Lake County IOS | Owner-User or Value-Add 3535 Washington St 42,245 SF 100% Leased Industrial Building Gurnee, IL 60031 $10,872,000 CAD ($257.36 CAD/SF)

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3535 Washington Street in Gurnee, Illinois. The subject property consists of approximately 42,245 square feet of space and is situated on 15.18 acres of land (including 13.12 usable acres). Zoned I-2 for general industrial use, the four-building asset features masonry and metal construction, an 17-21’ clear height, four dock-high doors, nine oversized grade-level doors 18’ in width (including four set in a truck well), two regular sized grade-level doors, a full wet sprinkler system inside the main building, and heavy power with 800 amps. Equipped with 4.5 acres of cleared land, the property boasts a 6.4 percent building coverage ratio, making the facility ideal for distribution and logistics, or use as a truck terminal. With proximity to Interstate 94 (2.8 miles away), U.S. Route 41 (0.5 miles away), and the Waukegan National Airport (5.6 miles away), the property offers premier accessibility. For sale as vacant, the property can be acquired for a variety of owner uses or as a lease-up and development opportunity.
The subject property is well-positioned within the large North Lake County submarket, containing 44.2 million square feet of industrial space. In 2025, the submarket experienced a significant rebound in industrial demand as 1.1 million square feet were absorbed on net. With only 44,000 square feet of new deliveries on net, the vacancy rate in North Lake County contracted sharply by 230 basis points to 5.7 percent, comfortably below the 7.7 percent national average (based on the top 50 metros, classes A, B, and C, and minimum 10,000 square feet). The reduction in availability helped to support local rent growth as the average market rate grew by 4.2 percent annually (more than twice the level nationwide). With no construction projects underway in North Lake County, demand will continue to navigate vacancies and rents for the foreseeable future (CoStar).
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