Real Estate Investment Properties for Sale in Waukegan, IL

Looking for investment property in Waukegan, IL with high ROI ?

Explore a variety of short-term homes & houses in Waukegan, IL. Invest wisely with VRBO & Waukegan, IL Airbnb properties available for purchase. Find your ideal investment property among our curated listings for a rewarding real estate venture.

Investment Property for Sale in Waukegan, IL

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PROPERTY	DETAILS	SALE PRICE	INVESTMENT PERFORMANCE
136 S Butrick St WAUKEGAN, IL Large property with plenty of space to offer. Large rooms with high ceilings. Kitchen and ...	4 beds \| 2 baths \| 2,276 sq.ft.	$279,900	Airbnb cash on cash: 0.64% Traditional cash on cash: 5.47% Airbnb Rental Income: $1306 Traditional Rental Income: $2173 Airbnb ROI: 0.64% Traditional ROI: 5.47%
306 Oak Crest St WAUKEGAN, IL Attention: Rehabbers or buyers that can see the possiblities of bringing this ALL BRICK ...	5 beds \| 2 baths \| 2,100 sq.ft.	$338,900	Airbnb cash on cash: 2.16% Traditional cash on cash: 4.46% Airbnb Rental Income: $1978 Traditional Rental Income: $2190 Airbnb ROI: 2.16% Traditional ROI: 4.46%
2209 Melrose Ave WAUKEGAN, IL Fantastic Tri-Level 4 bedroom/2 bathroom home with 2 fireplaces!! Exterior of the home is ...	4 beds \| 2 baths \| 1,632 sq.ft.	$274,900	Airbnb cash on cash: 0.44% Traditional cash on cash: 5.63% Airbnb Rental Income: $1306 Traditional Rental Income: $2243 Airbnb ROI: 0.44% Traditional ROI: 5.63%
2901 Wall Avenue WAUKEGAN, IL This beautiful home features hardwood flooring throughout the living room, kitchen, and di...	3 beds \| 2 baths \| 954 sq.ft.	$310,000	Airbnb cash on cash: -0.27% Traditional cash on cash: 3.39% Airbnb Rental Income: $1363 Traditional Rental Income: $2015 Airbnb ROI: -0.27% Traditional ROI: 3.39%
2629 N McAree Road WAUKEGAN, IL Gorgeous Ranch Home! Move In Ready! Sits on over one-half acre, city sewer and water, and ...	2 beds \| 1 baths \| 864 sq.ft.	$240,000	Airbnb cash on cash: 2.4% Traditional cash on cash: 3.98% Airbnb Rental Income: $1689 Traditional Rental Income: $1577 Airbnb ROI: 2.4% Traditional ROI: 3.98%
644 S Mcalister Ave WAUKEGAN, IL NEW PAINT, NEW CARPET - NEW FIXTURES! ZONED B2! This 4 bedroom (3 above and 1 below), 1 an...	4 beds \| 2 baths \| 1,962 sq.ft.	$249,900	Airbnb cash on cash: 0.91% Traditional cash on cash: 6.62% Airbnb Rental Income: $1306 Traditional Rental Income: $2247 Airbnb ROI: 0.91% Traditional ROI: 6.62%
1318 N Jackson Street WAUKEGAN, IL Charming two-story home with classic appeal, featuring a traditional front porch and decor...	3 beds \| 1 baths \| 1,232 sq.ft.	$252,000	Airbnb cash on cash: 0.9% Traditional cash on cash: 4.87% Airbnb Rental Income: $1363 Traditional Rental Income: $1890 Airbnb ROI: 0.9% Traditional ROI: 4.87%
918 N Ash St WAUKEGAN, IL GREAT INVESTMENT OPPORTUNITY. Two units in the heart of the city. This property features t...	4 beds \| 2 baths \| N/A	$295,000	Airbnb cash on cash: 0.33% Traditional cash on cash: 4.86% Airbnb Rental Income: $1363 Traditional Rental Income: $2205 Airbnb ROI: 0.33% Traditional ROI: 4.86%
