3550 Grand AveGurnee, IL 60031

Property Details for 3550 Grand Ave

Year built

1972

Construction

BRICK

Lot size

1.54 AC

Property size (Sq ft)

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.

Location Insight

City

Gurnee

County

Lake

State

Illinois

Latitude

42.3711

Longitude

-87.889

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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