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.
| Property Type | Retail |
|---|---|
| Property Use | Rental or Investment |
| Year Built | 1967 |
| Level Number | 2 |
| Average Floor Size | 3,342 |
| Lot Dimensions | 44X137 |
| Max Continuous Area | 4,160 |
| Min Divisible Area | 863 |
| Sub-Lease | 5 |
| Zoning | B-2 |
| Tax Year | 2022 |
| Cap Rate Percentage | 7.6 |
| Common Area Factor | 1 |
| Average Daily Rate | 84 |
| Listing ID | EBPDRG |
| MLS ID | 12006867 |
| Style | Retail - Free Standing |
| Building Size | 6,685 SF |
| Lot Size | 8150 SF |
| Taxes | $14,423 |
Area 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
Region: Northwest
Region: Illinois - Northeast
Region: 7 South Central United States
Region: America/Midwest
| Parking Ratio: | 1.23 |
| Parking Places: | 10 |
| Sewer: | City |
| Appliances: | Range / Oven, Dishwasher, Refrigerator, Double Oven |
| Community Type: | Adult, 55+ Community |
| Cooling: | Central A/C |
| Exterior: | Sidewalk |
| Exterior Description: | Wood Siding, Cement Siding, Stone |
| Area Amenities: | Boating, Outdoor Activities, Area Fishing |
| General: | Storage Area |
| Heating Type: | Forced Air |
| Area Description: | Suburban |
| Flooring: | Wall to Wall Carpet |
| Heating - Fuel Type: | Electric, Gas |
| Water: | City Water |
| Road Type: | City / Town Street |
| Lot Description: | Corner |
| Age: | Over 50 Years Old |
| Body of Water: | Lake |
| Lot Size: | Under 1/2 Acre |
| Garage Description: | Attached Garage |
| Exterior Living Space: | Deck |
| Down Payment: $200,000 |
| Gross Income: $101,991 |
| Expenses: $38,874 |
| Loan Payment: $600,000 |
| Fully Leased Income: $61,317 |
| Cash Flow: $14,888 |
Suite: APARTMENTS SECOND FLOOR
1,262 Square Feet
$1.79 SF/Year
Suite: RETAIL GROUND FLOOR
4,160 Square Feet
$17.00 SF/Year