Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Gurnee Commercial Space For Rent Title is generated by Realmo AI

    3840 Grandview Avenue, Gurnee, IL 60031

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    COMMERCIAL - Gurnee, IL

    Added:
    Nov 19, 2025
    Days on Market:
    178
    Last Refresh:
    May 16 at 9:06 pm

    Property Features for 3840 Grandview Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active

    Building Details

    Year built
    1962
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Concrete

    We can help!

    Listing Contact
    Willie Simpson
    Willie Simpson

    Listing agent Willie Simpson License #475132200

    Listing office RE/MAX Plaza 5445 Grand Avenue Ste. 200, Gurnee, IL

    Listing date Nov 19, 2025

    MLS# 12518629

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large 70 X 23 Shop Space
    • Convenient Gurnee Location Near Hwy 41
    • 1st Floor Unit
    • 18 X 23 Office Space
    • Half Bath Included
    • Suitable for Starting or Relocating a Business

    Overview

    This first-floor commercial unit is located in Gurnee, Illinois, near Highway 41. The layout includes an 18 x 23 office, a half bath, and a 70 x 23 shop. The unit offers possibilities for starting a business or relocating.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hollywood Inn & Suites Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    • Delicious Unlimited — 4005 Porett Dr, Gurnee, IL 60031

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.8954662
    Latitude
    42.3727496

    Nearby Similar for Lease

    • Contact for pricing

      Gurnee Commercial Unit For Rent

      1,500 SF commercial unit in a high-traffic Gurnee location.
      34498 N Old Walnut Circle, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Commercial Unit For Rent

      Adaptable commercial space in a high-traffic Gurnee retail center.
      34491 N Old Walnut Circle, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Commercial Space For Rent

      Commercial space in Gurnee, suitable for automotive or retail businesses.
      3816 Grandview Avenue, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Commercial Space For Lease

      Strategically located shopping center space available for lease in Gurnee.
      3701 W Grand Avenue, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Office Space For Rent

      Second floor office space available in Gurnee, Illinois.
      3840 Grandview Avenue, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Mixed-Use Property on Grand Avenue

      Mixed-use property with retail, office, and warehouse space available.
      3575 Grand Avenue, Gurnee, IL 60031
      View Details
    • Contact for pricing
      65,819 SF

      Gurnee Retail Anchor Opportunity

      65,819 SF ground level retail space in Gurnee, Illinois.
      6136 West Grand Avenue, Gurnee, IL, 60031
      View Details
    • Contact for pricing

      Gurnee Commercial Space for Rent

      Convenient Gurnee location with multiple possibilities.
      3816 Grandview Avenue, Gurnee, IL 60031
      View Details
    • $12 SF/Yr

      Single Story Office Building

      Single-story office building with I-94 visibility and furnishings included.
      1075 Tri State Parkway, Gurnee, IL 60031
      View Details
    • Contact for pricing
      16,066 SF

      Renovated Suites in Business Park

      Move-in ready suites in professionally managed business park near I-94.
      905 Lakeside Drive, Gurnee, IL, 60031
      View Details
    • Contact for pricing
      1,500 SF

      Gurnee Commercial Space For Rent

      New commercial building suitable for retail or office use.
      34498 N Old Walnut Cir, Gurnee, IL 60031
      View Details
    • Contact for pricing
      5,700 SF

      Medical/Professional Office Space Available

      Medical and professional office building with great signage and visibility.
      310 S Greenleaf St, Gurnee, IL 60031
      View Details

    FAQs

    What type of property is this?
    Flex space - First floor commercial unit in Gurnee near Hwy 41.
    Where is this flex space located?
    The property is located at 3840 Grandview Avenue Gurnee, IL.
    What are key features of this property?
    This property features: Large 70 X 23 Shop Space; Convenient Gurnee Location Near Hwy 41; 1st Floor Unit
    (847) 596-6100
    We can help!
    Listing Contact
    Willie Simpson
    Willie Simpson
    Real Estate License ID: 475132200
    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
    3840 Grandview Avenue, 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!