Freestanding Retail
For Sale
Contact for pricing
7010 Grand Ave., Gurnee, IL 60031
Established retail property with a substantial commercial footprint and an indicated 6.65% CAP rate.
Property Size11,581 SF
Price / SF$306.54
Days on Market44
Property Features for 7010 Grand Ave.
General Information
Standard status
Active
Size
11,581 SF
Total Parking Spaces
50
Property subtype
Retail
Occupancy
84%
Lease Type
Net
Investment Type
Value Add
Net Operating Income
$235,476
Additional Details
Cap Rate
6.65%
Building Details
Year Built
1993
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
Quantum Real Estate Advisors
Listed By:
Daniel Waszak · License #IL 475153121
Source:
Crexi
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 5:47AM
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 Quantum Real Estate Advisors
Investment Insights
Based on property information with market context.
This retail property contains 11,581 square feet and was constructed in 1993. The asset is identified as a retail space and is offered for sale with a stated 6.65% CAP rate.
The property is located at 7010 Grand Ave. in Gurnee, Illinois, providing a defined address for retail operations and ownership.
The property is located at 7010 Grand Ave. in Gurnee, Illinois, providing a defined address for retail operations and ownership.
Key Highlights
- 11,581‑square‑foot retail property
- 6.65% CAP rate
- Built in 1993
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
$118,439
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
3.34%
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%
$2,368,780
$2.4M
Cap Rate 7%
$1,691,986
$1.7M
Cap Rate 9%
$1,315,989
$1.3M
Market Conditions
NOI Build-Up for 11,581 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
$173.7K $15.00/SF
− Vacancy
−$4.5K −$0.39/SF
EGI
$169.2K $14.61/SF
− OpEx
−$50.8K −$4.38/SF
NOI
$118.4K $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%
$2,368,780
Cap Rate 7%
$1,691,986
Cap Rate 9%
$1,315,989
Alternative Uses
Best Use
Retail
$1.69M
$1.48M – $1.97M
NOI $118,439 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.66M
NOI $279,887 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
316k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 30%
Dining 26%
Apparel 20%
Shops & Services 18%
Binny's Beverage Depot
Groceries
35,154 visits/mo
0.3 miles
Mariano's
Groceries
34,560 visits/mo
0.4 miles
Ross Dress for Less
Apparel
27,280 visits/mo
0.3 miles
Aldi
Groceries
25,662 visits/mo
0.5 miles
Michaels
Shops & Services
22,633 visits/mo
0.5 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?
Retail space - Established retail property with a substantial commercial footprint and an indicated 6.65% CAP rate.
Where is this retail space located?
The property is located at 7010 Grand Ave. Gurnee, IL.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 11,581‑square‑foot retail property; 6.65% CAP rate; Built in 1993
