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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7005 Grand Ave Gurnee, IL 60031-1648

    • Banks
    • 4,092 SF
    • 0.71 lot acres
    OFF-MARKET
    Value Estimations
    $330,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-1499055
    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

    • First American Bank / Bank / Atm

    Property Details for 7005 Grand Ave

    Year built
    2001
    Construction
    BRICK
    Lot size
    0.71 lot acres
    Property size
    4,092 SF
    Property type
    Banks
    APN
    07-17-101-012
    APU
    717101012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $259,000
      Market price range: $171k - $496k

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $315,000
      Current use
      COMMERCIAL (GENERAL)
      $585,000
      Change: +86% Conversion: Difficult
      MEDICAL BUILDING
      $350,000
      Change: +11% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $345,000
      Change: +9% Conversion: Difficult
      OFFICE BUILDING
      $305,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gurnee
    County
    Lake
    State
    Illinois
    Longitude
    -87.9735
    Latitude
    42.3854
    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
    $37,000
    $102,770
    $85,878
    $188,648
    -
    $308,341
    $257,660
    $566,001

    Comparable in this City

    • Value Estimation
      $480,000
      12,078 SF

      4840 Grand Ave

      FINANCIAL BUILDING • 12,078 SF
      4840 Grand Ave, Gurnee, IL 60031-2618
      View Details
    • Value Estimation
      $375,000
      2,834 SF

      4946 Grand Ave

      FINANCIAL BUILDING • 2,834 SF
      4946 Grand Ave, Gurnee, IL 60031-1811
      View Details
    • Value Estimation
      $2,870,000
      23,692 SF

      7500 Grand Ave

      FINANCIAL BUILDING • 23,692 SF
      7500 Grand Ave, Gurnee, IL 60031-1585
      View Details
    • Value Estimation
      $395,000
      3,726 SF

      7275 Grand Ave

      FINANCIAL BUILDING • 3,726 SF
      7275 Grand Ave, Gurnee, IL 60031-5270
      View Details
    • Value Estimation
      $495,000
      5,201 SF

      6547 Grand Ave

      FINANCIAL BUILDING • 5,201 SF
      6547 Grand Ave, Gurnee, IL 60031-1643
      View Details
    • Value Estimation
      $485,000
      5,875 SF

      6495 Washington St

      FINANCIAL BUILDING • 5,875 SF
      6495 Washington St, Gurnee, IL 60031-4478
      View Details

    Similar Nearby for Sale

    • 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
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    • $1,749,000
      19,000 SF

      Gurnee, IL Mixed-Use Investment

      19,000 SF Industrial/Retail Opportunity
      3500 Grand Ave, Gurnee, IL 60031
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    • $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
    • 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
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      Gurnee Town Center Retail Space

      Dominant power center in Gurnee's regional trade area.
      7105 Grand Ave, Gurnee, IL 60031
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    • $1,890,000
      1.40 Acres

      Gurnee Commercial Space For Sale

      Prime commercial space in Delaware Commons with high visibility.
      34491 N Old Walnut Cir, Gurnee, IL 60031
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    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
    • Contact for pricing

      Mixed-Use Property on Grand Avenue

      Mixed-use property with retail, office, and warehouse space available.
      3575 Grand 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
      149,957 SF

      Stonebrook Commons Retail Space

      Gurnee, IL: Prime Retail Outparcel Available
      0 Sec Grand Ave & Stonebrook Dr, Gurnee, IL 60031
      View Details
    • Contact for pricing
      12,000 SF

      Gurnee Retail Space For Lease

      High-traffic location, 1,901 sq ft available.
      7010 Grand Ave, Gurnee, IL 60031
      View Details
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    7005 Grand Ave
    Gurnee, IL 60031-1648
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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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