Prime Corner Lot Location I Mixed Use Building I TIF

3 South Old Rand Rd, Lake Zurich, IL

$800,000

Price

7.6%

Cap Rate

$61,317

NOI

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Overview
Cap Rate
7.6%
NOI
$61,317
Building Size
6,685 sqft
Lot Area
8,150 sqft
Units
5
Year Built
1967
Zoning
B-2
MlsNumber
12006867
Floors
2
Parking Spots
10
Parking Ratio
1.23
Description

Conveniently located in a thriving community, this property enjoys proximity to various amenities and attractions. Enhanced by a beautiful deck upstairs, providing versatile outdoor space ideal for various businesses to utilize and enhance customer experience. With a median household income of $127,330 within a 1-mile radius and low Lake County taxes, the area offers a favorable environment for both tenants and businesses

ATTENTION ALL INVESTORS OR SMALL BUSINESS OWNERS! Welcome to 3 S Old Rand Rd, a lucrative mixed-use development opportunity perfectly suited for investors and small business owners looking to make their mark in Downtown Lake Zurich, IL. With the current B-2 zoning this property offers opportunities whether you envision a cozy cafe, boutique retail shop, or professional office space, the possibilities are endless. Conveniently located in a thriving community, this property enjoys proximity to various amenities and attractions. The first floor offers 4,149 SF retail or office space which is currently a retail music store on a month to month lease and could vacate within 60 days or sign a short term lease. The building offers a 840 SF basement currently being used as storage for the first floor retail space. Upstairs, discover an additional approximately 1,200 rentable square feet of apartment living divided into 2-studio apartments and 2-(1)one-bedroom/(1)one bathroom apartments. Enhanced by a beautiful deck upstairs, providing versatile outdoor space ideal for various businesses to utilize and enhance customer experience. Currently only two out of the four units are operating as Airbnb units, generating steady additional income with potential for more. Investors can also take advantage of this strong rental market and generate steady income by renting the four apartment units on the second floor.

Highlights
  • Lot Dimension: 44X137
  • Tax Roll Number: 1420103001
  • Annual Tax: $ 14423.0
  • Average Floor Size: 3342.0
  • Average Occupancy Rate: 84.0
  • Cash Flow: 14888.0
  • Fully Leased Income: $ 61317.0
  • Gross Income: $ 101991.0
  • Max Contiguous Area: 4160.0
  • Min Divisible Area: 863.0
  • Age: Over 50 Years Old
  • Appliances: Refrigerator
  • Area Amenities: Outdoor Activities
  • Area Description: Suburban
  • Body Of Water: Lake
  • Community Type: Adult
  • Cooling: Central A/C
  • Exterior: Sidewalk
  • Exterior Description: Wood Siding
  • Exterior Living Space: Deck
  • Flooring: Wall to Wall Carpet
  • Garage Description: Attached Garage
  • General: Storage Area
  • Heating Fuel Type: Gas
  • Heating Type: Forced Air
  • Lot Description: Corner
  • Lot Size: Under 1/2 Acre
  • Road Type: City / Town Street
  • Sewer: City
  • Water: City Water
Documents
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Listing ID: 618c5b37-2eb0-4118-9614-05bcc1da6ec0
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