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3 S Old Rand Road, Lake Zurich, IL 60047
$800,000
3 S Old Rand Road, Lake Zurich, IL 60047View this property at 3 S Old Rand Road, Lake Zurich, IL 60047
3 S Old Rand RoadLake ZurichIL60047
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Property Description
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.
Full Property Details
Full Property Details for 3 S Old Rand Rd
General
- Price: $800,000
- Taxes: $14,423 (2022)
- Status: Active
- Type: Commercial
- MLS ID: 12006867
- Updated: 3/24/2024
- Added to Site: 42 day(s) ago
Interior
- Interior Features: Multi-Tenant, Private Restroom(s), Public Restroom(s), Storage Inside, Basement
- Flooring: Carpet
Additional Information
- Security/Safety: Fire Extinguisher(s)
Parking
- Parking Features: 6 to 12 Spaces
Location
- Area: Hawthorn Woods / Lake Zurich / Kildeer / Long Grove
- County: Lake
- Township: Ela
- Driving Directions: Off 22/half day rd go north corner of West Main St and Old Rand Rd.
- Location Details: Central Business District, Commercial Business Park, Corner, Mixed-Use Area, Water View
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Forced Air
Utilities
- Trash: 816
- Onsite: Electricity to Site, Gas to Site, Municipal Water, Water to Site
Structural Information
- Exterior Const.: Combination
- Drive-In Doors: 1
- Sub-Flooring: Carpet
- Stories/Levels: 2
- Square Feet: 6,685
- Current Bldg. Use: Commercial
- Year Built: 1967
Unit Information
- # Tenants: 2
- Extra Storage Avail: Yes
Lot Features
- Lot Size (Sq. Ft.): 8,150
- Lot Dimensions: .25
- Frontage: City Street, Signal Intersection
- Zoning: RTAIL
Financial Considerations
- Lease Price: $17
- For Sale/Rent/Lease: For Sale or Rent
- Insurance Fee: $4,003
- Operating Expenses: $38,874
- Other Fee: $10,643
- Security Deposit: Fire Extinguisher/s
- Assessment Year: 1967
- Tax Amount: $14,423
- Tax Year: 2022
- Tenant Pays: Air Conditioning, Common Area Maintenance, Electricity, Heat, Operating Stops, Taxes, Insurance, Scavenger, Tax Stops, Sewer
- Pays Electric: 4800
- Pays Trash: 816
Disclosures and Reports
- Documents Avail.: Demographics, Tax Bill, Traffic Counts, Operating Statement
- Property ID: 14201030010000
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Schools
Schools serving 3 S Old Rand Rd
School District:Lake Zurich Community Unit School District 95
Rating | Name | Grades | Distance |
---|---|---|---|
100 Church St, Lake Zurich, IL 60047 | PK-5 | 0.4 mi | |
95 Hubbard Ln, Hawthorn Wds, IL 60047 | 6-8 | 2 mi | |
300 Church St, Lake Zurich, IL 60047 | 9-12 | 0.7 mi |
Disclaimer: School ratings provided by
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Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 3 S Old Rand Rd
Date
Details
Price
Change
Source
3/17/2024
Listed
$800,000
77.78%
MLS
6/27/2012
Sold
$450,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 3 S Old Rand Rd
Year
Property Taxes
Change
Tax Assessment
Change
2023
$14,423
3%
$186,680
2%
2022
$13,940
2%
$183,073
3%
2021
$13,689
2%
$178,381
—
2020
$13,476
—
$178,381
1%
2019
$13,476
2%
$176,825
3%
2018
$13,192
1%
$172,377
1%
2017
$13,021
2%
$170,299
3%
2016
$12,785
1%
$164,907
5%
2015
$12,635
-3%
$157,069
—
2014
$13,086
5%
$157,069
-2%
2013
$12,463
5%
$159,606
3%
2012
$11,840
—
$154,619
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 3 S Old Rand Rd
3 S Old Rand Road, Lake Zurich, IL 60047 (MLS# 12006867) is a Commercial property. 3 S Old Rand Road is currently listed for $800,000 and was received on March 17, 2024. This property is listed by Paul Proano from our McMullen/O'Hare Office.Want to learn more about 3 S Old Rand Road? Do you have questions about finding other Commercial real estate for sale in Lake Zurich? You can browse all Lake Zurich real estate or contact a Coldwell Banker agent to request more information.