Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Gurnee Industrial Property on 15 Acres Title is generated by Realmo AI

    3535 Washington St, Gurnee, IL 60031

    View on Map
    Claim this Listing
    For Sale
    $8,000,000

    42,245 SF industrial property on 15.18 acres for sale.

    Type:Warehouse
    Property size:
    42,245 SF
    Lot size:
    15.18 Acres
    Price / SF:
    $189/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:11 am

    Property Features for 3535 Washington St

    General Information

    Standard status
    Active
    Size
    42,245 SF
    Lot size
    15.18 Acres
    Property subtype
    Warehouse

    Building Details

    Year Built
    1995

    We can help!

    Listing Contact
    Alexander Zlotnik
    Alexander Zlotnik

    Listing agent Alexander Zlotnik License #IL: 475212760

    Listing office Chicago Downtown Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Chicago Downtown Office

    HighLights

    • Ideal for distribution/logistics or truck terminal with 4.5 acres of cleared land.
    • Premier accessibility to Interstate 94, U.S. Route 41, and Waukegan National Airport.
    • Heavy power (800 amps), full wet sprinkler system, and multiple loading docks.
    • Located in the North Lake County submarket with rebounding industrial demand.
    • Zoned I‑2 for general industrial use, offering flexibility.
    • Large site: approximately 42,245 square feet of building space on 15.18 acres.

    Overview

    Located at 3535 Washington Street in Gurnee, Illinois, this property features approximately 42,245 square feet of space on 15.18 acres of land, including 13.12 usable acres. Zoned I-2 for general industrial use, the property consists of four buildings with masonry and metal construction and a clear height of 17-21 feet. It includes four dock-high doors, nine oversized grade-level doors 18 feet in width (including four set in a truck well), and two regular sized grade-level doors. The main building is equipped with a full wet sprinkler system and heavy power with 800 amps. The property has 4.5 acres of cleared land, resulting in a 6.4 percent building coverage ratio, making it suitable for distribution and logistics or use as a truck terminal. The location offers accessibility, with proximity to Interstate 94 (2.8 miles away), U.S. Route 41 (0.5 miles away), and the Waukegan National Airport (5.6 miles away). The property is for sale as vacant, suitable for various owner uses or as a lease-up and development opportunity. The property is located within the North Lake County submarket, which contains 44.2 million square feet of industrial space.
    Location Intelligence

    Current Use by Public Records

    Auto Parts City ... Auto Parts Store A.M.B.L.L.C Metal Fabrication Plant Jeff Ex LLC General Contractor Lambs Farm Auto ... Charitable Organization Alumni Auto Association Or Organization

    Suggested Use

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

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

    Similar Places Nearby

    • 1-800-Pack-Rat, LLC — 5605 centerpoint ct, gurnee, il 60031

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.8878858
    Latitude
    42.3587022

    Nearby Similar for Sale

    • $3,150,000

      Freestanding Office Property

      For sale office property on a 3.75-acre lot at Washington Street in Gurnee, IL, offering space for business use.
      6475 Washington Street, Gurnee, IL 60031
      View Details
    • $998,000
      4,180 SF

      High-End Freestanding Office Building

      Class A office building in Gurnee, Illinois for sale.
      1125 N Delany Road, Gurnee, IL 60031
      View Details
    • $438,000

      Gurnee Duplex: Investment Opportunity

      Well-maintained duplex in Gurnee with income potential.
      855 Belle Plaine Avenue, 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
    • $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
    • $3,050,000

      Gurnee, IL Chili's For Sale

      Single-tenant Chili's in Gurnee, IL with corporate guaranteed lease.
      6030 Grand Avenue, Gurnee, IL 60031
      View Details
    • $995,000
      6,272 SF

      Gurnee Auto Shop For Sale

      Two-level auto shop in Gurnee Mills Regional Mall.
      6280 Grand Ave, Gurnee, IL 60031
      View Details
    • $3,050,000
      5,331 SF

      Gurnee, IL Chili's Restaurant

      Single-tenant Chili's in Gurnee, Illinois near Gurnee Mills.
      6030 Grand Ave, Gurnee, IL 60031
      View Details
    • $8,000,000
      42,245 SF

      Gurnee Industrial Property on 15 Acres

      42,245 SF industrial property on 15 acres for sale.
      3535 Washington St, Gurnee, IL 60031
      View Details
    • Contact for pricing
      7,220 SF

      Gurnee Restaurant Building on Corner

      7,220 SF restaurant on 2.18 AC corner lot.
      6577 Grand Ave, Gurnee, IL
      View Details
    • Contact for pricing
      77,500 SF

      Gurnee Warehouse with Office Space

      77,500 SF warehouse with 25,000 SF office space.
      1290 Lakeside Dr, Gurnee, IL
      View Details
    • $946,500

      Medical Office Building

      For-sale medical office property with access via RT 41 and Delany Road in Gurnee, Illinois.
      1125 N Delany Road, Gurnee, IL 60031
      View Details

    FAQs

    What type of property is this?
    Warehouse - 42,245 SF industrial property on 15.18 acres for sale.
    Where is this warehouse located?
    The property is located at 3535 Washington St Gurnee, IL.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: Ideal for distribution/logistics or truck terminal with 4.5 acres of cleared land.; Premier accessibility to Interstate 94, U.S. Route 41, and Waukegan National Airport.; Heavy power (800 amps), full wet sprinkler system, and multiple loading docks.
    (312) 327-5499
    We can help!
    Listing Contact
    Alexander Zlotnik
    Alexander Zlotnik
    Real Estate License ID: IL: 475212760
    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

    Thank You for Inquiry
    3535 Washington St, Gurnee, IL 60031
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!