6360 Grand Ave Gurnee, IL 60031-4523
- Turn key restaurants
- 2,082 SF
- 0.94 lot acres
Current Use by Public Records
- Taco Bell / Fast Food Restaurant / Burrito Restaurant
Property Details for 6360 Grand Ave
- Year built
- 1991
- Construction
- BRICK
- Lot size
- 0.94 lot acres
- Property size
- 2,082 SF
- Property type
- Turn key restaurants
- APN
- 07-16-103-017
- APU
- 716103017
Description
This exceptional investment opportunity presents a fee-simple ownership of a Taco Bell restaurant located at 6360 Grand Ave, Gurnee, IL 60031. The 2,082 square foot property sits on a 0.94-acre lot and benefits from an absolute NNN lease with a franchisee tenant, minimizing landlord responsibilities. Built in 1991, the property boasts a 6.15% cap rate and a strong NOI of $154,371, with an asking price of $2,510,114 ($1,205.63/sq ft). The lease, commencing May 1, 2019, and expiring May 2, 2026, includes four, five-year renewal options, providing long-term stability. Ten percent rent bumps every five years offer inflation protection. The property enjoys a prime location in a high-traffic area, outparceled to the Gurnee Mills Shopping Mall, attracting over 4.2 million annual visitors. The site benefits from high visibility on Grand Ave (42,000+ VPD) and proximity to I-94 (110,000+ VPD). The surrounding area features affluent demographics, with an average household income exceeding $114,000 within a 5-mile radius and a population exceeding 117,000 residents. This location is part of the Chicago MSA, the third largest in the country. The tenant, a large and experienced quick service restaurant operator, provides a strong financial backing. This is a rare opportunity to acquire a well-performing, passively managed asset in a high-growth market.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $420,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $601,000
- AI Estimate
- $271,000
Market price range: $166k - $676kMarket price range: $140k - $272k -
Alternative Use
- Use
- Estimation
- RESTAURANT
- $355,000 Current use
- OFFICE BUILDING
- $490,000 Change: +38% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $380,000 Change: +6% Conversion: Easy
- AUTO REPAIR, GARAGE
- $365,000 Change: +2% Conversion: Difficult
- WAREHOUSE, STORAGE
- $355,000 Change: -1% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Gurnee
- County
- Lake
- State
- Illinois
- Longitude
- -87.9591
- Latitude
- 42.3858
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
