3550 Grand Ave Gurnee, IL 60031-3735
Property profile & analytics
3550 Grand Ave Gurnee, IL 60031-3735
- Retail space
- 25,300 SF
- 1.54 lot acres
Property ID
US28-1606823
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.
Location Intelligence
Current Use by Public Records
- Harbor Freight Tools / Building Supply / Hardware & Home Improvement
Property Details for 3550 Grand Ave
- Year built
- 1972
- Construction
- BRICK
- Lot size
- 1.54 lot acres
- Property size
- 25,300 SF
- Property type
- Retail space
- APN
- 07-13-421-006
- APU
- 713421006
Description
This exceptional investment opportunity presents a 20,568 square-foot Harbor Freight Tools storefront located at 3550 Grand Ave, Gurnee, IL 60031. The property boasts a 7.00% cap rate and a strong net lease with a remaining term of 9.6 years, extending to June 30, 2034, with three 5-year renewal options. The lease includes 7.5% rental escalations every five years. Situated on a 1.52-acre lot, this single-tenant property benefits from a high-traffic location along Grand Avenue (28,500 vehicles per day) and is conveniently located near Highway 41 (37,900 vehicles per day). The property is part of a vibrant retail corridor that includes Jewel-Osco, TCF Bank, Walgreens, Fifth Third Bank, Starbucks, and McDonald's. The area enjoys exceptional demographics, with 171,738 people residing within a five-mile radius and an average household income of $94,544. The property's proximity to major attractions like Six Flags Great America and the 1,936,000 square-foot Gurnee Mills shopping mall, which draws over 26 million visitors annually, further enhances its desirability. The tenant, Harbor Freight Tools, is a well-established, Moody's B1-rated retailer with over 1,300 locations nationwide. This property offers a compelling combination of strong tenant occupancy (100%), a favorable lease structure, and a prime location within a high-growth market, making it an ideal addition to any investment portfolio. The asking price is $1,763,486 ($85.74/sq ft), and the current NOI is $123,444. The property was built in 1975. Specific rent bump details are available in the offering memorandum.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,900,000
- ML approach
- $1,935,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,580,000
Market price range: $1.18M - $5.51M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Gurnee
- County
- Lake
- State
- Illinois
- Longitude
- -87.889
- Latitude
- 42.3711
- 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
$41,352
$182,267
$241,567
$423,834
-
$546,856
$724,773
$1,271,629
