Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    7220 State Park Rd Fox Lake, IL 60020

    Sponsored
    Picture of Residential land & home lots at State Park Rd 7220, Fox Lake, IL
    For Sale
    $3,900,000

    LAND - Fox Lake, IL

    Property size:
    7,000 SF
    Lot size:
    102.35 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 20 at 3:06 am

    Property Features for 7220 State Park Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    01283000600000
    Size
    7,000 SF
    Lot size
    102.35 Acres

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    Kate Fanselow

    Compass Real Estate

    Listing agent Kate Fanselow (773) 621-4597

    Listing date Feb 17, 2026

    MLS# 12569637

    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.

    Learn more

    Property Insight Report

    Overview

    Fox Lake Development Opportunity

    This property presents a development opportunity with 102 acres of land suitable for residential development. The land is located in the Chain-O-Lakes area and is currently a golf course featuring rolling hills and mature trees. The property is zoned R-3, which allows for single-family and multi-family housing. The location offers proximity to amenities such as shopping, restaurants, highways, and a hospital, as well as recreational activities related to lake life. A 7,000-square-foot clubhouse is located on the property, with capacity to entertain over 200 guests. The clubhouse could serve as a community space or a sales office. The property is located in Fox Lake, Illinois.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Parts Store Kitchen & Bath Showroom Food Market Accounting Firm HVAC Service Storage Facility Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Fox Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.1961781
    Latitude
    42.4337703

    Nearby Similar for Sale

    • $549,873
      0.24 Acres

      Fox Lake Waterfront Multi-Unit Property

      Multi-unit property with 40 feet of lake frontage.
      50 N Lk Ave, Fox Lake, IL 60020
      View Details
    • $50,000

      Waterfront Lot on Chain O'Lakes

      Waterfront lot with private pier on Chain O'Lakes.
      411 Kings Rd, Fox Lake, IL 60020
      View Details
    • New
      $399,900
      440 SF

      Highway 12 Investment Opportunity

      Four-unit building on Highway 12 in Fox Lake, Illinois.
      21 S Us Highway 12, Fox Lake, IL 60020
      View Details
    • $499,500
      0.21 Acres

      Commercial Building in Fox Lake

      High visibility commercial building with flexible B3 zoning.
      400 Washington St, 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 Unit, 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 Unit, Fox Lake, IL 60020
      View Details
    • Contact for pricing
      1,444 SF

      Move-In Ready Townhome in Fox Lake

      Well-maintained 2-bedroom, 2-bath ranch-style townhome built in 2018.
      7085 Hidden Green Cir, Fox Lake, IL 60020
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 102 acres of land for residential development in Fox Lake.
    Where is this residential land & home lot located?
    The property is located at 7220 State Park Rd Fox Lake, IL.
    What is the asking price?
    The asking price for this property is $3,900,000.
    What are key features of this property?
    This property features: - 102 acres of land in the Chain-O-Lakes area, ideal for residential development.; - Zoned R-3, allowing for single-family and multi-family housing.; - Village of Fox Lake provides full support for development.
    (773) 621-4597
    Request Owner's contact information
    7220 State Park Rd Fox Lake, IL 60020
    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.
    7220 State Park Rd
    Fox Lake, IL 60020
    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
    7220 State Park Rd Fox Lake, IL 60020
    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

    We can help!
    Listing Contact
    Kate Fanselow
    Real Estate License ID: 475191348
    (773) 621-4597 (847) 306-6158
    Learn more
    Google sign-in failed. Please try again or use another login method.