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    Grand Ave Gurnee, IL 60031
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    Grand Ave Gurnee, IL 60031

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    • Retail properties & Spaces
    • 5,515 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Grand Ave

    Year built
    1965
    Property size
    5,515 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional 5,515 square foot retail storefront building, situated on a 19,166 square foot lot in Gurnee, Illinois, presents a remarkable investment opportunity. Located at a signalized intersection on Grand Avenue, this property boasts unparalleled visibility and accessibility. The building, constructed in 1965, is zoned C2 -EGG and offers a single unit currently vacant, providing flexibility for various uses. With a price per square foot of $144.15, this property is priced to sell. The high-traffic location sees nearly 30,000 vehicles per day on Grand Avenue, and serves a population of nearly 100,000 within a 3-mile radius. A large pylon sign and full access to both Grand Avenue and Belle Plaine Avenue further enhance its appeal. This property is ideal for redevelopment, sale, or lease, offering significant potential for a discerning investor. The property's APN is 0713421017. This is a triple net (NNN) lease opportunity.

    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
    -87.8899
    Latitude
    42.3707

    Comparable in this City

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      149,957 SF

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    • Value Estimation
      $2,990,000
      34,060 SF

      5501 Stearns School Rd

      RETAIL STORES (PERSONAL SERVICES) • 34,060 SF
      5501 Stearns School Rd, Gurnee, IL 60031-1007
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    • Value Estimation
      $7,275,000
      21,395 SF

      6557 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 21,395 SF
      6557 Grand Ave, Gurnee, IL 60031-1607
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    • Value Estimation
      $1,710,000
      10,118 SF

      34491 Old Walnut Cir

      RETAIL STORES (PERSONAL SERVICES) • 10,118 SF
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    • Value Estimation
      $1,190,000
      28,004 SF

      3900 Washington St

      RETAIL STORES (PERSONAL SERVICES) • 28,004 SF
      3900 Washington St, Gurnee, IL 60031-5717
      View Details
    • Value Estimation
      $1,455,000
      13,802 SF

      7501 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,802 SF
      7501 Grand Ave, Gurnee, IL 60031-1551
      View Details

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      Commercial Land For Lease

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      Gurnee Retail Space For Lease

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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.

    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
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