Two-Unit Shallow-Bay
New
For Sale
$1,750,000
4155 Grove Ave, Gurnee, IL 60031
Masonry industrial property with flexible loading infrastructure and a fully occupied NNN sale-leaseback.
Property Size17,400 SF
Lot Size0.73 Acres
Price / SF$100.57
Days on Market2
Property Features for 4155 Grove Ave
General Information
Standard status
Active
Size
17,400 SF
Lot size
0.73 Acres
Property subtype
Warehouse
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
17 ft
Dock-High Doors
2
Drive-In Doors
2
Additional Details
Cap Rate
7.95%
Amenities
Two-Unit 17,400-Square-Foot Shallow-Bay Manufacturing Asset Situated on 0.73 Acres
Featuring Masonry Construction, 17' Clear Height, Two Grade-Level Doors, Two Interior Dock-High Doors, and a Shared Wall with a Separate Property
One-Year Sale-Leaseback Opportunity at $8/SF NNN with One-Year Renewal Option and 3% Escalation | Generating 7.95% Cap Rate
Fully Occupied by Liftex Inc., Leading Global Manufacturer of Specialty Commercial Lifting Slings and Cargo Control Solutions
Outperforming North Lake Submarket: 5.8% Vacancy Rate & 4.9% Rent Growth in Q2 2026 vs. National Averages of 7.8% and 1.7%
Zoned I-2, Ideal for Contractors, Small Businesses, and Light Manufacturing | Located Immediately Off US-41 with Close Proximity to I-94
Building Details
Building Size
17,400 SF
Year Built
1979
Construction
masonry
Listing Agency:
Chicago Downtown Office
Listed By:
Alexander Zlotnik · License #License(s): IL: 475212760
(312) 327-5499
Source:
Marcusmillichap
Added: Sep 1
Last Checked: Sep 1 at 9:32PM
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
Investment Insights
Based on property information with market context.
This two-unit warehouse property contains approximately 17,400 square feet of shallow-bay industrial space on 0.73 acres. Built in 1979, the masonry building offers 17-foot clear height, two grade-level doors, and two interior dock-high doors. The units are separate properties rather than condominiums, although the building shares a wall with 4175 Grove Avenue.
Located at 4155 Grove Ave in Gurnee, Illinois, the property sits immediately off U.S. Route 41 with close access to Interstate 94. The asset is fully occupied under a one-year triple-net sale-leaseback with Liftex Inc. and carries a 7.95% cap rate. The lease includes an additional one-year renewal option with a 3.0% rent escalation.
Located at 4155 Grove Ave in Gurnee, Illinois, the property sits immediately off U.S. Route 41 with close access to Interstate 94. The asset is fully occupied under a one-year triple-net sale-leaseback with Liftex Inc. and carries a 7.95% cap rate. The lease includes an additional one-year renewal option with a 3.0% rent escalation.
Key Highlights
- Approximately 17,400 square feet of shallow‑bay industrial space on 0.73 acres
- Two separate warehouse units with masonry construction
- 17‑foot clear height with two grade‑level doors and two interior dock‑high 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
Property Profile
Current Use
Lease Details
17 ft
Clear height
2
Dock-high doors
2
Drive-in doors
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 flexible loading infrastructure and a fully occupied NNN sale-leaseback.
Where is this warehouse located?
The property is located at 4155 Grove Ave 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 on 0.73 acres; Two separate warehouse units with masonry construction; 17‑foot clear height with two grade‑level doors and two interior dock‑high doors
