Gurnee, IL Chili's
For Sale
Contact for pricing
6030 Grand Ave, Gurnee, IL 60031
Single-tenant Chili's in Gurnee, Illinois near Gurnee Mills.
Property Size5,331 SF
Price / SF$572.13
Days on Market196
Property Features for 6030 Grand Ave
General Information
Standard status
Active
Size
5,331 SF
Property subtype
Retail
Zoning
C6
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$184,000
Building Details
Year Built
1993
Year Renovated
2021
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Keller Williams Infinity
(630) 768-1626
Listed By:
Omar Tharani · License #IL 475171491
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 8 at 2:50PM
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 Keller Williams Infinity
Investment Insights
Based on property information with market context.
This commercial property in Gurnee, IL, presents an opportunity to purchase a single-tenant Chili's restaurant operating under an absolute NNN lease. Constructed in 1993 and renovated in 2021, the property benefits from a corporate-guaranteed lease with approximately 8 years remaining. The property is located at the main entrance to Gurnee Mills, a large outlet and retail shopping destination in Illinois attracting over 20 million annual visitors. The surrounding area has a population exceeding 120,000, with average household incomes above $130,000 within a 5-mile radius. The building has a size of 5,331 square feet.
Key Highlights
- Absolute NNN lease with corporate guarantee from Chili's, providing a passive investment.
- Approximately 8 years of remaining lease term.
- Located at the main entrance to Gurnee Mills, a major retail destination with 20 million annual visitors.
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
$98,136
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
3.22%
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%
$1,962,720
$2.0M
Cap Rate 7%
$1,401,943
$1.4M
Cap Rate 9%
$1,090,400
$1.1M
Market Conditions
NOI Build-Up for 5,331 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
$134.3K $25.20/SF
− Vacancy
−$3.5K −$0.66/SF
EGI
$130.8K $24.54/SF
− OpEx
−$32.7K −$6.14/SF
NOI
$98.1K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /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%
$1,962,720
Cap Rate 7%
$1,401,943
Cap Rate 9%
$1,090,400
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.23M – $1.64M
NOI $98,136 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,839 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
1.4M
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 28%
Superstores 27%
Dining 19%
Shops & Services 11%
Bass Pro Shops
Apparel
133,950 visits/mo
0.4 miles
Walmart
Superstores
131,119 visits/mo
0.5 miles
Target
Superstores
127,739 visits/mo
0.4 miles
Sam's Club
Superstores
109,453 visits/mo
0.5 miles
Kohl's
Apparel
84,943 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single-tenant Chili's in Gurnee, Illinois near Gurnee Mills.
Where is this conventional restaurant located?
The property is located at 6030 Grand Ave Gurnee, IL.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: Absolute NNN lease with corporate guarantee from Chili's, providing a passive investment.; Approximately 8 years of remaining lease term.; Located at the main entrance to Gurnee Mills, a major retail destination with 20 million annual visitors.
