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

    935 Commonwealth Ave Waukegan, IL 60085-7202

    • Warehouses
    • 8,985 SF
    • 0.45 lot acres
    OFF-MARKET
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2204640
    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

    • Starwash Professional Inc / Commercial Cleaning Service
    • Wiseway Fleet Inc / Auto Repair Shop / Insurance Agency

    Property Details for 935 Commonwealth Ave

    Year built
    1954
    Construction
    BRICK
    Lot size
    0.45 lot acres
    Property size
    8,985 SF
    Property type
    Warehouses
    APN
    08-28-320-023
    APU
    828320023

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $785,000
      6.5%
      $725,000
      7%
      $670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $748,000
      Market price range: $562k - $3.31M
      AI Estimate
      $632,000
      Market price range: $321k - $1.64M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $920,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,005,000
      Change: +9% Conversion: Difficult
      RETAIL STORES
      $950,000
      Change: +3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8457
    Latitude
    42.3416
    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
    $14,331
    $15,287
    $135,999
    $151,286
    -
    $45,866
    $408,038
    $453,904

    Comparable in this City

    • Value Estimation
      $640,000
      10.91 Acres

      3648 Bur Wood Dr

      WAREHOUSE, STORAGE • 10.91 Acres
      3648 Bur Wood Dr, Waukegan, IL 60085
      View Details
    • Value Estimation by Request
      1,690 SF

      3979 Bur Wood Dr

      WAREHOUSE, STORAGE • 1,690 SF
      3979 Bur Wood Dr, Waukegan, IL 60085-8000
      View Details
    • Value Estimation by Request
      3,766 SF

      3940 Lakeside Dr

      WAREHOUSE, STORAGE • 3,766 SF
      3940 Lakeside Dr, Waukegan, IL 60085-8002
      View Details
    • Value Estimation by Request
      6,528 SF

      3454 Washington St

      WAREHOUSE, STORAGE • 6,528 SF
      3454 Washington St, Park City, IL 60085-4718
      View Details
    • Value Estimation
      $1,080,000
      800 SF

      300 Old Skokie Rd

      MINI-WAREHOUSE, STORAGE • 800 SF
      300 Old Skokie Rd, Park City, IL 60085-4701
      View Details
    • Value Estimation
      $9,480,000
      48,000 SF

      700 Chestnut Ave

      WAREHOUSE, STORAGE • 48,000 SF
      700 Chestnut Ave, Park City, IL 60085-6808
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      40,504 SF

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      Flex space in Amhurst Lake Business Park for sale.
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      59,250 SF

      Flex Units with Loading Docks

      Flex space with loading docks in Amhurst Lake Business Park.
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    • $999,500

      Prime Land Near American Place Casino

      Undeveloped land suitable for high-end commercial development near future casino.
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      0.96 Acres

      Waukegan Commercial Parcels For Sale

      Two commercial buildings formerly a tire shop and car wash.
      1340-1350 Lewis Ave, Waukegan, IL 60085
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    • $495,000
      3,680 SF

      Waukegan Restaurant - Turnkey Opportunity

      Established Restaurant, Prime Location, 36 Parking Spaces
      226 Sheridan Rd, Waukegan, IL 60085
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    • Contact for pricing
      0.16 Acres

      Land with Lake Michigan View

      Land near Lake Michigan, downtown Waukegan, with survey.
      312 Oak St, Waukegan, IL 60085
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,240 SF

      Waukegan Warehouse Space Available

      6,240 SF warehouse space for lease in Waukegan, IL.
      1000-1036 Northpoint Blvd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      23,806 SF

      Waukegan Warehouse Space Available

      23,806 SF warehouse space for lease in Waukegan, IL.
      3540 Amhurst Pkwy, Waukegan, IL 60085
      View Details
    • Contact for pricing
      11,400 SF

      Waukegan Warehouse with Immediate I-94 Access

      11,400 SF warehouse with convenient highway access and office space.
      953-977 Northpoint Blvd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      7,500 SF

      Waukegan Warehouse with Office Space

      7,500 SF warehouse with 2,070 SF office space.
      875-895 South Northpoint Blvd, Waukegan, IL 60085
      View Details
    • Contact for pricing
      31,903 SF

      Waukegan Warehouse with Ample Parking

      31,903 SF warehouse near I-94 and Route 137.
      3701 Burwood Dr, Waukegan, IL 60085
      View Details
    • Contact for pricing
      4,800 SF

      Waukegan Warehouse with Office Space

      4,800 SF warehouse with 1,385 SF office space available.
      940 Northpoint Blvd, Waukegan, IL 60085
      View Details
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    935 Commonwealth Ave
    Waukegan, IL 60085-7202
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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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