Waukegan Business Center

For Sale3,000,000

415 Washington Street, Waukegan, IL 60085

  • Office
  • Office Building

Waukegan Business Center, Waukegan, IL 60085 - Office Space

Waukegan Business Center is located at 415 Washington Street in IL, Waukegan, 60085. The Class B Office building was completed in 1940 and features a total of 75,998 Sqft.

There are 8 office spaces for lease in the Waukegan city, totaling 145,961 Sqft of available office space. The office space availability for the 60085 zip code is 137,961 Sqft, in 7 office spaces. The average asking office rent per sq. ft. in Waukegan is $16.3/sqft/year. For Class B office buildings the average office rate is $14/sqft/year.

In Waukegan, there are 10 class B office buildings. In 1940, the same year Waukegan Business Center was built, 1 more commercial property (office, industrial, retail) over 50,000 square feet was built in Waukegan, featuring 63,066 square feet of commercial space. At zip code level, there are 68 commercial properties, of which 7 are office buildings over 50,000 square feet.

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Details

  • Sale Price 3,000,000
  • City Waukegan
  • Zip Code 60085
  • Market Suburban Chicago
  • Property Type Office - Office Building
  • Property Size 75,998 Sqft
  • Lot Size 2.61 Acre
  • Parking Spaces Avail. 177
  • Parking Ratio 2.33/ 1,000 SF
  • Property Tenancy Multi-Tenant
  • Building Class B
  • Year Built 1940
  • Year Renovated 2016
  • Date Updated 27 Mar, 2019
  • Construction Type Steel & Concrete

Description

The Property consists of a two-story, plus functional lower level with atrium, multi-tenant office building totaling 75,998 square feet in downtown Waukegan that is approximately 54.4% leased. Waukegan Business Center is a value-add offering that allows investors the opportunity to purchase an asset well below replacement cost that benefits from cash flow from current tenants and still has tremendous upside with the amount of available units, many of which can be leased with new paint and carpet.

 

Waukegan Business Center is located in the heart of the downtown district one block from the original Lake County Courthouse, a half block from the new courthouse expansion and within walking distance to numerous restaurants and the Metra Station. Waukegan Harbor draws visitors from around the area for its festivals and easy access for boaters. The nearby Genesee Theater hosts a wide range of shows including national touring acts and performers. A new Dunkin Donuts was built across the street from the Property and highlights the growth and appeal of the downtown area to national retailers.

Highlights

  • Approximately 54.4% leased
  • Appeal to multiple office users
  • Easy access to public transportation
  • $110 million expansion by end of 2018

FREQUENTLY ASKED QUESTIONS

What is the lease rate for Waukegan Business Center?

Rental asking rate at Waukegan Business Center is 3,000,000 per square foot.

What is the total square footage of Waukegan Business Center?

Waukegan Business Center totals 75,998 square feet.

When was this property built?

Waukegan Business Center was built in 1940.

Waukegan Demographics

The average household income in zip code 60085 is $55,687, from a total of 22,747 households. In terms of employment, there are 63.03 % white-collar and 36.97 % blue-collar jobs in zip code 60085.

Population

  • Total Population87,571
  • Male Population(50.3 %) 44,053
  • Female Population(49.7 %) 43,518
  • Median Age31.70

Income/Financial

  • Average Household Income$63,054
  • Median Household Income$48,752
  • Median Income Under 25$27,940
  • Median Income 25-44$49,571
  • Median Income 45-64$56,445
  • Median Income Over 65$43,258

Attachments

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John Homsher

Podolsky Circle CORFAC International

Principal

(847) 444-5715

Alissa Adler

Podolsky Circle CORFAC International

Managing Principal/Managing Broker

(847) 444-5770

Paul Tesdal

Podolsky Circle CORFAC International

Senior Vice President

(847) 444-5757