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    731 Illinois Rte 21 Gurnee, IL 60031

    Sponsored
    For Sale
    $2,434,450

    High-yield, stabilized medical office investment.

    Property size:
    4,164 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Class A, 4,164 square foot medical office condo in Gurnee, IL (60031), located at 731 S Illinois Rte 21, presents a compelling investment opportunity. The property boasts a strong 8.00% cap rate, generating a net operating income (NOI) of $194,756. Currently 100% occupied since August 1, 2019, under a single-tenant, absolute NNN lease with Northshore Center Gastroenterology, SC, a division of GI Partners Illinois, Inc., the lease features 3% annual rent bumps and a private guarantee. The lease has approximately 4.7 years remaining, with a single 10-year renewal option. Built in 2007 and renovated in 2018, this single-story building offers ample parking. The property benefits from excellent synergy with other medical tenants in the complex, including University Foot Associates, Glamorously Beautiful, Northshore Medical Group, and Advocate Healthcare. The asking price is $2,434,450. This stabilized investment offers a secure and profitable opportunity in a thriving medical market. The tenant specializes in diagnosing and treating various digestive disorders, including Barrett's esophagus, GERD, Crohn's disease, ulcerative colitis, and celiac disease. They also manage swallowing disorders, liver diseases, and other gastrointestinal issues.

    Property Features for 731 Illinois Rte 21

    General Information

    Property type
    Medical offices
    Square Feet
    4,164 SF
    Class
    A

    Building Details

    Year Built/Renovated
    2007/2018
    Buildings
    1
    Stories
    1

    HighLights

    • 100% occupied Class A medical office condo.
    • Absolute NNN lease structure.
    • Over four years remaining on the lease term.
    • Lease backed by a private guarantee.
    • 3% annual rent increases.
    • One 10‑year renewal option.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Map

    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.9389184
    Latitude
    42.348708

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    FAQs

    What type of property is this?
    Medical office - High-yield, stabilized medical office investment.
    Where is this medical office located?
    The property is located at 731 Illinois Rte 21 Gurnee, IL.
    What is the asking price?
    The asking price for this property is $2,434,450.
    What are key features of this property?
    This property features: 100% occupied Class A medical office condo.; Absolute NNN lease structure.; Over four years remaining on the lease term.
    Request Owner's contact information
    731 Illinois Rte 21 Gurnee, IL 60031
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    Gurnee, IL 60031
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    Realmo Value Estimation

    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.

    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
    731 Illinois Rte 21 Gurnee, IL 60031
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