Waukegan, IL Market - Investing Experience ?

Question

Considering a transaction in commercial real estate, a CVS in Waukegan, IL. I read mixed messages on Waukegan as an investment location. I'd love your thoughts if you know this market.

John Warren · Answer

@Sean McKee great to hear from you! I am not personally operating up there although I visit my family there fairly regularly. My sense has always been that the north and west parts of town are better. There are a lot of really cool places north of the downtown on Sheridan as well. I would focus in on finding purpose built multi units as there are quite a few junkers that were converted from single family to 3 unit for instance. I would either do single family in that area, or focus on nice purpose built multi units.

John Warren · Answer

@Sandra Shpilberg I used to live in Waukegan and grew up in that area. I still have many friends and family in the area. Waukegan is a C class area, so your base is working class folks. You will have plenty of business at a CVS, and I wouldn't hesitate to invest there personally. The town itself could be so much better with the lakefront access, etc. You also are right by the military base, which is another anchor for the local economy.

Sandra Shpilberg · Answer

Rose - the one I'm looking at is on 3001 Washington St. Is that the one you're talking about?

Sean McKee · Answer

@John Warren-I've been looking at the Waukegan market for a little over a year now.  What areas do you recommend for longer term rentals?  Are the any areas you would avoid?

Rose Medina · Answer

Yes, that's the one.

Henry Lazerow · Answer

That part of waukegan is good. Not sure cap rates there for commercial retail but apartments sell for higher caps then 6s.

Crystal Smith · Answer

I'm not sure I'd make a decision to invest in commercial real estate just based on an evaluation of Waukegan. The town isn't large enough, but it's surrounded by other towns, that may make an investment in a CVS worthwhile. Honestly, if you purchased both CVS's in town then you may have all the business in that field locked up.

Rose Medina · Answer

Hi Sandra, I think that the CVS is located in a great and busy intersection (it is the perfect spot for homeless ppl asking for donations, though). Before it became a CVS many years ago, the site was a pancake house. There's not much crime activity reported in that part of the city.

Waukegan, IL Market - Investing Experience ?

Most Popular Reply