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Listed by Sharon Wangof RE/MAX SAWA
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Est. payment /mo
New
316 N Geneesee ST #304-318 Waukegan, IL 60085
8,400 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 8,400 sqft
MLS Listing ID 12692069
Year Built 1999
Annual Tax Amount $22,702
Tax Year 2025
Lot Dimensions 165x110
Property Sub-Type Retail/Stores
Property Description
The subject property is an eight-unit neighborhood retail center constructed in 1999, offering a diverse and stable tenant mix. Current tenants include China Garden restaurant, a tax service office, a staffing agency, two hair salons, and a retail shop(bakery). The property currently has one vacancy, which the owner is using for storage. All tenants are responsible for their own utilities, providing an efficient and low-maintenance expense structure for ownership. The center features a 21-space parking lot, offering convenient access for both tenants and customers. This property presents a compelling value-add opportunity, as all but one tenant is on year-by-year leases at below-market rental rates, allowing for future income growth through lease renewals and repositioning. Strategically located near the Lake County Courthouse and Sheriff's Office, and steps to Genesee Theatre and Metra. office buildings. The property benefits from strong daytime traffic and excellent accessibility, making it a highly convenient destination for both employees and residents.
Location
State IL
County Lake
Zoning RTAIL
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
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