515 8th St Waukegan, IL 60085
Washburn Springs NeighborhoodEstimated payment $3,500/month
Total Views
4,601
--
Bed
--
Bath
3,780
Sq Ft
$136
Price per Sq Ft
About This Home
Solid 6-Unit Investment Opportunity - Fully Occupied-Sold As-Is Welcome to 515 8th St, a fully occupied, income-producing 6-unit property in Waukegan offering immediate cash flow with upside potential. The building consists of 2 one-bedroom units, 2 two-bedroom units, and 2 studio apartments. Three of the six units have been recently updated, and all apartments are individually metered for electric. Most tenants are month-to-month, providing flexibility for future rent increases or repositioning. Major capital improvements include newly installed windows throughout the entire building (2024) and a seal-coated, striped rear parking lot with ample off-street parking. Rents are solid and stable, with room for increases to align with market rates. This is a turn-key asset with long-term growth potential for an investor looking to step into a stabilized building with upside. Please note: Seller open to creative financing options. Contact listing agent for terms.
Listing Agent
Illinois Real Estate Partners Inc Brokerage Email: Hhines1255@gmail.com License #475199382 Listed on: 07/22/2025
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $8,553
Year Built
- Built in 1907
Lot Details
- 7,331 Sq Ft Lot
Home Design
- Flat Roof Shape
- Brick Exterior Construction
- Block Foundation
- Reflective Roof
- Rubber Roof
- Concrete Block And Stucco Construction
- Concrete Perimeter Foundation
Interior Spaces
- 3,780 Sq Ft Home
- 1-Story Property
Utilities
- Forced Air Heating System
- Radiator
- Hot Water Heating System
- Heating System Uses Gas
- 100 Amp Service
Community Details
Overview
- 6 Units
Building Details
- Operating Expense $13,510
- Gross Income $62,940
- Net Operating Income $49,430
Map
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Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $8,376 | $98,564 | $9,553 | $89,011 |
| 2023 | $7,271 | $88,828 | $8,553 | $80,275 |
| 2022 | $7,271 | $74,374 | $6,656 | $67,718 |
| 2021 | $6,335 | $60,768 | $5,797 | $54,971 |
| 2020 | $5,908 | $52,119 | $5,408 | $46,711 |
| 2019 | $5,946 | $47,759 | $4,956 | $42,803 |
| 2018 | $3,949 | $30,547 | $3,683 | $26,864 |
| 2017 | $3,844 | $27,025 | $3,258 | $23,767 |
| 2016 | $4,615 | $29,862 | $4,045 | $25,817 |
| 2015 | $4,515 | $26,727 | $3,620 | $23,107 |
| 2014 | $7,735 | $45,721 | $3,320 | $42,401 |
| 2012 | $9,254 | $49,534 | $3,597 | $45,937 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/12/2025 08/12/25 | For Sale | $512,500 | 0.0% | $136 / Sq Ft |
| 08/07/2025 08/07/25 | Pending | -- | -- | -- |
| 07/25/2025 07/25/25 | For Sale | $512,500 | -- | $136 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $320,000 | Chicago Title | |
| Deed | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $304,000 | Seller Take Back | |
| Previous Owner | $25,000 | Credit Line Revolving | |
| Previous Owner | $65,186 | Credit Line Revolving |
Source: Public Records
Similar Home in Waukegan, IL
Source: Midwest Real Estate Data (MRED)
MLS Number: 12427007
APN: 08-28-319-002
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