This property is offered through the TEN-X platform at an opening bid of $1.8M. To register for the auction click here.

The Waukegan Business Center is the premier office building in downtown Waukegan. Contrarian to much of the office market, WBC has strengthened throughout the pandemic with occupancy rising from 70% at the beginning of 2020 to 86% in 2024. This is, in part, due to its proximity to the new and expanded $110M Lake County Courthouse with numerous legal practices and government agencies making up the bulk of WBC’s tenant base. The 76,797 SF rentable footprint make it the largest office building in downtown Waukegan and also one of the most modern.

In the past 4 years alone, current ownership has invested over $800K, into the property upgrading the HVAC and controls system, installing a state-of-the-art surveillance and security system, repurposing the central courtyard area and a number of other aesthetic improvements within the common areas and exterior of the building. The building is a cash-flowing machine with an NOI of $640k+ / year and presents the opportunity to raise income even higher by filling vacant space, raising some tenants to market rent and monetizing parking and signage opportunities.