$1,400,000

898 S Rand Road, Lake Zurich, IL 60047

  • 6,259 sqft
  • Property Icon Commercial Property
  • Property Year Built Icon Built in 1950
  • Property Lot Size Icon1.45acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $224/sqft
  • Property List Date Icon Listed 2 months ago

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.

Listing Status:
Active
Listing Office:
Coldwell Banker Commercial NRT : 312-860-4043
Listing Agent:
Paul Proano : 312-860-4043
MLS ID:
12392996
  • A/C: Window Unit(s)
  • Roofing: Composition
  • Road/Access: PavedFrontage Road
  • HOA Amenities: None
  • Originating MLS: mred
  • County: Lake
  • Zoning: MULTI14204040280000
  • Current Use: Multi-Family
  • Utilities: Water AvailableSeparate Meters
  • Water: Community Water
  • Source: mred

This listing courtesy of Paul Proano, Coldwell Banker Commercial NRT

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

I

Isaac Fox Elementary School

395 W Cuba Rd, Lake Zurich, IL, 60047

Grades KG-5

0.58 miles away

L

Lake Zurich Middle School South

435 W Cuba Rd, Lake Zurich, IL, 60047

Grades 6-8

0.62 miles away

L

Lake Zurich High School

300 Church St, Lake Zurich, IL, 60047

Grades 9-12

1.45 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.