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.
Listed By
Agency Name: RE/MAX SAWA
Agency Phone: 877-312-7292
Shown By
Agent Name: David Bowers
Agent Phone: (815) 520-4091
Agency Title: Gambino Realtors
316 N Geneesee Street, Unit 304-318 | MLS# 12692069
This commercial property located at 316 N Geneesee Street, Unit 304-318, Waukegan, IL 60085 is currently listed for sale with an asking price of $749,000. Search Waukegan real estate on dbowers.gogambino.com today.