4830 Grand Ave Gurnee, IL 60031-2618

Property Details for 4830 Grand Ave

Year built

2001

Construction

BRICK

Lot size

0.58 lot acres

Property size

486 SF

Property type

Retail space

APN

07-14-301-027

APU

714301027

Description

This exceptional investment opportunity presents a fee-simple, single-tenant net-leased Walgreens property located at 4830 Grand Ave, Gurnee, IL 60031. The 15,022 square foot building sits on a hard-corner, signalized intersection of Grand Ave and Riverside Dr, boasting over 29,500 vehicles per day. Its prime location benefits from proximity to major traffic generators, including Six Flags Great America and Interstate 94 (a main corridor between Chicago and Milwaukee with over 90,000 VPD at Grand Ave). The property features a Walgreens lease with approximately 2.1 years remaining, followed by seven five-year option periods. The lease commenced on December 29, 2001, and the current term expires December 31, 2026. Walgreens, a tenant with an investment-grade credit rating of "BBB-" by Fitch, has recently extended the lease, demonstrating the strength of this location. The asking price is $4,154,000, representing a price per square foot of $276.53 and a 6.50% cap rate with a current NOI of $270,000. The property benefits from strong store sales volume and minimal landlord responsibilities due to the net lease structure. The surrounding area boasts a population exceeding 168,423 within a 5-mile radius and an average household income over $102,890 within the same radius. This presents a compelling opportunity for investors seeking a stable, high-yield investment with a strong tenant and excellent location.

Location Insight

City

Gurnee

County

Lake

State

Illinois

Longitude

-87.9227

Latitude

42.3735

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments