Bank Anchored Value-Add Office | 216 W Madison St
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Bank Anchored Value-Add Office 216 W Madison St
26,875 SF 1% Leased Office Building Waukegan, IL 60085 £594,059 (£22/SF)
Investment Highlights
- Incredible value-add opportunity to acquire office building anchored by Old National Bank on long-term lease with 8 years left located in Chicago MSA.
- Ideally positioned less than 0.5 mi. From Waukegan Metra rail Station, connecting Waukegan to Chicago via the Union Pacific North (UP-N) Line.
- Located just a few blocks from the Waukegan Harbor & Marina and beautiful Lake Michigan coastline.
- Just a block from the historic Genesee Theatre, restored to show its former glory with modern finishes: home to Broadway plays, music acts, and more.
- Waukegan is the most populous city in Lake County and serves as the seat of the county government.
- Situated just five miles from Waukegan National Airport, the second busiest airport for international arrivals in the state.
Executive Summary
Mon Ami Realty is pleased to exclusively present the incredible value-add opportunity to acquire a bank-anchored office building in the Chicago MSA. 216 W Madison Street in Waukegan, Illinois, is a ±26,875-square-foot multi-tenant office building delivered in 1927 and renovated in 1986. The property sits on a 0.84-acre lot zoned B-4 and includes a covered parking garage for 89 cars. The property is anchored by Old National Bank and is also home to a variety of professional tenants occupying smaller spaces on short-term leases. Old National Bank currently occupies the largest space in the building, 3,200 square feet, and has an additional eight years remaining on its 15-year lease.
The property is one block from the historic Genesee Theatre, a famous Waukegan landmark restored in the early 2000s. The theatre serves as a venue for Broadway plays, comedy, and live music. The beautiful Lake Michigan coastline and Waukegan Harbor & Marina are just a few blocks in the other direction.
Waukegan is the most populous city in Lake County and serves as the seat of the county government. The property is strategically located directly across from the Lake County Building and Lake County Courthouse and Clerks Office. The Waukegan City Building, Waukegan Public Library, and College of Lake County campus are just a block away.
The property is very accessible, as the building is just off Route 137 and near Grand Avenue and Washington Street. The Waukegan Metra rail station is less than a mile from the property. The Union Pacific North (UP-N) Line connects Waukegan to Chicago in just over an hour and also connects Waukegan to Kenosha, Wisconsin.
216 Madison Street in Waukegan, Illinois, presents an investor with an incredible value-add opportunity to acquire a bank-anchored office building and use aggressive lease-up strategies to raise occupancy and create substantial cash flow.
The property is one block from the historic Genesee Theatre, a famous Waukegan landmark restored in the early 2000s. The theatre serves as a venue for Broadway plays, comedy, and live music. The beautiful Lake Michigan coastline and Waukegan Harbor & Marina are just a few blocks in the other direction.
Waukegan is the most populous city in Lake County and serves as the seat of the county government. The property is strategically located directly across from the Lake County Building and Lake County Courthouse and Clerks Office. The Waukegan City Building, Waukegan Public Library, and College of Lake County campus are just a block away.
The property is very accessible, as the building is just off Route 137 and near Grand Avenue and Washington Street. The Waukegan Metra rail station is less than a mile from the property. The Union Pacific North (UP-N) Line connects Waukegan to Chicago in just over an hour and also connects Waukegan to Kenosha, Wisconsin.
216 Madison Street in Waukegan, Illinois, presents an investor with an incredible value-add opportunity to acquire a bank-anchored office building and use aggressive lease-up strategies to raise occupancy and create substantial cash flow.
Data Room Click Here to Access
- Offering Memorandum
- Leases
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
26,875 SF
Building Class
B
Year Built
1986
Price
£594,059
Price Per SF
£22
Percent Leased
1%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
13,438 SF
Building FAR
0.73
Lot Size
0.84 AC
Zoning
B-4
Amenities
- Banking
- Security System
- Signage
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Recently remodeled space ideal for bank branch or other office use. Built out as bank branch.
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 2,500 SF | Office | Partial Build-Out | Now |
1st Floor
| Size |
| 2,500 SF |
| Space Use |
| Office |
| Condition |
| Partial Build-Out |
| Available |
| Now |
1 of 7
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Floor
| Size | 2,500 SF |
| Space Use | Office |
| Condition | Partial Build-Out |
| Available | Now |
Recently remodeled space ideal for bank branch or other office use. Built out as bank branch.
Walk Score ®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 08-21-411-022 | Improvements Assessment | £178,389 |
| Land Assessment | £77,691 | Total Assessment | £256,080 |
PROPERTY TAXES
Parcel Number
08-21-411-022
Land Assessment
£77,691
Improvements Assessment
£178,389
Total Assessment
£256,080
1 of 29
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Bank Anchored Value-Add Office | 216 W Madison St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.