This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/1
$60,000
This is a carousel with tiles that activate property listing cards. Use the previous and next buttons to navigate.
1/1
Property Description
**Investor Opportunity in Small-Town Downtown District - TIF Incentives Available** Located in the center of a small community business district, this three-unit mixed-use building offers a solid investment opportunity with municipal support for redevelopment through available **Tax Increment Financing (TIF) incentives**. It's an excellent option for those looking to contribute to local revitalization while securing income-producing property. The building includes two main-level office suites that share a common restroom, making them ideal for small businesses, startups, or professional services in need of reasonably priced space with downtown visibility. The second floor features a one-bedroom apartment with a tenant in place through December 2025. The apartment tenant is responsible for gas and electric utilities, while the owner pays for water and trash services. The residential and commercial area is metered separately for gas and electric. The property is serviced by two furnaces and two water heaters, one per floor. With its central location and flexible layout, this building provides great potential for steady income and long-term value. Whether you're expanding your portfolio or launching a new venture, this is a practical opportunity to invest in a growing community with local support for improvement. **Contact us today for more details.**
Full Property Details
Full Property Details for 316 Chicago Rd
General
- Sold For: $60,000
- Taxes: $1,918 (2024)
- Status: Closed
- Type: Commercial
- Source: MRED
- MLS ID: 12405816
- Added to Site: 199 day(s) ago
Interior
- Interior Features: Basement
- Flooring: Carpet, Varies, Vinyl, Other
Location
- Area: Paw Paw
- County: Lee
- Driving Directions: I39 to Chicago Rd east to town.
- Location Details: Far West, Central Business District
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Forced Air, Gas
Utilities
- Onsite: Electricity Available, Natural Gas Available
Structural Information
- Construction: Aluminum Siding, Vinyl Siding
- Exterior Const.: Aluminum Siding, Vinyl Siding
- Foundation: Brick/Mortar, Stone
- Roof: Composition
- Sub-Flooring: Carpet, Varies, Vinyl, Other
- Stories/Levels: 2
- Square Feet: 1,450
- Current Bldg. Use: Commercial
Unit Information
- # Tenants: 2
Lot Features
- Lot Size (Sq. Ft.): 2,560
- Lot Dimensions: 20 x 128
- Frontage: City Street
- Potential Use: Commercial
- Zoning: COMMR
Financial Considerations
- Lease Price: $7
- Tax Amount: $1,918.14
- Tax Year: 2024
- Tenant Pays: Air Conditioning, Electricity, Heat
Disclosures and Reports
- Property ID: 22181042805000
Listed by Swanson Real Estate
Sold by Up Realty LLC
Get Pre-Approved Today
Schools
Schools serving 316 Chicago Rd
School District:Lee Center Community Unit School District 271
| Name | Grades | Distance |
|---|---|---|
Paw Paw Elementary School PO Box 37, Paw Paw, IL 61353 | K-5 | 0.3 mi |
Paw Paw Junior High School PO Box 37, Paw Paw, IL 61353 | 6-8 | 0.3 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 316 Chicago Rd
Date
Details
Price
Change
Source
8/29/2025
Sold
$60,000
-25%
MLS
8/13/2025
Price Reduced
$80,000
-11.11%
MLS
7/31/2025
Price Reduced
$90,000
-10%
MLS
7/01/2025
Listed
$100,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
316 Chicago Road, Paw Paw, IL 61353 (MLS# 12405816) is a Commercial property that was sold at $60,000 on August 29, 2025. Want to learn more about 316 Chicago Road? Do you have questions about finding other Commercial real estate for sale in Paw Paw? You can browse all Paw Paw real estate or contact a Coldwell Banker agent to request more information.

