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Listed by Paul Proanoof Coldwell Banker Commercial NRT
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Est. payment | /mo
6,259 SqFt
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Est. payment | /mo
6,259 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 6,259 sqft
MLS Listing ID 12392996
Year Built 1950
Annual Tax Amount $16,235
Tax Year 2023
Lot Size 1.450 Acres
Lot Dimensions 185x50x59x300x185x306
Property Sub-Type Multi Family 5+
Property Description
Discover a premier multi-family and redevelopment opportunity in the heart of Lake Zurich. Located at 898 S Rand Road, this 1.45-acre property features a 6,259-square-foot mixed-use building with 124 feet of frontage along the high-traffic Route 12 corridor, where over 37,000 vehicles pass daily. The existing structure is currently almost fully occupied and includes a unit mix of four 1-bedroom/1-bath units, four studio units, one 2-bedroom/1-bath unit, and one office unit, collectively generating $100,800 in annual rental income with upside potential through rent increases or reconfiguration. Zoned B-3 (Regional Shopping District), the site offers exceptional flexibility for investors or developers seeking long-term value and cash flow. Approximately one acre of the land remains undeveloped, creating the opportunity to construct an additional building to maximize density and returns. The zoning allows for a wide range of commercial or mixed-use development options, making this property ideal for continued residential use, retail, or office expansion. Full on-site utilities are in place, further simplifying the development process. Strategically positioned within Lake Zurich's primary retail corridor, the property is surrounded by major national retailers including Walmart, Costco, Home Depot, ALDI, Binny's, Starbucks, and the Lake Zurich DMV. This dynamic location ensures strong visibility, high foot traffic, and sustained tenant demand. Area demographics within a one-mile radius further enhance investment appeal, with over 9,100 residents. Whether you're seeking stable rental income, a prime redevelopment opportunity, or a flexible mixed-use asset in a high-growth suburban market, 898 S Rand Road delivers a compelling investment case with immediate performance and long-term upside.
Location
State IL
County Lake
Zoning MULTI
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
Utilities Available Water Available
View Y/N true
Roof Type Composition
Building
Water Community Water
Structure Type Brick,Other,Aluminum Siding
Others
HOA Fee Include None
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