Two-Unit Shallow-Bay
New
For Sale
Contact for pricing
4155-4165 Grove Avenue, Gurnee, IL 60031
Masonry industrial property with grade-level and dock-high loading serving warehouse, contractor, and light manufacturing uses.
Property Size17,400 SF
Lot Size0.73 Acres
Price / SF$100.57
Days on Market5
Property Features for 4155-4165 Grove Avenue
General Information
Standard status
Active
Size
17,400 SF
Lot size
0.73 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
17 ft
Dock-High Doors
2
Drive-In Doors
2
Building Details
Construction
masonry
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Tyler Sharp · License #IL 177869
(815) 904-3422
Source:
Crexi
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 12 at 3:50AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
This warehouse property comprises approximately 17,400 square feet of shallow-bay industrial space across two separate units on a 0.73-acre site. Masonry construction, 17' clear height, two grade-level doors, and two interior dock-high doors support a range of warehouse and light manufacturing operations. The units share a wall with 4175 Grove Avenue but remain separate properties rather than condominiums.
Located at 4155-4165 Grove Avenue in Gurnee, Illinois, the property sits immediately off U.S. Route 41 and offers close proximity to Interstate 94. The configuration and loading infrastructure accommodate contractors, small businesses, and light manufacturing users.
Located at 4155-4165 Grove Avenue in Gurnee, Illinois, the property sits immediately off U.S. Route 41 and offers close proximity to Interstate 94. The configuration and loading infrastructure accommodate contractors, small businesses, and light manufacturing users.
Key Highlights
- Approximately 17,400 square feet of shallow‑bay industrial space
- Two separate warehouse units on a 0.73‑acre site
- 17' clear height with two grade‑level doors
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
$90,951
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
5.20%
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%
$1,819,020
$1.8M
Cap Rate 7%
$1,299,300
$1.3M
Cap Rate 9%
$1,010,567
$1.0M
Market Conditions
NOI Build-Up for 17,400 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
$112.8K $6.48/SF
− Vacancy
−$5.8K −$0.33/SF
EGI
$107.0K $6.15/SF
− OpEx
−$16.1K −$0.92/SF
NOI
$91.0K $5.23/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,819,020
Cap Rate 7%
$1,299,300
Cap Rate 9%
$1,010,567
Alternative Uses
Best Use
Warehouse
$1.30M
$1.14M – $1.52M
NOI $90,951 @ 7.0% cap · market cap 5.20%
Second Best
Industrial
$1.07M
$936.3K – $1.25M
NOI $74,901 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$6.01M
$5.26M – $7.01M
NOI $420,520 @ 7.0% cap · market cap 24.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
2
Dock-high doors
2
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60031, IL
37,650
Population
14,796
Households
2.5
Avg Household Size
42
Median Age
54%
College-Educated
95%
High-School Grad
19.0 sq mi
ZIP Area
1,982
Density / Sq Mi
$114,008
Median Household Income
$56,770
Median Earnings
$1,601
Median Rent
$322,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Self-Storage at U-Haul — 860 Waveland Ave, Gurnee, IL 60031
- Extra Space Storage — 1170 Skokie Hwy, Gurnee, IL 60031
- Paper Tiger — 1101 Estes Ave, Gurnee, IL 60031
- Storage Rentals of America — 1797 N Delany Rd, Gurnee, IL 60031
Frequently Asked Questions
What type of property is this?
Warehouse - Masonry industrial property with grade-level and dock-high loading serving warehouse, contractor, and light manufacturing uses.
Where is this warehouse located?
The property is located at 4155-4165 Grove Avenue Gurnee, IL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 17,400 square feet of shallow‑bay industrial space; Two separate warehouse units on a 0.73‑acre site; 17' clear height with two grade‑level doors
