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Value-Add Center | Grand Plaza East 2201-2303 Grand Ave 36,018 SF 98% Leased Retail Building Waukegan, IL 60085 $3,250,000 ($90.23/SF) 8.15% Cap Rate
INVESTMENT HIGHLIGHTS
- 98% occupied shopping center with an add-value opportunity
- Anchored by a top performing Domino's Pizza | Second most visited location in Illinois and top 1% of stores nationwide by visits (Placer.ai)
- Strong visibility and access along Grand Avenue, which sees 19,300 vehicles per day
- Below market rents | Ability to raise rents to market rate levels and sign firm lease terms
- Multiple tenants in place since 2008–2011, complemented by recent leasing momentum from new leases executed in 2024 and 2025
- More than 100,000 residents within a three-mile radius and average household incomes exceeding $92,000 within a five-mile radius
EXECUTIVE SUMMARY
Grand Plaza East offers investors a rare opportunity to acquire a long-standing neighborhood retail center priced well-below replacement cost at $90.23 per square foot. Current rents are substantially below market, with all tenants operating under gross leases. 10 of the 15 tenants are on month-to-month leases, allowing an investor to implement a value-add strategy by signing firm leases and gradually bringing rents to market levels. Additionally, an investor can transition the existing gross leases to more landlord friendly triple net leases. The property is anchored by a top-performing Domino’s Pizza. This location ranks in the top 1% of Domino’s Pizza stores nationwide by visits and is the second most visited location in Illinois, generating approximately 92,600 annual visitors. The tenant roster is well seasoned, with multiple operators in place since 2008–2011, complemented by recent leasing momentum from new leases executed in 2024 and 2025. The property benefits from strong visibility and access along Grand Avenue, which sees 19,300 vehicles per day, along with convenient proximity to Metra rail service. The surrounding trade area is extremely dense, with more than 100,000 residents within a three-mile radius and average household incomes exceeding $92,000 within a five-mile radius.
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PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
36,018 SF
Building Class
C
Year Built
1972
Price
$3,250,000
Price Per SF
$90.23
Cap Rate
8.15%
NOI
$264,953
Percent Leased
98%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
2.91 AC
Parking
167 Spaces (4.64 Spaces per 1,000 SF Leased)
AMENITIES
- Restaurant
- Signage
Walk Score®
Very Walkable (78)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 08-20-102-003 | Improvements Assessment | $142,317 |
| Land Assessment | $91,652 | Total Assessment | $233,969 |
PROPERTY TAXES
Parcel Number
08-20-102-003
Land Assessment
$91,652
Improvements Assessment
$142,317
Total Assessment
$233,969
CONTACTS
-
Sean Sharko -
Adrian Mendoza -
Austin Weisenbeck -
Sharko | Weisenbeck | Mendoza Group
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Value-Add Center | Grand Plaza East | 2201-2303 Grand Ave
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