521 Lorraine Ave Waukegan, IL 60085
Lorraine Terrace Neighborhood
3
Beds
2
Baths
1,880
Sq Ft
7,057
Sq Ft Lot
Highlights
- Corner Lot
- 2 Car Detached Garage
- Forced Air Heating System
- Fenced Yard
About This Home
As of March 2025This charming and well-kept 2-unit building is perfect for investors or owner-occupants! The property features one spacious 2-bed, 1-bath unit and one cozy 1-bed, 1-bath unit, offering great flexibility for tenants. Situated on a desirable corner lot, this property boasts a shared garage, providing extra convenience. Tenants will appreciate the new, free in-building washer and dryer, making laundry easy and cost-free! With excellent maintenance and strong rental potential, this is a fantastic opportunity you don't want to miss. Schedule your showing today!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,022
Year Built
- Built in 1931
Lot Details
- Fenced Yard
- Corner Lot
Parking
- 2 Car Detached Garage
- Parking Space is Owned
Home Design
- Brick Exterior Construction
- Asphalt Roof
- Concrete Perimeter Foundation
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Potential Bedrooms
- 2 Bathrooms
Unfinished Basement
- Basement Fills Entire Space Under The House
Utilities
- Forced Air Heating System
- Heating System Uses Natural Gas
Community Details
- 2 Units
- Gross Income $2,300
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/20/2025 03/20/25 | Sold | $300,000 | +1.7% | $160 / Sq Ft |
| 02/17/2025 02/17/25 | Pending | -- | -- | -- |
| 02/10/2025 02/10/25 | For Sale | $295,000 | +15.7% | $157 / Sq Ft |
| 06/23/2023 06/23/23 | Sold | $255,000 | -3.8% | $136 / Sq Ft |
| 05/25/2023 05/25/23 | Pending | -- | -- | -- |
| 05/24/2023 05/24/23 | For Sale | $265,000 | 0.0% | $141 / Sq Ft |
| 05/14/2023 05/14/23 | Pending | -- | -- | -- |
| 05/10/2023 05/10/23 | For Sale | $265,000 | 0.0% | $141 / Sq Ft |
| 05/04/2023 05/04/23 | Pending | -- | -- | -- |
| 04/22/2023 04/22/23 | For Sale | $265,000 | +180.4% | $141 / Sq Ft |
| 03/06/2013 03/06/13 | Sold | $94,500 | -5.4% | $50 / Sq Ft |
| 01/31/2013 01/31/13 | Pending | -- | -- | -- |
| 01/24/2013 01/24/13 | For Sale | $99,900 | -- | $53 / Sq Ft |
Source: Midwest Real Estate Data (MRED)
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 |
|---|---|---|---|---|
| 2023 | $5,022 | $53,255 | $9,752 | $43,503 |
| 2022 | $4,915 | $50,272 | $8,890 | $41,382 |
| 2021 | $5,121 | $49,118 | $8,374 | $40,744 |
| 2020 | $5,187 | $45,759 | $7,801 | $37,958 |
| 2019 | $5,220 | $41,930 | $7,148 | $34,782 |
| 2018 | $4,851 | $36,550 | $8,430 | $28,120 |
| 2017 | $4,600 | $32,336 | $7,458 | $24,878 |
| 2016 | $4,342 | $28,099 | $6,481 | $21,618 |
| 2015 | $4,248 | $25,457 | $5,801 | $19,656 |
| 2014 | $3,507 | $26,264 | $5,322 | $20,942 |
| 2012 | $3,464 | $28,455 | $5,766 | $22,689 |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $240,000 | New Conventional | |
| Previous Owner | $191,250 | New Conventional | |
| Previous Owner | $65,000 | Commercial |
Source: Public Records
Deed History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $300,000 | Chicago Title | |
| Quit Claim Deed | -- | None Listed On Document | |
| Warranty Deed | $255,000 | Chicago Title | |
| Interfamily Deed Transfer | -- | First American Title Ins Co | |
| Warranty Deed | $94,500 | None Available | |
| Interfamily Deed Transfer | -- | None Available |
Source: Public Records
Similar Homes in the area
Source: Midwest Real Estate Data (MRED)
MLS Number: 12285783
APN: 08-20-203-021
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