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Property profile & analytics
FOR LEASE
Strip malls
3123 N Lewis Ave, Waukegan, IL 60087
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US28-0339895
For Lease
1 / 2
$1,970,000
3123 N Lewis Ave, Waukegan, IL 60087
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1998
Construction
FRAME
Total area
12,152 SF
Lot
0.57 ac (24,829 SF)
APN
08-05-211-057
UPID
US28-0339895
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.97M
Owner & transaction history
Highland Property Group LLC · 6 yrs held
Highland Property Group LLC
since 2019
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
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
COMMERCIAL (GENERAL)
$1,810,000
Change: 0% · Conversion: Easy
RESTAURANT
$1,420,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,200,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$1.97M
Range $1.77M – $2.17M · ±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
$162 / 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
$46,882
Tax year 2023
Assessed value
$495,404
Assessed 2023
Previous assessed
$479,562
+3.3% YoY
Effective rate
9.46%
On assessed value
Assessed land
$76,369
Assessed improvement
$419,035
Land market value
$229,130
Improvement market value
$1,257,231
Total market value
$1,486,361
Applied tax rate
9,012.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1998
Construction
FRAME
Heating
NONE
Total area
12,152 SF
Lot
0.57 ac (24,829 SF)
APN
08-05-211-057
UPID
US28-0339895
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
COMMERCIAL (GENERAL)
Est. value
$1.8M
RESTAURANT
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.2M
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
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
1998
Construction
FRAME
Heating
NONE
Lot
0.57 ac
Current owner
From public records · entity-resolved
Highland Property Group LLC
Entity
Mailing address
3420 BELMONT AVE, EL CERRITO, CA 94530-3809
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 30, 2019
$3,430,000
Highland Property Group LLC
Vequity LLC
Special Warranty Deed
$1,715,000 · Lakeside Bank
Dec 11, 2018
$1,900,000
Vequity LLC
Yorkhouse Retail Center LLC
Special Warranty Deed
$2,587,311 · Lakeside Bank
Oct 11, 2017
$1,029,100
Yorkhouse Retail Center LLC
Yorkhouse Center LLC
Warranty Deed
$874,000 · Yorkhouse Center LLC
Apr 14, 2015
$1,550,000
Yorkhouse Center LLC
Trust 11-5273
Grant Deed
—
Feb 23, 2001
$2,085,000
Harris Bank Barrington NA Ttee
Yorkhouse LLC
Grant Deed
related
$1,537,500 · Harris Bank Barrington NA
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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