2421-2425 Washington Street Waukegan, IL 60085

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2421-2425 Washington Street, an 11-unit mixed-use property in the Lake County suburb of Waukegan. The Subject Property consists of eight (8) apartment units, three (3) fully-leased ground floor commercial spaces, along with thirty (30) surface parking spaces.

2421-25 Washington St. presents the opportunity to acquire a fully occupied cash flowing property in high-demand Lake County. The building features flexicore construction, abundant parking, and coin operated machines in the basement. Each unit features individually metered electric baseboard heat and in-unit hot water heaters. Per the enclosed rental survey, current rents are $250-$350/mo. below market. New ownership would have the opportunity to achieve additional rental upside by making cosmetic updates to unit interiors.

The Subject Property boasts an excellent location in the heart of Lake County, within minutes of several Fortune 500 company headquarters, the Waukegan Marina and Beach, and a host of restaurants and bars. There are multiple bus stops in close proximity as well as the Metra Waukegan station within two miles.


Waukegan is the county seat of Lake County, Illinois, and the most populous city within the county. It is located along the shores of Lake Michigan and approximately twenty-six miles north of the city limits of Chicago. It’s neighboring villages include Beach Park, Zion, Gurnee, Park City, and North Chicago.

As the county seat of Lake County, Waukegan is located within minutes of some of the Nation’s largest employers. In fact, as the second largest center of Fortune 500 Companies in the Midwest, there are twelve Fortune 500 headquarters based in the county. In addition, Waukegan residents benefit from close proximity to major developments and installations such as the new American Place Casino slated to open in 2025 and the nearby Great Lakes Naval Station. Waukegan is known for its area beaches and harbors, as well as a host of arts and entertainment. With all these resources within such close proximity, residents can live, work, and play with convenience.

  • Fully Occupied Mixed-Use Building in High-Demand Lake County
  • Current Cap Rate: 7.65%
  • 11 Units Featuring (4) 1Bd/1Ba, (3) 2Bd/1Ba, (1) 3Bd/2Ba, & (3) Ground Floor Commercial Spaces
  • Significant Rental Upside - Current Rents $250-$350/mo. Below Market
  • Located in Close Proximity to Several Fortune 500 Company Headquarters, Abundant Retail, and Public Transportation