1636 Rice Street WAUKEGAN, IL DOUBLE LOT! WELL-KEPT! This charming 3-bedroom, 1-bath home offers comfortable single-leve...	3 beds \| 1 baths \| 1,728 sq.ft.	$229,900	Airbnb cash on cash: 0.64% Traditional cash on cash: 5.07% Airbnb Rental Income: $1363 Traditional Rental Income: $1911 Airbnb ROI: 0.64% Traditional ROI: 5.07%
815 Prescott St WAUKEGAN, IL Completely remodeled 2 Flat! Tenant on second floor paying $795 a month. BEATIFUL new kitc...	5 beds \| 2 baths \| N/A	$319,900	Airbnb cash on cash: 0.92% Traditional cash on cash: 5.55% Airbnb Rental Income: $1363 Traditional Rental Income: $2339 Airbnb ROI: 0.92% Traditional ROI: 5.55%
2324 S BONNIE BROOK LANE WAUKEGAN, IL Invest with success and buy through Auction.com. This bank-owned investment property is a ...	3 beds \| 3 baths \| 2,739 sq.ft.	$421,000	Airbnb cash on cash: -1.16% Traditional cash on cash: 4.37% Airbnb Rental Income: $1363 Traditional Rental Income: $3130 Airbnb ROI: -1.16% Traditional ROI: 4.37%
614 Walnut Street WAUKEGAN, IL Great 2 Story home featuring Living Room, Formal Dining Room, Kitchen, 3 bedrooms, 1 1/2 b...	3 beds \| 2 baths \| 1,274 sq.ft.	$225,000	Airbnb cash on cash: 0.98% Traditional cash on cash: 6.93% Airbnb Rental Income: $1363 Traditional Rental Income: $2214 Airbnb ROI: 0.98% Traditional ROI: 6.93%
2613 N Lewis Avenue WAUKEGAN, IL Fully Renovated & Move-In Ready! Everything has been done for you-just unpack and enjoy! T...	3 beds \| 2 baths \| 1,728 sq.ft.	$229,000	Airbnb cash on cash: 0.78% Traditional cash on cash: 7.39% Airbnb Rental Income: $1363 Traditional Rental Income: $2378 Airbnb ROI: 0.78% Traditional ROI: 7.39%
917 N Linden Ave WAUKEGAN, IL If you are looking for a lot of living space then this is the house for you. Don't miss...	4 beds \| 3 baths \| 2,445 sq.ft.	$294,999	Airbnb cash on cash: -0.96% Traditional cash on cash: 8.65% Airbnb Rental Income: $1306 Traditional Rental Income: $3570 Airbnb ROI: -0.96% Traditional ROI: 8.65%
1521 Catalpa Ave WAUKEGAN, IL Spacious living room and dining room with luxury waterproof floors throughout the first f...	2 beds \| 1 baths \| 1,054 sq.ft.	$249,900	Airbnb cash on cash: 2.17% Traditional cash on cash: 2.56% Airbnb Rental Income: $1689 Traditional Rental Income: $1312 Airbnb ROI: 2.17% Traditional ROI: 2.56%
1126 N Ash Street WAUKEGAN, IL Conveniently located near schools, shopping & major arteries of Central Waukegan sits this...	3 beds \| 1 baths \| 848 sq.ft.	$224,975	Airbnb cash on cash: 1.26% Traditional cash on cash: 5.02% Airbnb Rental Income: $1363 Traditional Rental Income: $1749 Airbnb ROI: 1.26% Traditional ROI: 5.02%
702 Franklin Street WAUKEGAN, IL Nestled on a spacious corner lot, this Grand Victorian home. The interior and exterior hav...	4 beds \| 2 baths \| 2,614 sq.ft.	$280,000	Airbnb cash on cash: 0.28% Traditional cash on cash: 6.47% Airbnb Rental Income: $1306 Traditional Rental Income: $2532 Airbnb ROI: 0.28% Traditional ROI: 6.47%
446 S Jackson St WAUKEGAN, IL INVESTORS- Whether you're looking to renovate and flip, rent out for cash flow, or add to ...	3 beds \| 2 baths \| 1,236 sq.ft.	$294,900	Airbnb cash on cash: 1.04% Traditional cash on cash: 5.72% Airbnb Rental Income: $1363 Traditional Rental Income: $2245 Airbnb ROI: 1.04% Traditional ROI: 5.72%
