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$ 841,000
Est. payment | /mo
3,000 SqFt
$ 841,000
Est. payment | /mo
3,000 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 3,000 sqft
Price per Sqft $280
MLS Listing ID 12313094
Year Built 1923
Annual Tax Amount $14,031
Tax Year 2023
Lot Dimensions 235X31X224X90
Property Sub-Type Mixed Use
Property Description
Located at the gateway to Mundelein and on the edge of its growing downtown, this fully leased, turn-key investment offers over 3,000 square feet of income-generating space within the flexible C5-C zoning district. These two freestanding, two-unit buildings present an exceptional opportunity for investors seeking strong cash flow in a prime location. 914 Lake Street is a mixed-use property featuring a commercial unit on the ground floor and a residential apartment above. The commercial space offers a thoughtfully designed layout with artistic touches, three restrooms (two ADA-compliant), and ramped access. A welcoming outdoor deck enhances its appeal. The upper-level residential unit is a spacious, multi-level apartment with a well-appointed bedroom, a luxurious en suite bathroom, and an in-unit washer and dryer. Currently leased, this unit provides reliable rental income. The entire property underwent a full renovation in 2018, including updates to the roof, mechanicals, and finishes. Additional features include a hardwired security system, fire monitoring, and pre-wiring for cable/internet connectivity. 918 Lake Street was a fully updated in 2024. This two-unit residential building is now fully leased. Unit A is a large one bedroom unit. Unit B is a two story, two bedroom unit. Both fully renovated. This property offers an excellent investment opportunity with strong rental income. Situated on Route 45 (Lake Street), this property enjoys high visibility with approximately 16,000 vehicles passing daily (per IDOT). With its strategic location near major intersections, new developments, and the METRA station, this is a prime opportunity to invest in Mundelein's evolving landscape. Both buildings benefit from ample on-site parking, making them well-suited for tenants and business operations. The flexible C5-C zoning allows for continued residential use or potential commercial adaptation in the future. Additionally, 918 Lake Street may qualify for Mundelein's Business Incentive Grant (BIG Program), which reimburses up to 50% of eligible exterior and select interior improvements (up to $25,000). Separately, some businesses may qualify for the Village of Mundelein's STAR Grant, too. For inquiries regarding zoning Grant Program eligibility, contact Mundelein's Community Development and Planning Department. Owner will not separate lots.
Location
State IL
County Lake
Area Ivanhoe / Mundelein
Zoning OTHER
Interior
Cooling Central Air, Central Individual
Fireplace N
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Municipal
Building
Dwelling Type Mixed Use
Level or Stories 2
Structure Type Frame
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Listed by Erich Schwenk • The Pineapple Brand Company
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "