16530 Washington St.

Property Summary

• Exceptional Commercial Development Opportunity with Existing Income 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.

Investment Summary

• 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.