723 N COUNTY Street WAUKEGAN, IL 24hr notice tenants in both units. City of Waukegan has done its inspection on the propert...	5 beds \| 2 baths \| 3,870 sq.ft.	$249,000	Airbnb cash on cash: 1.86% Traditional cash on cash: 8.48% Airbnb Rental Income: $1978 Traditional Rental Income: $3018 Airbnb ROI: 1.86% Traditional ROI: 8.48%
557 W Water Street WAUKEGAN, IL Welcome to this bright and spacious 4-Bedroom home featuring a 2.5-car garage w/additional...	4 beds \| 2 baths \| 1,200 sq.ft.	$235,000	Airbnb cash on cash: 1.11% Traditional cash on cash: 7% Airbnb Rental Income: $1306 Traditional Rental Income: $2209 Airbnb ROI: 1.11% Traditional ROI: 7%
325 4th Street WAUKEGAN, IL This 1910 Victorian brings together the charm of true craftsmanship & the peace of knowing...	3 beds \| 2 baths \| 1,524 sq.ft.	$295,000	Airbnb cash on cash: 0.35% Traditional cash on cash: 5.78% Airbnb Rental Income: $1363 Traditional Rental Income: $2456 Airbnb ROI: 0.35% Traditional ROI: 5.78%
1038 Indiana Avenue WAUKEGAN, IL MUST SEE Do not miss this beautiful home! Located in an up and coming neighborhood r...	3 beds \| 1 baths \| 1,300 sq.ft.	$225,000	Airbnb cash on cash: 1.15% Traditional cash on cash: 5.65% Airbnb Rental Income: $1363 Traditional Rental Income: $1906 Airbnb ROI: 1.15% Traditional ROI: 5.65%
600 SUNDERLIN Street WAUKEGAN, IL Well maintained, solid building featuring 2 fully independent units. This is a formal and ...	4 beds \| 2 baths \| N/A	$325,000	Airbnb cash on cash: -0.25% Traditional cash on cash: 5.39% Airbnb Rental Income: $1306 Traditional Rental Income: $2623 Airbnb ROI: -0.25% Traditional ROI: 5.39%
1504 W Glen Flora Avenue WAUKEGAN, IL Three parcels of property being bundled together. 1504 Glen Flora is zoned residential wit...	4 beds \| 1 baths \| 1,174 sq.ft.	$650,000	Airbnb cash on cash: -1.27% Traditional cash on cash: 0.41% Airbnb Rental Income: $1306 Traditional Rental Income: $1918 Airbnb ROI: -1.27% Traditional ROI: 0.41%
1712 11th Street WAUKEGAN, IL The newest house in the neighborhood. 1200 sq ft with an extra 1200 sq ft basement. Large ...	3 beds \| 1 baths \| 1,200 sq.ft.	$229,900	Airbnb cash on cash: 0.93% Traditional cash on cash: 5.88% Airbnb Rental Income: $1363 Traditional Rental Income: $2023 Airbnb ROI: 0.93% Traditional ROI: 5.88%
511 Chestnut Street WAUKEGAN, IL This unique house blends timeless character with modern updates. Enjoy relaxing summer day...	2 beds \| 2 baths \| N/A	$220,000	Airbnb cash on cash: 4.14% Traditional cash on cash: 6.84% Airbnb Rental Income: $1689 Traditional Rental Income: $1781 Airbnb ROI: 4.14% Traditional ROI: 6.84%
547 S Martin Luther King Jr Avenue WAUKEGAN, IL Experience a vibrant lifestyle surrounded by culture, music, cuisine, and energy in this t...	5 beds \| 2 baths \| 1,722 sq.ft.	$272,200	Airbnb cash on cash: 2.77% Traditional cash on cash: 6.84% Airbnb Rental Income: $1978 Traditional Rental Income: $2504 Airbnb ROI: 2.77% Traditional ROI: 6.84%
2634 Woodview Court WAUKEGAN, IL GURNEE SCHOOLS!! 2-STORY TOWN-HOME WITH FINISHED BASEMENT. FEATURING 2 BEDROOMS WITH NEW C...	2 beds \| 2 baths \| 920 sq.ft.	$189,900	Airbnb cash on cash: 1.29% Traditional cash on cash: 5.46% Airbnb Rental Income: $1689 Traditional Rental Income: $1970 Airbnb ROI: 1.29% Traditional ROI: 5.46%
