Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1301 Skokie Hwy. Gurnee, IL 60031

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    2.25 acres at Milwaukee Ave (Rte. 41) and St. Paul Ave.

    Lot size:
    2.25 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    65
    Last Refresh:
    Mar 25 at 11:36 pm

    Property Features for 1301 Skokie Hwy.

    General Information

    Standard status
    Active
    Lot size
    2.25 Acres

    We can help!

    Listing Contact
    Michael Prost

    Listing agent Michael Prost

    Listing office Newmark | Chicago O’Hare

    Listing date Jan 27, 2026

    Source Nmrk

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Newmark | Chicago O’Hare

    Overview

    Gurnee Land for Sale

    This property features 2.25 acres of commercial land for sale, situated at the intersection of Milwaukee Ave (Rte. 41) and St. Paul Ave in Gurnee, Illinois. The site is zoned I-2, offering potential for retail use. Utilities are available to the site, and outside storage is permitted. The property benefits from low Lake County taxes.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.9139
    Latitude
    42.3799

    Nearby Similar for Sale

    • $279,000

      Gurnee Medical Office For Sale

      Professional medical office center near major roads and interstates.
      731 S Il Route 21 unit: 145, Gurnee, IL 60031
      View Details
    • $3,150,000

      Gurnee Commercial Property For Sale

      Commercial property available for sale in Gurnee, Illinois.
      6475 Washington Street, Gurnee, IL 60031
      View Details
    • $165,000

      Gurnee Vacant Land Opportunity

      0.93-acre vacant land near Gurnee Mills and Six Flags.
      16655 W Applewood Court, Gurnee, IL 60031
      View Details
    • $185,000

      Gurnee Land For Sale

      Almost 1 acre zoned O-1 Restricted Office District.
      1577 N DILLEYS Road, Gurnee, IL 60031
      View Details
    • $1,890,000

      Gurnee Commercial Space For Sale

      Prime commercial space in Delaware Commons with high visibility.
      34491 N Old Walnut Circle, Gurnee, IL 60031
      View Details
    • $299,900

      Updated Office Space in Gurnee

      Updated office space with handicap access and storage basement.
      4017 Old Grand Avenue, Gurnee, IL 60031
      View Details
    • $1,025,000

      Commercial Property in Unincorporated Gurnee

      Versatile commercial property in Gurnee with flexible zoning.
      34498 N Old Walnut Circle, Gurnee, IL 60031
      View Details
    • $875,000

      Gurnee Land Development Opportunity

      Approved 10-lot subdivision, ideal for builders/developers in Gurnee, IL.
      1999 N Fuller Road, Gurnee, IL 60031
      View Details
    • $3,999

      Gurnee, IL Land Parcel

      High visibility land parcel adjacent to I-94 in Gurnee.
      15010 W Belvidere Road, Gurnee, IL 60031
      View Details
    • $967,000
      5,547 SF

      Gurnee Industrial Flex Space Available

      5,547 SF flex space in Gurnee, Illinois for sale.
      1680 N Delany Rd, Gurnee, IL
      View Details
    • $55,000

      Ready-to-Build Land in Gurnee

      Land for sale in Gurnee School District, ideal for building.
      963 Belle Plaine Avenue, Gurnee, IL 60031
      View Details
    • Contact for pricing
      4,588 SF

      Visible Commercial Property Near Six Flags

      Commercial property with high visibility near Six Flags Great America.
      5384 Grand Ave, Gurnee, IL 60031
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.25 acres at Milwaukee Ave (Rte. 41) and St. Paul Ave.
    Where is this commercial land located?
    The property is located at 1301 Skokie Hwy. Gurnee, IL.
    What are key features of this property?
    This property features: Located at the intersection of Milwaukee Ave (Rte. 41) and St. Paul Ave in Gurnee; 2.25 acres for sale; Zoned I 2 - potential for retail
    (773) 957-1430
    We can help!
    Listing Contact
    Michael Prost
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!