2835 Belvidere Rd
Waukegan, IL 60085

The site is improved with a three-story over a fully finished, partly below grade lower level, ±32,232 SF (including the partly below grade lower level), multi-tenant office building that was built in 1971 and renovated over the past 10 years. The building is presently divided into 50 tenant spaces (not including two closets and the leased parking spaces). The Unit sizes range from ±25 SF to ±1,341 SF, with an average unit size of ±565 SF. The property has abundant parking and has 65 parking spaces in the asphalt paved lot North of the building, with about 30 spaces in the asphalt paved lot South of the building. There is also a garage as part of the asset which is currently occupied and producing cash flow. Positioned on two parcels totaling ±1.47 acres, the Property is 100% occupied and offers future value add through contractual rate increases and market rate renewals. In 2010 the owners began a renovation process by upgrading the mechanical systems and the individual units upon turnover. Recent upgrades include a new roof (about six years ago), upgraded electrical service, new windows throughout, new gutters, a new water main, and upgrades to unit finishes including installing vinyl plank floor in several units, installing LED light fixtures, and repainting. The current owners have spent approximately $800,000 on building upgrades and CapEx over the last 9 years. The Building has prime frontage on Belvidere Road (Route 120) just east of the traffic light intersection with Green Bay Road and has easy access to Rte. 41, I-94, and downtown Waukegan. Belvidere Road is a major east-west highway in the southern part of the city of Waukegan that extends east to downtown Waukegan and the Lake Michigan lakefront and then west to Gurnee and the 294 toll-road. It is an all commercial area with the traffic light intersection a major junction with a fast food restaurant and gas stations. This area it is projected to remain a viable commercial neighborhood into the near future. The Route 120 and Green Bay Road traffic lit intersection has a White Castle franchise restaurant, 2 gas stations and a Howard Johnson by Wyndham Hotel. The site is accessed by two curb cuts in the South side of Belvidere Road and one in Dilger A venue, behind the building. The Property is ideally located in a robust trade area and offers excellent accessibility and easy highway access in an amenity rich market within close proximity to hotels, restaurants, shopping and retail. This neighborhood is predominately commercial in character and is built up with a wide variety of business service uses. There is also a branch of the Illinois DMV at this high profile intersection.