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Mario Bilotas

mario@fourdaughtersrealestate.com +1(847) 886-4663

$ 1,400,000

Est. payment -/mo

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Active

898 S Rand RD Lake Zurich, IL 60047

6,259 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family 5+

Listing Status Active

Purchase Type For Sale

Square Footage 6,259 sqft

Price per Sqft $223

MLS Listing ID 12392996

Maintenance Fees $4,788

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

Area Hawthorn Woods / Lake Zurich / Kildeer / Long Gro

Zoning MULTI

Interior

Cooling Window Unit(s)

Fireplace N

Exterior

Utilities Available Water Available

Roof Type Composition

Building

Dwelling Type Multi Family 5+

Water Community Water

Structure Type Brick,Other,Aluminum Siding

Others

HOA Fee Include None

Listed by Paul Proano of Coldwell Banker Commercial NRT

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MY BLOGS

THE FRONT PORCH SWING

Oh, the memories. I remember my girls spending countless hours swinging front to back and side to side, hanging out with the neighborhood kids, splashing with the water hose, or crafting top-secret plans with their imaginations. It was awesome. How times have changed. With my two youngest girls slowly nearing college graduation and my older girls working hard in their careers, the days of simple life are taken over by group texts and long-distance daily check-ins. It's just not the same.

less is more, unless, it's for less.

Each day, I'd get my MLS home showing sheets ready, the electronic key card that opens lock-boxes, get dressed with minutes turning into seconds frantically starring at the time ticking away. All ready but just need to ...find ....one matching sock.

Contact Us

Phone

+1(847) 886-4663

mario@fourdaughtersrealestate.com

Address

205 W. Miner Street, Arlington Heights, IL, 60005