15 Main St, Lake Zurich, IL 60047
6,685 SF | 100% Leased | Retail Building | Lake Zurich, IL 60047 | $779,985 ($117/SF) | 7.86% Cap Rate
Asking Price $779,985
- Sale Condition
- Lease Option
- Property Type
-
Retail
- Square Feet
- 6,685 SF
- Price / Square Foot
- $117
Listing Contacts
- Property Info
Property Overview
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 Details
- Class
- C
- Year Built
- 1967
- Stories
- 2
- Property Subtype
- Storefront Retail/Office, Freestanding, Storefront, Storefront Retail/Residential
- Lot Size (sq. ft)
- 7,841 SF
Highlights
- Streamlined permit processing with the Lake Zurich municipality facilitates smooth development processes
- Property designation within TIF district #2 provides potential incentives for redevelopment initiatives, leveraging tax increment financing
- Prime for redevelopment, with adjacent new constructions signaling area growth and potential opportunities
- Adjacency to the bustling Main Street Commercial District, a hub of rapid development
- Proximity to a signalized four-way intersection simplifies access to the property
- Strategic location near the highly lucrative Route 12/Rand Road commercial corridor promises significant business opportunities
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