 SF
      1817 Washington St, Waukegan, IL 60085-5135
      View Details
    • Value Estimation
      $660,000
      7,166 SF

      711 Grn Bay Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,166 SF
      711 Grn Bay Rd, Waukegan, IL 60085-7008
      View Details
    • Value Estimation
      $700,000
      7,640 SF

      3200 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,640 SF
      3200 Grand Ave, Waukegan, IL 60085-2207
      View Details
    • Value Estimation
      $1,055,000
      12,440 SF

      149 Genesee St

      RETAIL STORES (PERSONAL SERVICES) • 12,440 SF
      149 Genesee St, Waukegan, IL 60085-5604
      View Details
    • Value Estimation by Request
      875 SF

      1300 Gln Rock Ave

      RETAIL STORES (PERSONAL SERVICES) • 875 SF
      1300 Gln Rock Ave, Waukegan, IL 60085-6232
      View Details

    Similar Nearby for Sale

    • $475,000
      0.03 Acres

      Waukegan Commercial Building For Sale

      Commercial building in Waukegan, currently a salon and office.
      34 N Genesee St, Waukegan, IL 60085
      View Details
    • $250,000

      Leased Office and Event Space

      Fully leased office suites and event space with parking lot.
      814 Washington St, Waukegan, 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
      View Details
    • $3,065,680
      14,868 SF

      Triple-Net Leased Retail Portfolio

      Illinois Retail Investment, 100% Occupied
      3331 Belvidere Rd, Park City, IL 60085
      View Details
    • $2,200,000
      3,129 SF

      Waukegan Retail Building - $2.2M

      Freestanding building, high visibility, strong location.
      919 Green Bay Rd, 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
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      32,670 SF

      Waukegan Retail Outlot For Lease

      High-traffic retail space, multiple units available.
      1700 Lewis Ave, Waukegan, IL 60085
      View Details
    • $1,800 /Mo

      Waukegan Retail Space Available

      Clean, move-in ready retail space with high traffic exposure.
      335 S Green Bay Rd, 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
    • $12 SF/Yr

      Retail Space on Green Bay Road

      Retail space for lease with high traffic exposure.
      511 S Green Bay Rd, Waukegan, IL 60085
      View Details
    • $25 SF/Yr

      Retail Storefront on Belvidere Road

      Retail space available in Waukegan, close to major commercial corridors.
      2850 Belvidere Rd, 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
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    3035 Belvidere Rd
    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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