Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Tri State Pkwy Gurnee, IL 60031
    Back to Search
    Property profile & analytics

    Tri State Pkwy Gurnee, IL 60031

    View on Map
    • Land
    • 16.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Tri State Pkwy

    Lot size
    16.50 lot acres
    Property type
    Land

    Description

    This exceptional 16.5-acre commercial land parcel presents a unique development opportunity in the thriving Village of Gurnee, Illinois. Located on Tri-State Parkway, this property boasts unparalleled access to the Interstate Highway System, providing strategic distribution capabilities to a significant portion of the US population. Within a five-hour drive, businesses can reach approximately 10% of the national market. The property is zoned O2, offering flexibility for a variety of commercial uses. Its expansive size allows for substantial development potential, catering to large-scale projects requiring significant acreage. The strategic location, combined with the generous lot size and favorable zoning, makes this an ideal investment for businesses seeking a prominent presence in a high-growth area. The address is 0 Tri-State Parkway, Gurnee, IL 60031, situated in Lake County. The asking price for this exceptional property is $2,100,000. This is a rare opportunity to acquire a substantial commercial land parcel with exceptional access and development potential. Don't miss out on this chance to secure a prime location for your next venture.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.948
    Latitude
    42.3748

    Comparable in this City

    • Value Estimation by Request
      17.53 Acres

      36396 Skokie Hwy

      Land • 17.53 Acres
      36396 Skokie Hwy, Gurnee, IL 60031
      View Details
    • Value Estimation by Request
      2.24 Acres

      4947 Grand Ave

      Land • 2.24 Acres
      4947 Grand Ave, Gurnee, IL 60031
      View Details
    • Value Estimation by Request
      34.00 Acres

      17150 Washington St

      Land • 34.00 Acres
      17150 Washington St, Gurnee, IL 60031
      View Details
    • Value Estimation by Request
      1.91 Acres

      1250 O'plaine Rd

      Land • 1.91 Acres
      1250 O'plaine Rd, Gurnee, IL 60031
      View Details
    • Value Estimation by Request
      5.33 Acres

      1551 Dilleys Rd

      Land • 5.33 Acres
      1551 Dilleys Rd, Gurnee, IL 60031
      View Details
    • Value Estimation by Request
      3.59 Acres

      1525 Nations Dr

      Land • 3.59 Acres
      1525 Nations Dr, Gurnee, IL 60031
      View Details

    Similar Nearby for Sale

    • $790,000

      Land Available on Stearns School

      Land for sale near Rt 132 & Hutchins.
      17925 W Stearns School Rd, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Land For Sale

      Land available for sale.
      15010 W Belvidere Rd, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Commercial Land Ideal for Development

      Commercial land parcel suitable for retail or office development.
      35923 Barberry Ln, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Industrial Land Near Route 41

      13.74 acres in Gurnee, accessible to major transportation routes.
      1800 St. Paul Ave, Gurnee, IL 60031
      View Details
    • $185,000
      1.00 Acre

      Gurnee Land For Sale

      Almost 1 acre zoned O-1 Restricted Office District.
      1577 N Dilleys Rd, Gurnee, IL 60031
      View Details
    • $109,900
      0.32 Acres

      Development Land in Gurnee, IL

      Three contiguous parcels totaling 0.96 acres with redevelopment potential.
      125 S Delany Rd, Gurnee, IL 60031
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land Available For Lease/Sale

      Land available for ground lease or build-to-suit options.
      36396 Skokie Hwy, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Commercial Land For Lease

      Commercial land ideal for retail or office development.
      35923 Barberry Ln, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Land for Lease

      Land available for lease with high traffic count.
      3545-3575 Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing
      3 SF

      Gurnee Industrial Land For Lease

      3 acres of fenced, secured land near Route 41.
      3570 Washington St, Gurnee, IL 60031
      View Details
    • Contact for pricing
      26,836 SF

      Retail Space Near Gurnee Mills

      Retail space with high visibility near Gurnee Mills.
      6050 Gurnee Mills Cir E, Gurnee, IL 60031
      View Details
    • Contact for pricing
      76,230 SF

      Adaptable Retail Space in Gurnee

      1,500 SF commercial unit in high-traffic retail center.
      34491 N Old Walnut Cir, Gurnee, IL 60031
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Tri State Pkwy
    Gurnee, IL 60031
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Tri State Pkwy, Gurnee, IL, 60031
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!