1525 North Avenue WAUKEGAN, IL Two-unit property for sale: occupy one unit and rent the other. Each unit features 2 spaci...	4 beds \| 2 baths \| N/A	$309,900	Airbnb cash on cash: -0.15% Traditional cash on cash: 4.88% Airbnb Rental Income: $1306 Traditional Rental Income: $2365 Airbnb ROI: -0.15% Traditional ROI: 4.88%
519 N Ash Street WAUKEGAN, IL Move-in ready single-family home offering comfortable living space and a functional layout...	4 beds \| 2 baths \| 1,446 sq.ft.	$240,000	Airbnb cash on cash: 1.02% Traditional cash on cash: 7.5% Airbnb Rental Income: $1306 Traditional Rental Income: $2370 Airbnb ROI: 1.02% Traditional ROI: 7.5%
832 Lenox Avenue WAUKEGAN, IL Solid 1920 two-unit building with strong layout and income potential. The first-floor unit...	4 beds \| 2 baths \| N/A	$260,000	Airbnb cash on cash: 0.89% Traditional cash on cash: 6.78% Airbnb Rental Income: $1306 Traditional Rental Income: $2346 Airbnb ROI: 0.89% Traditional ROI: 6.78%
2504 9th Parkway WAUKEGAN, IL Currently vacant. Private quiet neighborhood. Double lot 120X135. On dead end street to fo...	4 beds \| 4 baths \| N/A	$379,900	Airbnb cash on cash: -0.81% Traditional cash on cash: 5.25% Airbnb Rental Income: $1306 Traditional Rental Income: $3059 Airbnb ROI: -0.81% Traditional ROI: 5.25%
3252 Victoria Lane WAUKEGAN, IL WATERFRONT SPACIOUS CUSTOM HOME ON WADSWORTH LAKE- IN DESIRABLE COUNTRY LANE SUBDIVISION! ...	4 beds \| 3 baths \| 3,161 sq.ft.	$425,000	Airbnb cash on cash: -2.42% Traditional cash on cash: 4.06% Airbnb Rental Income: $1306 Traditional Rental Income: $3480 Airbnb ROI: -2.42% Traditional ROI: 4.06%
2305 W Grove Avenue WAUKEGAN, IL Do not miss this one time opportunity to own this beautiful ranch home located in a quiet ...	3 beds \| 2 baths \| 2,300 sq.ft.	$190,000	Airbnb cash on cash: 1.32% Traditional cash on cash: 10.25% Airbnb Rental Income: $1363 Traditional Rental Income: $2560 Airbnb ROI: 1.32% Traditional ROI: 10.25%
2440 W Cheyenne Rd WAUKEGAN, IL 2440 W Cheyenne Rd, WAUKEGAN, IL 60087 \| Single Family Residential	4 beds \| 2 baths \| 1,728 sq.ft.	$319,999	Airbnb cash on cash: -0.56% Traditional cash on cash: 2.92% Airbnb Rental Income: $1306 Traditional Rental Income: $1948 Airbnb ROI: -0.56% Traditional ROI: 2.92%
3000 Country Club Ave WAUKEGAN, IL 3000 Country Club Ave, WAUKEGAN, IL 60087 \| Other	N/A beds \| N/A baths \| 0 sq.ft.	$249,900	Airbnb cash on cash: N/A Traditional cash on cash: -0.64% Airbnb Rental Income: $null Traditional Rental Income: $705 Airbnb ROI: N/A Traditional ROI: -0.64%
1730 W Beach Rd WAUKEGAN, IL 1730 W Beach Rd, WAUKEGAN, IL 60087 \| Other	N/A beds \| N/A baths \| 0 sq.ft.	$152,900	Airbnb cash on cash: N/A Traditional cash on cash: 2.8% Airbnb Rental Income: $null Traditional Rental Income: $972 Airbnb ROI: N/A Traditional ROI: 2.8%
601 Lakehurst Rd WAUKEGAN, IL 601 Lakehurst Rd, WAUKEGAN, IL 60085 \| Other	N/A beds \| N/A baths \| 0 sq.ft.	$999,500	Airbnb cash on cash: N/A Traditional cash on cash: -2.59% Airbnb Rental Income: $null Traditional Rental Income: $716 Airbnb ROI: N/A Traditional ROI: -2.59%
3027 Belvidere Rd WAUKEGAN, IL 3027 Belvidere Rd, WAUKEGAN, IL 60085 \| Other	N/A beds \| N/A baths \| 0 sq.ft.	$300,000	Airbnb cash on cash: N/A Traditional cash on cash: -1.08% Airbnb Rental Income: $null Traditional Rental Income: $705 Airbnb ROI: N/A Traditional ROI: -1.08%

