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16530 Washington 10 Acres of Commercial Land Offered at $1,900,000 in Gurnee, IL 60031
Investment Highlights
- Strong Washington Street frontage and visibility
- Excellent opportunity for phased redevelopment
- Located within one of Lake County's most active commercial growth corridors
- Multiple value-add and redevelopment scenarios
Executive Summary
A rare opportunity to acquire two 5 acre parcels (owner is looking to sell the combined 10 acres in its entirety) along Washington Street in one of Gurnee's fastest-growing commercial corridors. The property offers immediate cash flow while providing significant long-term redevelopment potential, making it an ideal investment for developers, owner-users, and investors.
Currently improved with multiple storage buildings and a single-family residence, the property generates in excess of $100,000 in annual gross rental income, allowing buyers to collect income while planning future development.
The site's size, visibility, and flexible redevelopment possibilities create numerous opportunities for value creation.
Potential Redevelopment Opportunities:
Self-storage facility
Contractor yard or outdoor storage
Flex industrial or service commercial development
Multifamily or apartment community (subject to approvals)
Senior housing or assisted living (subject to approvals)
Mixed-use commercial development
Investment hold with future redevelopment
An attractive alternative strategy would be to subdivide the property, creating commercial lot(s) at the corner of Washington St. and Cemetery Rd. for sale or development while retaining the remaining approximately eight acres for a larger redevelopment project.
Future development will most likely require annexation into the Village of Gurnee and fall under Village of Gurnee guidelines. The Village has indicated that they will consider commercial, residential/multi-family, or storage uses on the site.
Existing improvements generate approximately $100,000 in annual gross rental income
Excellent opportunity for phased redevelopment
Multiple value-add and redevelopment scenarios
Strong Washington Street frontage and visibility
Located within one of Lake County's most active commercial growth corridors
Whether you're seeking an income-producing investment with future upside or a premier redevelopment site, 16530 Washington St. offers the flexibility, scale, and location to support a wide range of potential commercial, residential, multi-family, senior housing, or storage development opportunities.
Currently improved with multiple storage buildings and a single-family residence, the property generates in excess of $100,000 in annual gross rental income, allowing buyers to collect income while planning future development.
The site's size, visibility, and flexible redevelopment possibilities create numerous opportunities for value creation.
Potential Redevelopment Opportunities:
Self-storage facility
Contractor yard or outdoor storage
Flex industrial or service commercial development
Multifamily or apartment community (subject to approvals)
Senior housing or assisted living (subject to approvals)
Mixed-use commercial development
Investment hold with future redevelopment
An attractive alternative strategy would be to subdivide the property, creating commercial lot(s) at the corner of Washington St. and Cemetery Rd. for sale or development while retaining the remaining approximately eight acres for a larger redevelopment project.
Future development will most likely require annexation into the Village of Gurnee and fall under Village of Gurnee guidelines. The Village has indicated that they will consider commercial, residential/multi-family, or storage uses on the site.
Existing improvements generate approximately $100,000 in annual gross rental income
Excellent opportunity for phased redevelopment
Multiple value-add and redevelopment scenarios
Strong Washington Street frontage and visibility
Located within one of Lake County's most active commercial growth corridors
Whether you're seeking an income-producing investment with future upside or a premier redevelopment site, 16530 Washington St. offers the flexibility, scale, and location to support a wide range of potential commercial, residential, multi-family, senior housing, or storage development opportunities.
Property Facts
| Price | $1,900,000 | Property Subtype | Commercial |
| Sale Type | Investment | Total Lot Size | 10.00 AC |
| No. Lots | 1 | Cross Streets | Cemetery |
| Property Type | Land |
| Price | $1,900,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Total Lot Size | 10.00 AC |
| Cross Streets | Cemetery |
1 Lot Available
Lot
| Price | $1,900,000 | Lot Size | 10.00 AC |
| Price Per AC | $190,000.00 |
| Price | $1,900,000 |
| Price Per AC | $190,000.00 |
| Lot Size | 10.00 AC |
Subject site comprises two 5 acre parcels (owner is looking to sell the combined 10 acres in its entirety) along Washington St. in one of Gurnee's fastest-growing commercial corridors.
Description
This 10-acre commercial site consists of two separate 5-acre parcels and offers a versatile combination of existing improvements and development potential. The property includes multiple storage buildings and a single-family residence, providing existing income-producing and/or functional uses. All utilities are available to the site, further enhancing its suitability for a variety of redevelopment opportunities.
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $152,054 | |
| Land Assessment | $55,033 | Total Assessment | $207,087 |
Property Taxes
Parcel Numbers
Land Assessment
$55,033
Improvements Assessment
$152,054
Total Assessment
$207,087
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16530 Washington