10-Bay Automotive Service
For Sale
$2,500,000
3375 Grand Ave, Waukegan, IL 60085
Automotive sales and repair facility with multiple drive-in doors, extensive vehicle parking, and retail-oriented exposure.
Property Size10,244 SF
Lot Size1.76 Acres
Price / SF$244.05
Days on Market40
Property Features for 3375 Grand Ave
General Information
Standard status
Active
Size
10,244 SF
Total Parking Spaces
170
Lot size
1.76 Acres
Site & Location
Traffic Count
29,600 vehicles/day
Road Access
Yes
Amenities
10 drive-in doors (14' tall)
10 bays
Building Details
Buildings
1
Listing Agency:
Strauss Realty Ltd
(773) 736-3600
Listed By:
Adam Schneiderman · License #475149601
Source:
Liveliferealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 25 at 5:02AM
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 Strauss Realty Ltd
Investment Insights
Based on property information with market context.
This automotive property includes a 10,244-square-foot building on 1.76 acres, configured with 10 service bays and 10 drive-in doors measuring 14 feet in height. The site provides parking for 170 vehicles and is zoned for automobile sales and automobile repairs, supporting both dealership and service functions.
Positioned on Grand Avenue in Waukegan between Green Bay Road and Route 41, the property records approximately 29,600 vehicles passing daily. The parcel occupies a full block in a retail district and sits next to Trio car wash. Surrounding commercial operators include Bex Furniture Outlet, Advance Auto Parts, Sherwin-Williams, Harbor Freight, Starbucks, Walgreens, McDonald's, and Chipotle.
Positioned on Grand Avenue in Waukegan between Green Bay Road and Route 41, the property records approximately 29,600 vehicles passing daily. The parcel occupies a full block in a retail district and sits next to Trio car wash. Surrounding commercial operators include Bex Furniture Outlet, Advance Auto Parts, Sherwin-Williams, Harbor Freight, Starbucks, Walgreens, McDonald's, and Chipotle.
Key Highlights
- 10,244 SF building on 1.76 acres
- 10 drive‑in doors, each 14' tall
- 10 automotive service bays
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,765
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,095,300
$2.1M
Cap Rate 7%
$1,496,643
$1.5M
Cap Rate 9%
$1,164,056
$1.2M
Market Conditions
NOI Build-Up for 10,244 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$153.7K $15.00/SF
− Vacancy
−$4.0K −$0.39/SF
EGI
$149.7K $14.61/SF
− OpEx
−$44.9K −$4.38/SF
NOI
$104.8K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,095,300
Cap Rate 7%
$1,496,643
Cap Rate 9%
$1,164,056
Alternative Uses
Best Use
Retail
$1.50M
$1.31M – $1.75M
NOI $104,765 @ 7.0% cap · market cap 4.19%
Second Best
Industrial
$630.0K
$551.2K – $735.0K
NOI $44,097 @ 7.0% cap · market cap 1.76%
Theoretical Best
Office A
$3.54M
$3.09M – $4.13M
NOI $247,575 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29,600 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
205k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Dining 33%
Groceries 25%
Home Improvements & Furnishings 4%
Jewel-Osco
Groceries
51,087 visits/mo
0.3 miles
McDonald's
Dining
34,133 visits/mo
0.1 miles
Thorntons
Shops & Services
20,694 visits/mo
0.2 miles
Dollar Tree
Shops & Services
17,513 visits/mo
0.1 miles
Starbucks
Dining
17,344 visits/mo
0.0 miles
Demographics for 60085, IL
71,609
Population
26,781
Households
2.7
Avg Household Size
33
Median Age
19%
College-Educated
74%
High-School Grad
14.8 sq mi
ZIP Area
4,838
Density / Sq Mi
$64,330
Median Household Income
$35,645
Median Earnings
$1,133
Median Rent
$164,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive sales and repair facility with multiple drive-in doors, extensive vehicle parking, and retail-oriented exposure.
Where is this auto shop located?
The property is located at 3375 Grand Ave Waukegan, IL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 10,244 SF building on 1.76 acres; 10 drive‑in doors, each 14' tall; 10 automotive service bays
