Elgin Development
For Sale
$200,000
880 Summit St, Elgin, IL 60120
Approved for residential and retail development in Elgin, Illinois.
Property Size17,000 SF
Price / SF$11.76
Days on Market163
Property Features for 880 Summit St
General Information
Standard status
Active
Size
17,000 SF
Property subtype
Mixed-Use
Amenities
STARTING BID $200,000 | 7.11 Acre Chicago MSA Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | AUCTION SEPTEMBER 22-24
±7.11-acre development site in Elgin, Illinois, approximately 35 miles northwest of Chicago.
Previously approved mixed-use development plan for approximately 150 residential units, ±17,000 SF of retail space, and 312 parking spaces.
Surrounded by established retail including Jewel-Osco, Aldi, Walgreens, O'Reilly Auto Parts, Dunkin', 7-Eleven, Chase, Anytime Fitness, Subway, Taco Bell, and Fifth Third Bank.
Main east-side Elgin commercial corridor location with full ingress/egress from Summit Street and Waverly Drive with traffic counts exceeding 18,000 vehicles per day.
Public utilities available including sanitary sewer, storm sewer, and gas, offering a head start for future development planning.
Strong infill demand with low apartment vacancy rate representing an extremely tight rental market (1.8% as of February 2026).
Attractive demographics with 181,580 residents within 5 miles, $111,408 average household income, and 166,917 daytime population.
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Brian Parmacek · License #License(s): IL: 475.132220
(312) 624-7010
Source:
Marcusmillichap
Added: Mar 27
Changed: Aug 31
Last Checked: Sep 5 at 4:02AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
This property in Elgin, Illinois, has been previously approved for the construction of approximately 150 residential units and approximately 17,000 square feet of retail space, along with 312 parking spaces. The original plan included five buildings, with two buildings along Summit Street, each featuring a retail component, and three interior buildings. The zoning is PAB (Planned Area Business), a specialized district designed for commercial developments of at least two acres. This zoning allows for deviations from standard AB (Area Business) zoning regulations concerning aspects such as parking, landscaping, and building height requirements. These districts are often utilized for planned shopping centers. As of February 2026, the apartment vacancy rate in Elgin, Illinois, is approximately 1.8%, indicating a very tight rental market.
Key Highlights
- Approved for approximately 150 residential units, 17,000 sq ft of retail space, and 312 parking spaces.
- Located in Elgin, IL, which has an extremely tight rental market with a 1.8% apartment vacancy rate (as of February 2026).
- Zoned PAB (Planned Area Business), allowing for commercial developments.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
Explore this area
Business Placement
Demographics for 60120, IL
50,799
Population
17,112
Households
3
Avg Household Size
35
Median Age
19%
College-Educated
74%
High-School Grad
17.4 sq mi
ZIP Area
2,919
Density / Sq Mi
$80,305
Median Household Income
$37,495
Median Earnings
$1,250
Median Rent
$227,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Approved for residential and retail development in Elgin, Illinois.
Where is this commercial land located?
The property is located at 880 Summit St Elgin, IL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Approved for approximately 150 residential units, 17,000 sq ft of retail space, and 312 parking spaces.; Located in Elgin, IL, which has an extremely tight rental market with a 1.8% apartment vacancy rate (as of February 2026).; Zoned PAB (Planned Area Business), allowing for commercial developments.
