Price Improved I Downtown Lake Zurich 3 S Old Rand Rd

6,685 SF 100% Leased Retail Building Lake Zurich, IL 60047 $754,985 ($113/SF) 8.12% Cap Rate

INVESTMENT HIGHLIGHTS

  • Streamlined permit processing with the Lake Zurich municipality facilitates smooth development processes
  • Prime for redevelopment, with adjacent new constructions signaling area growth and potential opportunities
  • Proximity to a signalized four-way intersection simplifies access to the property
  • Property designation within TIF district #2 provides potential incentives for redevelopment initiatives, leveraging tax increment financing
  • Adjacency to the bustling Main Street Commercial District, a hub of rapid development
  • Strategic location near the highly lucrative Route 12/Rand Road commercial corridor promises significant business opportunities

EXECUTIVE SUMMARY

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.

DATA ROOM Click Here to Access

FINANCIAL SUMMARY (PRO FORMA - 2025)

ANNUAL ANNUAL PER SF
Gross Rental Income $97,388 $14.57
Other Income $11,420 $1.71
Vacancy Loss $6,817 $1.02
Effective Gross Income $101,991 $15.26
Taxes $14,422 $2.16
Operating Expenses $26,252 $3.93
Total Expenses $40,674 $6.08
Net Operating Income $61,317 $9.17

PROPERTY FACTS

Sale Type
Investment or Owner User
Sale Conditions
Lease Option
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
6,685 SF
Building Class
C
Year Built
1967
Price
$754,985
Price Per SF
$113
Cap Rate
8.12%
NOI
$61,317
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.85
Lot Size
0.18 AC
Zoning
B-2 - The B-2 Central Business District is located in the center of the Village. It is intended to serve the entire Lake Zurich suburban community with a wi
Parking
5 Spaces (0.75 Spaces per 1,000 SF Leased)
Frontage
137 FT on Main St

AMENITIES

  • Corner Lot
  • Signalized Intersection
  • Tenant Controlled HVAC
  • Roof Terrace
  • Storage Space
  • Air Conditioning
Walk Score®
Very Walkable (71)

NEARBY MAJOR RETAILERS

CrossFit Lykos
RentalMax
Starbucks
Original Pancake House
McAlister's Deli
Burn Boot Camp
Trader Joe's
Bank of America
Jewel-Osco
Chase

PROPERTY TAXES

  • Listing ID: 31279005

  • Date on Market: 3/20/2024

  • Last Updated:

  • Address: 3 S Old Rand Rd, Lake Zurich, IL 60047