Waukegan Multifamily Buyer
Sell Your Commercial Property In Waukegan, IL
Own a commercial apartment building of five or more units in Waukegan? We purchase multifamily properties around North Chicago, Gurnee, and the rest of Lake County, and we review every deal against a clear buy box.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Where We Look: North Chicago · Gurnee · Beach Park · Zion — Lake County, IL
The Waukegan Market
What Drives Rentals In Waukegan
Waukegan has 89,076 residents, per Census ACS 2020-2024 estimates. Renters hold 15,952 of Waukegan's 32,042 occupied homes, a 49.8% share (ACS tenure). Rental vacancy was 1.9% in the ACS DP04 housing profile. Owners who want to sell commercial property in Waukegan, IL can use these Lake County figures to frame price and expenses. Waukegan's median household income is $71,919, below the Illinois median of $83,390. We buy 5+ unit buildings in Waukegan, North Chicago, Gurnee, Beach Park and Zion.
Naval Station Great Lakes
Naval Station Great Lakes, next door in North Chicago, covers 1,628 acres and runs the Navy's only boot camp.AbbVie in North Chicago
AbbVie, headquartered in neighboring North Chicago, employs more than 11,500 people in Illinois as of April 2026.CLC Lakeshore Campus
College of Lake County's downtown Waukegan Lakeshore Campus received a $48 million renovation and hosts health programs.Our Buy Box
What We Buy In Waukegan
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Waukegan Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Waukegan
Renters make up 49.8% of Waukegan households in ACS 2020-2024 tenure data, double the 25.2% share across Lake County. Some 28.4% of Waukegan homes, 9,434 of 33,229 units, sit in buildings of five or more units (ACS units in structure).
About 68.3% of Waukegan homes were built before 1980 (ACS year built). That deep pool of older 5+ unit stock gives owners selling commercial property in Waukegan plenty of comparables.
Waukegan rents and HUD fair market rents
Waukegan's median gross rent is $1,205 a month in ACS 2020-2024, against $1,477 in Lake County. Some 46.1% of Waukegan renters pay 30% or more of income on rent (ACS rent burden table). The HUD FY2027 two-bedroom FMR for the Chicago-Joliet-Naperville area is $2,011.
Waukegan's median rent sits $806 below that two-bedroom benchmark. That gap shapes the rent growth buyers model when you sell commercial property in Waukegan, IL.
| Unit size | HUD FY2027 FMR |
|---|---|
| Efficiency | $1,678 |
| One bedroom | $1,780 |
| Two bedrooms | $2,011 |
| Three bedrooms | $2,586 |
| Four bedrooms | $2,954 |
Property taxes in Lake County: a $2M example
A $2,000,000 Waukegan building owes about $48,729 a year to five taxing bodies at 2025 rates. Illinois assesses most property at 33 1/3 percent of value (Illinois Department of Revenue), giving $666,667 of assessed value.
Waukegan Community Unit School District 60 levies 4.936249 per $100, or $32,908 (Lake County PTAX-253). The City of Waukegan adds 1.428138, or $9,521 (PTAX-251). Lake County levies 0.519692, College of Lake County 0.268542 and the Forest Preserve 0.156802 (2025 certifications). Investors who plan to sell commercial real estate in Waukegan, IL should expect buyers to price that load.
Landlord rules in Waukegan and Illinois
Waukegan requires a rental license for every rental, at $60 per unit, renewed each December 31 (City of Waukegan). Illinois does not have a rent control law, says the Illinois Attorney General. In 5+ unit buildings, deposits are due back within 45 days.
Nonpayment notices give Waukegan tenants five days to pay, and lease violations need a 10-day notice. Buildings of 25 or more units owe interest on deposits held at least six months.
What it means for a Waukegan owner
Waukegan pairs 1.9% rental vacancy with a large stock of older 5+ unit buildings. Test your numbers with our cap rate calculator before you sell commercial property in Waukegan, IL.
Skyline Capital Investments buys 5+ unit apartment buildings, so you can sell your apartment building in Waukegan directly.
Good To Know
Waukegan Seller Checklist
More about selling in Illinois →Investing in Waukegan? See apartment syndications in Waukegan →
- Lake County set a 2025 final multiplier of 1.0740 for Waukegan Township assessments.
- Waukegan rental licenses cost $60 per unit and expire every December 31.
- Owners ready to sell commercial real estate in Waukegan, IL should gather rent rolls, leases and tax bills.
Seller Guides
Waukegan Seller Situations
Learn More
Taxes & Rules For Waukegan Property
The Illinois rules that shape any deal in Waukegan: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Waukegan Seller FAQ
What should I know before I sell commercial property in Waukegan, IL?
Waukegan has 9,434 homes in buildings of five or more units, 28.4% of its housing stock. Rental vacancy was 1.9% in ACS 2020-2024. A $2,000,000 building owes about $48,729 a year to five Lake County taxing bodies at 2025 rates.
What records do buyers want when I sell commercial real estate in Waukegan, IL?
Buyers review rent rolls, leases, tax bills and the City of Waukegan rental license. Every Waukegan rental needs a license before occupancy, at $60 per unit. A code officer schedules an inspection within 5 business days of the application.
How are apartment buildings taxed in Waukegan?
Illinois assesses most property at 33 1/3 percent of market value. In 2025, Waukegan Community Unit School District 60 levied 4.936249 per $100 and the City of Waukegan 1.428138. Lake County adds 0.519692 and its Forest Preserve 0.156802.
Is there a statewide rent control law in Illinois?
No. The Illinois Attorney General states that Illinois does not have a rent control law. Landlords can raise rent on a month-to-month tenancy with 30 days of notice. Rent on a fixed-term lease cannot rise before the lease expires.
What do renters pay in Waukegan?
Waukegan's median gross rent is $1,205 a month in ACS 2020-2024, and the HUD FY2027 two-bedroom fair market rent is $2,011. Some 46.1% of Waukegan renters pay 30% or more of income on rent, a figure to weigh before you sell multifamily property in Waukegan.
What if my Waukegan building has vacancies or deferred maintenance?
That is often where we add the most value. We buy buildings that need renovation, new management, or lease-up, and we account for that in our offer.
How does a sale to you work in Lake County?
Send the address, unit count, and any financials. We give feedback, then a written letter of intent if it fits, followed by diligence and a closing date that works for you.
Can I sell rental property in Waukegan with tenants in place?
Yes. We buy apartment buildings with tenants in place and keep existing leases intact. As a commercial real estate buyer focused on 5+ unit properties, we underwrite the current rent roll as it stands.
What do I need to sell my apartment building in Waukegan?
An address and unit count are enough to start. A current rent roll and trailing twelve-month statement let us move to a written offer faster.
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Selling A Building In Waukegan?
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