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    Property profile & analytics

    6021 Washington St Gurnee, IL 60031-5356

    • Office buildings
    • 7,555 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1150086
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Windy City Testing / Medical Laboratory
    • Ryan Lee Winslow / Chiropractor
    • Code Ninjas / Learning Center / After School Program
    • Bushido Kyokai. / Martial Arts School
    • Chicago Local Water Damage Restoration LLC / Water Damage Restoration Service

    Property Details for 6021 Washington St

    Year built
    2018
    Construction
    BRICK
    Lot size
    0.23 lot acres
    Property size
    7,555 SF
    Property type
    Office buildings
    APN
    07-21-401-011
    APU
    721401011

    Description

    This exceptional 1,898 square foot creative office space, built in 2018, is located in a vibrant South East corner location at Washington and Cemetery Road, near Six Flags Great America. The single-story, Class B building offers a versatile space with pristine hardwood flooring in the reception area. The unit is vacant and ready for immediate occupancy, requiring only a fresh coat of paint to personalize. Its prime location ensures high traffic and exceptional exposure, making it ideal for businesses seeking visibility and accessibility. The property features a multiple tenancy setup and is conveniently situated near a major attraction, guaranteeing a constant flow of potential customers. This is a unique opportunity to establish a presence in a bustling commercial hub with high foot traffic. The property's Asset Property Number (APN) is 0721401009. This space is perfect for a business looking to establish a strong presence in a high-traffic area. The property is ready for immediate occupancy and offers a blank canvas for your business's unique branding.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $420,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $360,000
      6.5%
      $385,000
      7%
      $355,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $355,000
      Geo Method
      $295,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $400,000
      Retail
      $380,000
      Mixed-Use
      $325,000
      Hospitality
      $395,000
      Educational
      $320,000
      Residential Income
      $360,000
      Energy
      $340,000
      Income-Based Land
      $360,000
      Food Service
      $400,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.952
    Latitude
    42.3635
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,655
    $11,704
    $248,822
    $260,526
    -
    $35,116
    $746,541
    $781,657

    Comparable in this City

    • Value Estimation by Request
      5,200 SF

      3663 Grand Ave

      OFFICE BUILDING • 5,200 SF
      3663 Grand Ave, Gurnee, IL 60031-3769
      View Details
    • Value Estimation by Request
      12,000 SF

      15 Tower Ct

      OFFICE BUILDING • 12,000 SF
      15 Tower Ct, Gurnee, IL 60031-3336
      View Details
    • Value Estimation
      $7,565,000
      12,000 SF

      200 Greenleaf St

      OFFICE BUILDING • 12,000 SF
      200 Greenleaf St, Gurnee, IL 60031-3398
      View Details
    • Value Estimation
      $9,975,000
      23,256 SF

      350 Greenleaf St

      OFFICE BUILDING • 23,256 SF
      350 Greenleaf St, Gurnee, IL 60031-5709
      View Details
    • Value Estimation
      $1,025,000
      12,646 SF

      151 Greenleaf St

      OFFICE BUILDING • 12,646 SF
      151 Greenleaf St, Gurnee, IL 60031-3326
      View Details
    • Value Estimation
      $5,935,000
      42,970 SF

      1075 Tri State Pkwy

      OFFICE BUILDING • 42,970 SF
      1075 Tri State Pkwy, Gurnee, IL 60031-9122
      View Details

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    Similar Nearby for Lease

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      Gurnee, IL - Office Space

      Renovated office space suitable for various professional uses.
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      Gurnee Office Suites for Lease

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    Gurnee, IL 60031-5356
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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