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    Lake Summerset Lakefront Lot Title is generated by Realmo AI

    1551 Pier Drive, Davis, IL 61019

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    Claim this Listing
    For Sale
    $198,500

    LAND - LAKE SUMMERSET, IL

    Lot size:
    0.47 Acres
    Added:
    Mar 12, 2026
    Days on Market:
    81
    Last Refresh:
    May 31 at 1:06 pm

    Property Features for 1551 Pier Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    0506427007
    Lot size
    0.47 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    CORRECTED FINAL PLAT 2 OF LAKE SUMMERSET-SAYBROOK SEC 7 LOT 1551
    Tax Annual Amount
    1785

    We can help!

    Listing Contact
    Don Morgan
    Don Morgan

    Listing agent Don Morgan License #471013558

    Listing office Morgan Realty, Inc. 13965 Best Rd, Davis, IL

    Listing date Mar 12, 2026

    MLS# 202601348 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Lakefront lot in Lake Summerset with improved shoreline and south‑facing views.
    • Enjoy access to Lake Summerset's amenities: fishing, beaches, water skiing, and boating.
    • 24/7 manned, guarded entry gate ensures security.
    • Almost 1/2 acre lot, 110' wide, allowing for flexible home design.
    • Easy access to exits and located in the Durand School district.
    • Convenient location: 90 minutes from O'Hare Airport and 55 minutes from Madison.

    Overview

    This lakefront lot is located in Lake Summerset, Illinois. The property is almost 1/2 acre and features an improved shoreline with south-facing sightlines across the lake's broadest expanse. It offers easy access to the exits and is located in the Durand School district. The lot has a slight slope down to the water from the road and is 110' wide, accommodating most home configurations. While there is no requirement to build, the property allows for dock installation. Lake Summerset is known for its fishing, including trophy muskies and bass. Community amenities include two beaches, water skiing, tubing, and areas for pontoons. The community provides a 24/7 manned, guarded entry gate for security. Additional features include private campgrounds, forty parks (twelve waterfront), two marinas, and a seasonal outdoor pool. The community offers well-maintained homes and grounds, high-quality drinking water, underground utilities, and a dark sky environment. It is located 90 minutes from O'Hare Airport and 55 minutes from Madison.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Auto Repair Shop Gym & Fitness Center Hotel & Motel Department Store Bar & Pub Food Market Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Davis
    County
    Stephenson
    State
    Illinois
    Longitude
    -89.38373
    Latitude
    42.45183

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    FAQs

    What type of property is this?
    Waterfront Land - Almost 1/2 acre lakefront lot with improved shoreline.
    Where is this waterfront land located?
    The property is located at 1551 Pier Drive Davis, IL.
    What is the asking price?
    The asking price for this property is $198,500.
    What are key features of this property?
    This property features: Lakefront lot in Lake Summerset with improved shoreline and south‑facing views.; Enjoy access to Lake Summerset's amenities: fishing, beaches, water skiing, and boating.; 24/7 manned, guarded entry gate ensures security.
    (815) 262-8952
    We can help!
    Listing Contact
    Don Morgan
    Don Morgan
    Real Estate License ID: 471013558
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    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.

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    1551 Pier Drive, LAKE SUMMERSET, IL 61019
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