Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    6585 Grand Ave Gurnee, IL 60031-1643

    • Turn key restaurants
    • 3,314 SF
    • 0.97 lot acres
    OFF-MARKET
    Value Estimations
    $570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1869565
    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

    • Wendy's / Restaurant / Fast Food Restaurant

    Property Details for 6585 Grand Ave

    Year built
    1995
    Construction
    BRICK
    Lot size
    0.97 lot acres
    Property size
    3,314 SF
    Property type
    Turn key restaurants
    APN
    07-17-202-006
    APU
    717202006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $710,000
      Market price range: $265k - $1.08M
      AI Estimate
      $399,000
      Market price range: $223k - $432k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $565,000
      Current use
      COMMERCIAL (GENERAL)
      $600,000
      Change: +6% Conversion: Easy
      AUTO REPAIR, GARAGE
      $580,000
      Change: +2% Conversion: Difficult
      WAREHOUSE, STORAGE
      $560,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.9656
    Latitude
    42.3849
    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
    $38,774
    $225,507
    $126,108
    $351,615
    -
    $676,589
    $378,362
    $1,054,951

    Comparable in this City

    • Value Estimation
      $525,000
      7,835 SF

      7680 Grand Ave

      RESTAURANT • 7,835 SF
      7680 Grand Ave, Gurnee, IL 60031-1554
      View Details
    • Value Estimation
      $520,000
      6,936 SF

      6577 Grand Ave

      RESTAURANT • 6,936 SF
      6577 Grand Ave, Gurnee, IL 60031-1643
      View Details
    • Value Estimation
      $585,000
      8,271 SF

      6230 Grand Ave

      RESTAURANT • 8,271 SF
      6230 Grand Ave, Gurnee, IL 60031-4522
      View Details
    • Value Estimation
      $455,000
      3,019 SF

      1275 Delany Rd

      RESTAURANT • 3,019 SF
      1275 Delany Rd, Gurnee, IL 60031-2009
      View Details
    • Value Estimation
      $540,000
      5,031 SF

      6550 Grand Ave

      RESTAURANT • 5,031 SF
      6550 Grand Ave, Gurnee, IL 60031-1621
      View Details
    • Value Estimation
      $4,415,000
      5,635 SF

      6030 Grand Ave

      RESTAURANT • 5,635 SF
      6030 Grand Ave, Gurnee, IL 60031-1611
      View Details

    Similar Nearby for Sale

    • $1,500,000
      7,800 SF

      Gurnee Restaurant - Turnkey Opportunity

      Established Restaurant, 7,800 SF, Prime Location
      7680 Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing
      7,220 SF

      Gurnee Restaurant Building on Corner

      7,220 SF restaurant on 2.18 AC corner lot.
      6577 Grand Ave, Gurnee, IL 60031
      View Details
    • $1,749,000
      19,000 SF

      Gurnee, IL Mixed-Use Investment

      19,000 SF Industrial/Retail Opportunity
      3500 Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing
      142,073 SF

      Freestanding Retail Building in Gurnee

      Retail building in established commercial corridor near major attractions.
      7735 Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Town Center Retail Space

      Dominant power center in Gurnee's regional trade area.
      7105 Grand Ave, Gurnee, IL 60031
      View Details
    • $1,025,000
      0.86 Acres

      Gurnee Commercial Investment Opportunity

      Versatile commercial property in Gurnee with flexible zoning.
      34498 N Old Walnut Cir, Gurnee, IL 60031
      View Details

    Similar Nearby for Lease

    • 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
      37,462 SF

      Gurnee Commercial Space For Rent

      New commercial building in Gurnee, ideal for retail or office.
      34498 N Old Walnut Cir, Gurnee, IL 60031
      View Details
    • $8 SF/Yr
      105,000 SF

      Gurnee Village Commons: Flex Space Available

      Illinois Warehouse/Flex Space: 105,000 SF
      3575 Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Gurnee Commercial Space for Rent

      Convenient Gurnee location with multiple possibilities.
      3816 Grandview Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing

      Affordable Retail Space in Gurnee

      Well-maintained retail space suitable for fitness or wellness concepts.
      4262 Old Grand Ave, Gurnee, IL 60031
      View Details
    • Contact for pricing
      80,000 SF

      Gurnee Office Space for Lease

      Prime Gurnee location, multiple office suites.
      5101 Washington St, 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.
    6585 Grand Ave
    Gurnee, IL 60031-1643
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.