Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    244 RED OAK Court lot 77 Island Lake, IL 60042

    View on Map
    For Sale
    $49,900

    LAND - Island Lake, IL

    Added:
    Oct 3, 2023
    Days on Market:
    911
    Last Refresh:
    Mar 31 at 8:06 pm

    Property Features for 244 RED OAK Court lot 77

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    SINGL
    Standard status
    Active
    APN
    1517426015

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    568

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Sean Ryan

    Listing agent Sean Ryan License #471000955

    Listing office Ryan and Company REALTORS, Inc 206 S. Main Street, Wauconda, IL

    Listing date Oct 3, 2023

    MLS# 11897329 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.

    Overview

    Land in Prairie Woods Subdivision

    This residential land is located in the Prairie Woods subdivision in Island Lake, Illinois. The property is suitable for building a home with a walk-out basement. It is situated in a private cul-de-sac. The location is served by McHenry schools. The Home Owners Association (HOA) fees are $86 quarterly.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Island Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.201927
    Latitude
    42.290684

    Nearby Similar for Sale

    • $220,000

      Island Lake Commercial Land For Sale

      Commercial land for sale with frontage on high-traffic Route 176.
      108 W State Road, Island Lake, IL 60042
      View Details
    • $599,000

      Island Lake Live/Work Property

      8-9 acre property with house, barn, and garage.
      706 E Burnett Rd, Island Lake, IL
      View Details
    • $29,900

      Residential Land in Island Lake

      Residential land available for building a dream home.
      Park Drive lot: 23, Island Lake, IL 60042
      View Details
    • Contact for pricing
      10,600 SF

      Renovated Retail Building in Island Lake

      Fully renovated retail building occupied by Emerald Dispensary.
      660 E State Rd, Island Lake, IL 60042
      View Details
    • $184,900

      Island Lake Waterfront Land Opportunity

      Waterfront land with 249 feet of lake frontage.
      216 S Shore Drive, Island Lake, IL 60042
      View Details
    • $25,000

      Land in Island Lake, IL

      Six lots of land available in Island Lake, Illinois.
      6 Lots Porten Road, Island Lake, IL 60042
      View Details
    • $2,499,000

      Commercial Land Redevelopment Opportunity

      4.41 acres with retail buildings and high traffic frontage.
      227 East State Rd, Island Lake, IL
      View Details
    • $599,000
      8,000 SF

      Live/Work Property with Barn

      Mixed-use property featuring a house, barn, and storage building.
      706 E Burnett Rd, Island Lake, IL 60042
      View Details
    • $1,500,000

      Island Lake Commercial Land Available

      Highly visible 7.5 acre commercial land for sale.
      NEC Route 176 & Westridge Drive, Island Lake, IL 60042
      View Details

    FAQs

    What type of property is this?
    Land - Residential land suitable for building a home with walk-out basement.
    Where is this land located?
    The property is located at 244 RED OAK Court lot 77 Island Lake, IL.
    What is the asking price?
    The asking price for this property is $49,900.
    What are key features of this property?
    This property features: Great location; Ideal site for a walk‑out basement; Located on a private cul‑de‑sac
    (847) 526-0300
    We can help!
    Listing Contact
    Sean Ryan
    Real Estate License ID: 471000955
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!