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PropertyRADAR

North Suburb Professional Office Building

415 Washington St. Waukegan IL 60085

$6,500,000

Pricing/Terms Explained 

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$77 / Sq. Ft.

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Property Summary


Type

Office

In Place NOI
$637,000

Target CAP Rate
9.89%

Today's Market Value
$8,000,000

Target Purchase Price
$6,500,000



 




Units
35

Projected NOI
$689,000

Market CAP Rate
8%

Value w/Market Rents
$8,600,000

Cost Per Sq. Ft.
$77



 

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35
Units

177
Spaces

83,890
Sq. Ft.

1940/1983
Yr. Built

88%
Occupancy

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Ownership Summary
EJ Investment Group Inc. has vastly improved this property over the last two years. Lobbies, Bathrooms, HVAC system, carpet, ceiling tiles/lights, and more have been done. Throughout renovations the occupancy has increased from 70% to 88%. 

About The Property
A well positioned 84,000 square foot property located in the heart of downtown Waukegan. Located steps from the new Lake County Courthouse this office property has many long term credit A tenants such as Lake County and the Waukegan Township Assessor. Property sits on the majority of a full city block offering ample parking. 

About The Neighborhood
Investment highlights in Waukegan:
-Largest City and County Seat of Lake County. Ninth Largest City in Illinois.
-Waukegan Houses 14 of the 27 Lake County Gov Facilities. 
-One of the Midwest's Largest Lakefront and Downtown Redevelopments. Four Miles of Lakefront.
-Home to the Historic Genesee Theatre.

 

Due Diligence

Documents
Citipoint conducts a thorough document review on every property. For access to more documents such as leases, inspection reports, warranties, etc please fill out our Document Request Form.

Rents, expirations, security deposits, balances and more.

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Utility expense, services, insurance, taxes, and more.

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Who pays what - Landlord Vs. Tenant

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Comparable multi family properties that have sold in the area.

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Comparable multi family units that have been rented in the area.

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Market report showing trends and insights.

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Locked.

Property
Financials

Purchase Price of Property


Property Current
This column shows the current financial state of the subject property. These inputs are factual and they are based on verified information.



Year 2 Pro Forma
This column is based on a stabilized condition of the subject property. These inputs assume proper property performance by using our investment suggestions (proper management, bringing rents up to market rate, vacancy absorption, etc).



Debt Service
This column allows the user to add custom financing scenarios.

Property
Performance

View the return metrics based on various inputs. 

"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs. 


 

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