3550 Grand AveGurnee, IL 60031

For Sale
$1,763,486

High-traffic Gurnee, IL storefront. Strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
93
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.

Highlights

  • New lease extension through June 2034.
  • 7.5% rental escalations every five years.
  • High-traffic location on Grand Ave (28,500 VPD) and near Highway 41 (37,900 VPD).
  • Extended lease term with additional option period.
  • Strong tenant mix in the area including Jewel-Osco, TCF Bank, Walgreens, and other national retailers.
  • Excellent location in Gurnee, IL, near Six Flags Great America and Gurnee Mills (26M+ annual visitors).

Property Details for 3550 Grand Ave

Property type
Other retail properties, Individual retail properties
Square Feet
20,568 SF
Year Built
1975
Lot Size (sq. ft)
66,211 SF

Location Insight

City
Gurnee
County
Lake
State
Illinois
Latitude
42.3710124
Longitude
-87.8889512
3550 Grand Ave, Gurnee, Illinois

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3550 Grand Ave
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