Office Building with Retail
For Sale
Contact for pricing
6021 W Washington St., Gurnee, IL 60031
C-2 PUD-zoned property with flexible office and retail space.
Property Size7,200 SF
Price / SF$179.86
Days on Market13
Property Features for 6021 W Washington St.
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Office, Retail
Zoning
C-2 PUD
Occupancy
74%
Investment Type
Value Add
Net Operating Income
$70,590
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2019
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Building Size
7,200 SF
Listing Agency:
Apex Commercial Realty LLC
Listed By:
Andrew Prunty · License #471.020524
Source:
Crexi
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 1:50PM
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 Apex Commercial Realty LLC
Investment Insights
Based on property information with market context.
Built in 2019, this 7,200-square-foot commercial building combines office and retail space within a flexible layout. The property is approximately 75% occupied, with one 1,900 SF space available for lease or owner occupancy. Its configuration can accommodate office, retail, medical, and professional service uses supported by the existing commercial improvements.
The property is located at 6021 W. Washington St. in Gurnee, along an established business corridor with surrounding retail amenities and established businesses. Interstate 94, Gurnee Mills, Six Flags Great America, and additional shopping, dining, and entertainment destinations are minutes away. The property is zoned C-2 PUD.
The property is located at 6021 W. Washington St. in Gurnee, along an established business corridor with surrounding retail amenities and established businesses. Interstate 94, Gurnee Mills, Six Flags Great America, and additional shopping, dining, and entertainment destinations are minutes away. The property is zoned C-2 PUD.
Key Highlights
- 7,200‑square‑foot office/retail building constructed in 2019
- Approximately 75% occupied with one 1,900 SF space available
- Flexible layout supporting office, retail, medical, and professional service uses
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
$99,276
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
7.67%
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%
$1,985,520
$2.0M
Cap Rate 7%
$1,418,229
$1.4M
Cap Rate 9%
$1,103,067
$1.1M
Market Conditions
NOI Build-Up for 7,200 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
$176.3K $24.48/SF
− Vacancy
−$43.9K −$6.10/SF
EGI
$132.4K $18.38/SF
− OpEx
−$33.1K −$4.60/SF
NOI
$99.3K $13.79/SF
Area
Lake County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,985,520
Cap Rate 7%
$1,418,229
Cap Rate 9%
$1,103,067
Alternative Uses
Best Use
Office B
$1.42M
$1.24M – $1.65M
NOI $99,276 @ 7.0% cap · market cap 7.67%
Second Best
Retail
$1.05M
$920.4K – $1.23M
NOI $73,634 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,008 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - C-2 PUD-zoned property with flexible office and retail space.
Where is this office building located?
The property is located at 6021 W Washington St. Gurnee, IL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 7,200‑square‑foot office/retail building constructed in 2019; Approximately 75% occupied with one 1,900 SF space available; Flexible layout supporting office, retail, medical, and professional service uses
