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    3123 N Lewis Ave Waukegan, IL 60087

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    3123 N Lewis Ave Waukegan, IL 60087

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    • Strip malls
    • 12,152 SF
    • 0.57 lot acres
    For Lease
    $1,970,000
    View Listing →
    Retail Space Near Target Center For Lease
    $1,970,000
    1,218 SF

    Retail Space Near Target Center

    Retail space adjacent to Target-anchored strip center in Waukegan, IL.

    3123 N Lewis Ave, Waukegan, IL
    View Listing
    Property ID
    US28-0339895
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 3123 N Lewis Ave

    Year built
    1998
    Construction
    FRAME
    Lot size
    0.57 lot acres
    Property size
    12,152 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    08-05-211-057
    APU
    805211057

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,810,000
      RESTAURANT
      $1,420,000
      AUTO REPAIR, GARAGE
      $1,200,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8544
    Latitude
    42.4092
    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
    $46,882
    $76,369
    $419,035
    $495,404
    -
    $229,130
    $1,257,231
    $1,486,361

    Comparable in this City

    • Value Estimation
      $7,195,000
      48,030 SF

      2205 Lewis Ave

      SHOPPING CENTER, STRIP CENTER • 48,030 SF
      2205 Lewis Ave, Waukegan, IL 60087-3804
      View Details
    • Value Estimation by Request

      2229 Lewis Ave

      Neighborhood centers
      2229 Lewis Ave, Waukegan, IL 60087
      View Details
    • Value Estimation by Request
      5,940 SF

      2312 Grand Ave

      Lifestyle centers • 5,940 SF
      2312 Grand Ave, Waukegan, IL 60087
      View Details
    • Value Estimation
      $1,300,000
      11,988 SF

      2001 Grn Bay Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,988 SF
      2001 Grn Bay Rd, Waukegan, IL 60087-4218
      View Details
    • Value Estimation
      $7,975,000
      95,368 SF

      3050 Lewis Ave

      RETAIL STORES (PERSONAL SERVICES) • 95,368 SF
      3050 Lewis Ave, Waukegan, IL 60087-2231
      View Details
    • Value Estimation by Request
      2,360 SF

      2431 Delany Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,360 SF
      2431 Delany Rd, Waukegan, IL 60087-1849
      View Details

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      Established Restaurant with Slot Machines

      Waukegan restaurant, real estate, and slot machines for sale.
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      View Details
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      11,784 SF

      Waukegan Office Building For Sale

      Stabilized, fully occupied office property with long-term tenants and durable construction.
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      121,200 SF

      Waukegan Industrial Space Available

      Divisible 218,500 SF industrial space with immediate occupancy.
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    Similar Nearby for Lease

    • Contact for pricing
      1,218 SF

      Retail Space Near Target Center

      Retail space adjacent to Target-anchored strip center in Waukegan, IL.
      3123 N Lewis Ave, Waukegan, IL 60087
      View Details
    • Contact for pricing

      Retail Anchor Space Available

      Retail space available in a high-traffic, residential area.
      2229 N Lewis Ave, Waukegan, IL 60087
      View Details
    • Contact for pricing
      41,108 SF

      Waukegan Industrial Sublease Opportunity

      Industrial sublease with convenient location and modern features.
      3210 Oak Grove Ave, Waukegan, IL 60087
      View Details
    • Contact for pricing
      60,034 SF

      Warehouse Space Available for Lease

      60,034 SF warehouse space with 30' clear height.
      2431 North Delany Rd, Waukegan, IL 60087
      View Details
    View Listing
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    Waukegan, IL 60087
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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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    3123 N Lewis Ave, Waukegan, IL, 60087

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