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    898 S Rand Rd Long Grove, IL 60047

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    For Sale
    $1,400,000

    Mixed-use building with redevelopment potential in high-traffic Lake Zurich corridor.

    Property size:
    1 SF
    Lot size:
    1.45 Acres

    Property Features for 898 S Rand Rd

    General Information

    Zoning
    B-3
    Size
    1 SF
    Lot size
    1.45 Acres

    Building Details

    Year built
    1950

    Source: Paul Proano Agent Paul Proano

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

    Overview

    Lake Zurich Mixed-Use Redevelopment Opportunity

    Located in Lake Zurich, this 1.45-acre property features a 6,259-square-foot mixed-use building with 124 feet of frontage on Route 12, which sees over 37,000 vehicles daily. The existing structure is 90% occupied and includes four 1-bedroom/1-bath units, four studio units, one 2-bedroom/1-bath unit, and one office unit, generating $100,800 in annual rental income. The B-3 (Regional Shopping District) zoning offers flexibility for investors or developers. Approximately one acre of the land is undeveloped, creating the opportunity to construct an additional building. The zoning allows for commercial or mixed-use development options, making this property suitable for continued residential use, retail, or office expansion. Full on-site utilities are in place. The property is located within Lake Zurich’s primary retail corridor, surrounded by national retailers including Walmart, Costco, Home Depot, ALDI, Binny’s, Starbucks, and the Lake Zurich DMV. The area within a one-mile radius has over 9,100 residents, an average household income exceeding $180,000, and average home values over $500,000. This property is suitable for rental income, redevelopment, or a mixed-use asset.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Long Grove
    County
    Lake
    State
    Illinois
    Longitude
    -88.0504
    Latitude
    42.201

    Nearby Similar for Sale

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      Restaurant and Wine Bar Opportunity

      Restaurant and wine bar with licenses in historic Long Grove.
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    FAQs

    What type of property is this?
    Apartment building - Mixed-use building with redevelopment potential in high-traffic Lake Zurich corridor.
    Where is this apartment building located?
    The property is located at 898 S Rand Rd Long Grove, IL.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - Prime redevelopment opportunity with approximately one acre of undeveloped land.; - Existing mixed-use building generates $100,800 in annual rental income with 90% occupancy and potential for rent increases.; - Located on high-traffic Route 12 with 37,000+ vehicles passing daily, ensuring high visibility.
    (312) 860-4043
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    Long Grove, IL 60047
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    Realmo Value Estimation

    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.

    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.

    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
    898 S Rand Rd Long Grove, IL 60047
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