Bank Anchored Value-Add Office 216 W Madison St 26,875 SF 10% Leased Office Building Waukegan, IL 60085 $1,046,940 CAD ($38.96 CAD/SF)

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.