Gurnee Auto Shop For
For Sale
Contact for pricing
6280 Grand Ave, Gurnee, IL 60031
Two-level auto shop in Gurnee Mills Regional Mall.
Property Size6,272 SF
Price / SF$158.64
Days on Market105
Property Features for 6280 Grand Ave
General Information
Standard status
Active
Size
6,272 SF
Class
B
Total Parking Spaces
20
Property subtype
Retail
Zoning
C-6
Building Details
Year Built
1995
Stories
1
Listing Agency:
Tri-State Realty, Inc
(847) 360-1375
Listed By:
Robert Elbrecht · License #471016372
Source:
Crexi
Added: May 14
Changed: Aug 8
Last Checked: Aug 25 at 12:10PM
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 Tri-State Realty, Inc
Investment Insights
Based on property information with market context.
This property is currently used as an oil change facility, presenting an opportunity for retrofitting the existing building or redeveloping the site. The two-level facility includes a main level and a lower level. It is situated in a prime location within the west Grand Ave commercial corridor, on a highly visible lot in Gurnee Mills Regional Mall. The property features a drive-through facility with 4 garage doors, a sprinkler system, and an alarm system. There are 20 parking spaces available. The property size is 6,272 square feet.
Key Highlights
- Prime location within the west Grand Ave commercial corridor.
- Highly visible lot in Gurnee Mills Regional Mall.
- Opportunity to retrofit existing building or redevelop the site.
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
$64,144
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
6.45%
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%
$1,282,880
$1.3M
Cap Rate 7%
$916,343
$916.3K
Cap Rate 9%
$712,711
$712.7K
Market Conditions
NOI Build-Up for 6,272 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
$94.1K $15.00/SF
− Vacancy
−$2.4K −$0.39/SF
EGI
$91.6K $14.61/SF
− OpEx
−$27.5K −$4.38/SF
NOI
$64.1K $10.23/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,282,880
Cap Rate 7%
$916,343
Cap Rate 9%
$712,711
Alternative Uses
Best Use
Retail
$916.3K
$801.8K – $1.07M
NOI $64,144 @ 7.0% cap · market cap 6.45%
Second Best
Industrial
$385.7K
$337.5K – $450.0K
NOI $26,999 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$2.17M
$1.89M – $2.53M
NOI $151,580 @ 7.0% cap · market cap 15.23%
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
Well-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Two-level auto shop in Gurnee Mills Regional Mall.
Where is this auto shop located?
The property is located at 6280 Grand Ave Gurnee, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Prime location within the west Grand Ave commercial corridor.; Highly visible lot in Gurnee Mills Regional Mall.; Opportunity to retrofit existing building or redevelop the site.
