Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land in Fox Lake Title is generated by Realmo AI

    21 Hillside Drive, Fox Lake, IL 60020

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $299,900

    LAND - Fox Lake, IL

    Lot size:
    2.10 Acres
    Added:
    May 13, 2025
    Days on Market:
    389
    Last Refresh:
    Jun 5 at 2:06 am

    Property Features for 21 Hillside Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active Under Contract
    APN
    05103010350000
    Lot size
    2.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    7691

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Jeffrey Bell
    Jeffrey Bell

    Listing agent Jeffrey Bell License #475095372

    Listing office RE/MAX Plaza 5445 Grand Avenue Ste. 200, Gurnee, IL

    Listing date May 13, 2025

    MLS# 12364417 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2 acres of commercial land with B‑2 zoning in Fox Lake.
    • All utilities available on‑site (water and sewer).
    • High visibility corner lot with frontage on Rollins Rd. and Hillside Dr.
    • Mostly level land with no floodplain or wetlands.
    • Existing curb cuts for easy access.
    • Three lots that can be sold separately.

    Overview

    This property features three lots totaling 2 acres with road frontage. All utilities, including water and sewer, are available to the site. The land is mostly level, with no floodplain or wetlands, and includes existing curb cuts. The property fronts Rollins Rd. and Hillside Dr., including a corner lot with high visibility. It is located in a mixed-use area, with high-density multi-family buildings, an office building, and a NAPA Auto Parts store nearby. Zoned B-2 (commercial) in the village of Fox Lake, the property is situated just outside the downtown area and near the movie theater. The three lots can be sold separately. The property has lots of possibilities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fox Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.177903
    Latitude
    42.393356

    Nearby Similar for Sale

    • $950,000

      Historic Lakefront Mixed-Use Property

      Iconic Fox Lake landmark with multiple income streams.
      115 Nippersink Road, Fox Lake, IL 60020
      View Details
    • $399,900

      Commercial Property in Fox Lake

      Commercial property for sale in Fox Lake, Illinois.
      21 S US Highway 12, Fox Lake, IL 60020
      View Details
    • $2,500,000

      Prime Commercial Land, Fox Lake

      Excellent location for redevelopment or utilizing existing warehouse building.
      90 S Us Highway 12, Fox Lake, IL 60020
      View Details
    • $399,900
      440 SF

      Highway 12 Investment Opportunity

      Four-unit building on Highway 12, ideal for investors.
      21 S US Highway 12, Fox Lake, IL 60020
      View Details
    • $550,000

      Lakefront Rental Property in Fox Lake

      Fully furnished 5-unit property on Nippersink Lake.
      117 Nippersink Road, Fox Lake, IL 60020
      View Details
    • $159,999

      Waterfront Land in Gated Community

      4.24 acre waterfront land parcel in Fox Lake, IL.
      6800 State Park Road, Fox Lake, IL 60020
      View Details
    • $24,500

      Waterfront Land Near Chain O'Lakes

      Two lots including waterfront access to Chain O'Lakes.
      1023 Hooks Lane, Fox Lake, IL 60050
      View Details
    • $260,000

      Fox Lake Land For Sale

      Commercial land available in Fox Lake, Illinois.
      160 N US Highway 12, Fox Lake, IL 60020
      View Details
    • Contact for pricing

      Fox Lake Boat Slips Rental

      Boat slips for rent with access to Chain O Lakes.
      8300 Reva Bay Lane, Fox Lake, IL 60020
      View Details
    • Contact for pricing

      Fox Lake Boat Slips Rental

      Boat slips for rent with access to Chain O Lakes.
      8300 Reva Bay Lane, Fox Lake, IL 60020
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2 acre commercial land with utilities and road frontage.
    Where is this commercial land located?
    The property is located at 21 Hillside Drive Fox Lake, IL.
    What is the asking price?
    The asking price for this property is $299,900.
    What are key features of this property?
    This property features: 2 acres of commercial land with B‑2 zoning in Fox Lake.; All utilities available on‑site (water and sewer).; **High visibility corner lot with frontage on Rollins Rd. and Hillside Dr.**
    (847) 596-6100
    We can help!
    Listing Contact
    Jeffrey Bell
    Jeffrey Bell
    Real Estate License ID: 475095372
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    21 Hillside Drive, Fox Lake, IL 60020
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!