Side-by-Side Ranch
For Sale
$410,000
Pending
803 Pine Grove Avenue, Gurnee, IL 60031
Mirror-image units feature two bedrooms, full basements, and attached one-car garages with private back yards.
Property Size2,128 SF
Days on Market83
Property Features for 803 Pine Grove Avenue
General Information
Standard status
Pending
Size
2,128 SF
Total Parking Spaces
2
Property subtype
Two to Four Units / Duplex Side By Side
Zoning
MULTI
Occupancy
50%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,520
Amenities
private backyard
attached garage
Building Details
Year Built
1989
Stories
1
Construction
ranch
Listing Agency:
RE/MAX Plaza
Listed By:
Brenda Newman-Lawler · License #475094630
(847) 668-3121
Source:
Compass
Added: Jun 16
Changed: Aug 8
Last Checked: Jul 24 at 3:23PM
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 RE/MAX Plaza
Investment Insights
Based on property information with market context.
This desirable side-by-side ranch duplex offers two mirror-image units, each with a large living room open to an eat-in kitchen. Both units include two bedrooms on the main level and a full bath, along with full basements that provide mechanics and laundry space. The south unit’s basement is partially finished. Each unit also has an attached one-car garage and a private back yard. Updates include a new roof and skylights installed in 2020, and the units are served by forced-air gas heat and central air.
The property is located at 803 Pine Grove Avenue in Gurnee. The listing notes that unit #815 is vacant (go/show), while unit #803 is occupied and requires 24-hour notice for showings.
The north unit has been updated with wood laminate flooring. The owner pays water and garbage.
The property is located at 803 Pine Grove Avenue in Gurnee. The listing notes that unit #815 is vacant (go/show), while unit #803 is occupied and requires 24-hour notice for showings.
The north unit has been updated with wood laminate flooring. The owner pays water and garbage.
Key Highlights
- 1989‑built side‑by‑side ranch duplex with mirror‑image units
- Each unit is approximately 1,064 SF with 2 bedrooms on the main level
- Each unit offers a full basement with mechanics and laundry (south basement partially finished)
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
$28,513
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
6.95%
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%
$570,260
$570.3K
Cap Rate 7%
$407,329
$407.3K
Cap Rate 9%
$316,811
$316.8K
Market Conditions
NOI Build-Up for 2,128 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
$43.4K $20.40/SF
− Vacancy
−$2.7K −$1.26/SF
EGI
$40.7K $19.14/SF
− OpEx
−$12.2K −$5.74/SF
NOI
$28.5K $13.40/SF
Area
Lake County, IL
Vacancy
6.17%
Lease Rate
$20.40 /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%
$570,260
Cap Rate 7%
$407,329
Cap Rate 9%
$316,811
Alternative Uses
Best Use
Multifamily LT 5
$407.3K
$356.4K – $475.2K
NOI $28,513 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$375.2K
$328.3K – $437.7K
NOI $26,264 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$734.7K
$642.9K – $857.2K
NOI $51,429 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
605
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 Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Mirror-image units feature two bedrooms, full basements, and attached one-car garages with private back yards.
Where is this duplex located?
The property is located at 803 Pine Grove Avenue Gurnee, IL.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 1989‑built side‑by‑side ranch duplex with mirror‑image units; Each unit is approximately 1,064 SF with 2 bedrooms on the main level; Each unit offers a full basement with mechanics and laundry (south basement partially finished)