Real Estate investment in Waukegan, IL

There are 57 properties for sale in the city of Waukegan . The median list price in Waukegan is $232,500 and the average price per square foot is $193. In January 2026, the average monthly cash on cash return in Waukegan is 5.00%. The average monthly rental income in Waukegan is $1,849.

Waukegan, IL Real Estate Investing: FAQs for Buyers, Sellers and Investors

There are 57 investment properties available for sale in Waukegan.

In 2026, the best neighborhood to buy investment property is WAUKEGAN.

The ROI for Long-Term is higher than the Short-Term in Waukegan with average rental income of $1,849.

Your search for investment property begins and ends here

Investment Property for Sale in Waukegan, IL

136 S Butrick St

WAUKEGAN, IL

4 beds | 2 baths | 2,276 sq.ft.

$279,900

Airbnb cash on cash: 0.64%

Traditional cash on cash: 5.47%

Airbnb Rental Income: $1306

Traditional Rental Income: $2173

Airbnb ROI: 0.64%

Traditional ROI: 5.47%

306 Oak Crest St

WAUKEGAN, IL

5 beds | 2 baths | 2,100 sq.ft.

$338,900

Airbnb cash on cash: 2.16%

Traditional cash on cash: 4.46%

Airbnb Rental Income: $1978

Traditional Rental Income: $2190

Airbnb ROI: 2.16%

Traditional ROI: 4.46%

2209 Melrose Ave

WAUKEGAN, IL

4 beds | 2 baths | 1,632 sq.ft.

$274,900

Airbnb cash on cash: 0.44%

Traditional cash on cash: 5.63%

Airbnb Rental Income: $1306

Traditional Rental Income: $2243

Airbnb ROI: 0.44%

Traditional ROI: 5.63%

2901 Wall Avenue

WAUKEGAN, IL

3 beds | 2 baths | 954 sq.ft.

$310,000

Airbnb cash on cash: -0.27%

Traditional cash on cash: 3.39%

Airbnb Rental Income: $1363

Traditional Rental Income: $2015

Airbnb ROI: -0.27%

Traditional ROI: 3.39%

2629 N McAree Road

WAUKEGAN, IL

2 beds | 1 baths | 864 sq.ft.

$240,000

Airbnb cash on cash: 2.4%

Traditional cash on cash: 3.98%

Airbnb Rental Income: $1689

Traditional Rental Income: $1577

Airbnb ROI: 2.4%

Traditional ROI: 3.98%

644 S Mcalister Ave

WAUKEGAN, IL

4 beds | 2 baths | 1,962 sq.ft.

$249,900

Airbnb cash on cash: 0.91%

Traditional cash on cash: 6.62%

Airbnb Rental Income: $1306

Traditional Rental Income: $2247

Airbnb ROI: 0.91%

Traditional ROI: 6.62%

1318 N Jackson Street

WAUKEGAN, IL

3 beds | 1 baths | 1,232 sq.ft.

$252,000

Airbnb cash on cash: 0.9%

Traditional cash on cash: 4.87%

Airbnb Rental Income: $1363

Traditional Rental Income: $1890

Airbnb ROI: 0.9%

Traditional ROI: 4.87%

918 N Ash St

WAUKEGAN, IL

4 beds | 2 baths | N/A

$295,000

Airbnb cash on cash: 0.33%

Traditional cash on cash: 4.86%

Airbnb Rental Income: $1363

Traditional Rental Income: $2205

Airbnb ROI: 0.33%