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    Property profile & analytics

    1175 Tri State Pkwy Gurnee, IL 60031-9189

    • Office buildings
    • 41,364 SF
    • 3.31 lot acres
    OFF-MARKET
    Value Estimations
    $955,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-4436494
    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

    • Abbott Laboratories / Medical Laboratory
    • The Clara Abbott Foundation / Foundation
    • Nosco Customer Experience Center / Packaging Company
    • Nosco Offices / Corporate Office

    Property Details for 1175 Tri State Pkwy

    Year built
    1999
    Construction
    BRICK
    Lot size
    3.31 lot acres
    Property size
    41,364 SF
    Property type
    Office buildings
    APN
    07-16-401-066
    APU
    716401066

    Description

    This exceptional 39,000 square foot office building, located at 1175 Tri-State Pkwy in Gurnee, Illinois (zip code 60031), presents a unique investment opportunity. The property boasts a highly desirable location, offering easy access via the intersection of I-294 and Grand Avenue, and is situated directly across from the Gurnee Mills Shopping Center. This prime location ensures excellent visibility and convenient access for clients, customers, and employees. The building features a modern, single-story design, promoting easy navigation and accessibility. The net rentable area totals 29,321 square feet, with an asking price of $2,199,075, resulting in a price per square foot of $56.39. The property is well-suited for a variety of office uses, including creative office spaces, medical offices, and traditional office setups. Custom interior build-outs are available to accommodate specific tenant needs. Ample parking is provided, ensuring convenient access for all occupants and visitors. A virtual tour is available for a comprehensive view of the property. This is an ideal location for businesses seeking a prominent presence in a dynamic growth area, with nearby amenities including national hotels. The property is categorized as an office building with creative office, medical office, and traditional office subtypes.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.947
    Latitude
    42.3771
    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
    $63,479
    $255,667
    $220,738
    $476,405
    -
    $767,078
    $662,280
    $1,429,358

    Comparable in this City

    • Value Estimation by Request
      5,200 SF

      3663 Grand Ave

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    • Value Estimation by Request
      12,000 SF

      15 Tower Ct

      OFFICE BUILDING • 12,000 SF
      15 Tower Ct, Gurnee, IL 60031-3336
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      $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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    Gurnee, IL 60031-9189
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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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