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

    1519 S Il Route 31 McHenry, IL 60050

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $495,000

    Two parcels totaling 1.20 acres near new development.

    Type:General Commercial
    Property size:
    1,890 SF
    Lot size:
    1.20 Acres
    Added:
    Oct 5, 2023
    Days on Market:
    937
    Last Refresh:
    Apr 1 at 9:24 pm

    Property Features for 1519 S Il Route 31

    General Information

    Standard status
    Active
    Size
    1,890 SF
    Lot size
    1.20 Acres
    Property subtype
    General Commercial

    Building Details

    Year Built
    1938

    We can help!

    Listing Contact
    Susan Miller

    Listing agent Susan Miller

    Listing office Dream Real Estate, Inc.

    Listing date Oct 5, 2023

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Dream Real Estate, Inc.

    Overview

    Commercial Land Near New Apartments

    This 1.20-acre property, consisting of two parcels, is zoned for industrial use and presents an opportunity for commercial redevelopment. It is located across from a new apartment complex currently under construction with over 500 units. The location is near a major hotel chain, restaurant, bank, and other commercial developments. One parcel contains a 1,890-square-foot residence with three bedrooms and 1.5 bathrooms, currently used as an income property. The other parcel includes a barn with an office and a freestanding garage. Each parcel has an independent septic system and a shared well. The property is located at 1519 S IL Route 31 and 4404 Hi-Point Road.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Nail Salon Hotel & Motel Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    McHenry
    County
    McHenry
    State
    Illinois
    Longitude
    -88.28283
    Latitude
    42.30636

    Nearby Similar for Sale

    • $350,000

      Professional Office Property For Sale

      Three-unit office property with high visibility and flexible occupancy.
      4901 W Elm Street, McHenry, IL 60050
      View Details
    • $109,900

      Downtown McHenry Commercial Space

      Own your business location in McHenry's established business district.
      3908 Main Street, McHenry, IL 60050
      View Details
    • $269,900

      High-Traffic Commercial Building in McHenry

      Adaptable commercial building on a high-traffic corridor.
      2904 W Il Route 120, McHenry, IL 60051
      View Details
    • $410,000

      Prime Corner Commercial Building

      Spacious commercial building with storefront, office, and garage space.
      3331 W Elm (Rt 120) Street, McHenry, IL 60050
      View Details
    • $400,000

      Commercial Property in McHenry, IL

      Commercial property for sale in McHenry, Illinois.
      1308 Park Street, McHenry, IL 60050
      View Details
    • $239,900

      Two-Unit Home with River Views

      Move-in ready duplex with rooftop deck and Fox River views.
      814 N River Road, McHenry, IL 60051
      View Details
    • $79,000

      Land in Chain O'Lakes Region

      Residential land near Chain O'Lakes with recreational opportunities.
      5207 N Lake Street lot: 29, McHenry, IL 60050
      View Details
    • $490,000

      Legal Three-Unit Building in McHenry

      Three-unit building in McHenry's historic district, built in 1988.
      3807 Main Street, McHenry, IL 60050
      View Details
    • $998,500

      Updated Industrial Building, Divisible Units

      Updated industrial building with flexibility for multiple units in McHenry.
      1717 Oak Drive, McHenry, IL 60050
      View Details
    • $185,000

      Prime 5.5 Acre Land Parcel

      5.5 acre land parcel, build your dream home!
      0 Lot#6 Broadway Street, McHenry, IL 60050
      View Details
    • $2,789,000
      7,035 SF

      Fully Occupied Retail Center

      Anchored retail center with strong tenants and high visibility.
      3501-3523 Diamond Dr, McHenry, IL 60050
      View Details
    • $129,900

      Chain O'Lakes Waterfront Lot

      Waterfront lot with 60 feet of frontage on deep channel.
      609 Monterrey Terrace lot: 32, McHenry, IL 60050
      View Details

    FAQs

    What type of property is this?
    Commercial land - Two parcels totaling 1.20 acres near new development.
    Where is this commercial land located?
    The property is located at 1519 S Il Route 31 McHenry, IL.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Directly across from a new 500+ apartment complex (under construction).; Excellent location for rezoning and commercial redevelopment.; Two parcels totaling 1.20 acres.
    (815) 331-9520
    We can help!
    Listing Contact
    Susan Miller
    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!