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

    3124 Lewis Ave Waukegan, IL 60087-2231

    • Retail space
    • 70,268 SF
    • 8.66 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2022
    Value Estimations
    $8,985,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0996094
    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

    • Jewel1424 / Electronics Vending Machine
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Jewel-Osco Pharmacy / Vitamin & Supplements Store / Pharmacy
    • Jeff Harmon, RPh / Pharmacy
    • higi / Medical Clinic

    Property Details for 3124 Lewis Ave

    Year built
    1997
    Construction
    BRICK
    Lot size
    8.66 lot acres
    Property size
    70,268 SF
    Property type
    Retail space
    APN
    08-05-110-038
    APU
    805110038

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,975,000
      6.5%
      $11,055,000
      7%
      $10,265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,687,000
      Market price range: $3.06M - $13.2M
      AI Estimate
      $6,209,000
      Market price range: $3.20M - $8.05M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $7,910,000
      Current use
      AUTO REPAIR, GARAGE
      $12,280,000
      Change: +55% Conversion: Difficult
      RESTAURANT
      $11,710,000
      Change: +48% Conversion: Easy
      COMMERCIAL (GENERAL)
      $8,780,000
      Change: +11% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $7,865,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8565
    Latitude
    42.4091
    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
    $197,821
    $654,365
    $1,400,326
    $2,054,691
    -
    $1,963,291
    $4,201,398
    $6,164,689

    Comparable in this City

    • 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
    • Value Estimation by Request
      1,800 SF

      1811 York House Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      1811 York House Rd, Waukegan, IL 60087-2251
      View Details
    • Value Estimation
      $4,225,000
      18,576 SF

      3060 Lewis Ave

      RETAIL STORES (PERSONAL SERVICES) • 18,576 SF
      3060 Lewis Ave, Waukegan, IL 60087-2231
      View Details
    • Value Estimation by Request
      8,520 SF

      2921 Sunset Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,520 SF
      2921 Sunset Ave, Waukegan, IL 60087-3663
      View Details

    Similar Nearby for Sale

    • $1,259,000
      0.35 Acres

      Beach Park Gas Station For Sale

      Gas station at major intersection with convenience store and gas sales.
      37740 N Sheridan Rd, Beach Park, IL 60087
      View Details
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      High-traffic Chicago MSA location, strong tenant.
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    • $799,000
      7,804 SF

      Established Restaurant with Slot Machines

      Waukegan restaurant, real estate, and slot machines for sale.
      1401 Golf Rd, Waukegan, IL 60087
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    • $405,000
      0.80 Acres

      Beach Park Commercial Land Opportunity

      Prime commercial land with high visibility and flexible potential.
      38488 N Sheridan Rd, Beach Park, IL 60087
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    • $32,500

      Waukegan Commercial Land For Sale

      Three commercial lots and one SFR lot available for purchase.
      36245 N Green Bay Rd, Waukegan, IL 60087
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    • Contact for pricing
      0.24 Acres

      Vacant Lot in Beach Park

      Vacant lot next to Dollar Store, Beach Park, Illinois.
      38859 N Green Bay Rd, Beach Park, IL 60087
      View Details

    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
      218,500 SF

      Waukegan Industrial Space Available

      Divisible 218,500 SF industrial space with immediate occupancy.
      2451 N Delany Rd, Waukegan, IL 60087
      View Details
    • $19 SF/Yr
      2,000 SF

      Waukegan Executive Office Suite

      Prime Waukegan Office, 2,000 SF Available
      1400 Sunset Ave, Waukegan, IL 60087
      View Details

    Property Visit Statistics

    • Visits by month
      99.1k
    • Visitors by month
      45.7k
    • Avg Time on site
      23 min
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    Waukegan, IL 60087-2231
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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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