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    Lake Carroll Golf Course Lot Title is generated by Realmo AI

    23-5 Lake Carroll Boulevard, Lake Carroll, IL 61046

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    LAND - LAKE CARROLL, IL

    Lot size:
    1.49 Acres
    Added:
    Jan 15, 2026
    Days on Market:
    136
    Last Refresh:
    May 31 at 9:06 pm

    Property Features for 23-5 Lake Carroll Boulevard

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    010507123005
    Lot size
    1.49 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lot 5 Section 23 Broadview Estates Lake Carroll 01-07-023-005
    Tax Annual Amount
    87

    Utilities

    Water source
    Well

    We can help!

    Listing Contact
    GARY SHELLHAUSE
    GARY SHELLHAUSE

    Listing agent GARY SHELLHAUSE License #471003861

    Listing office Fawn Ridge Real Estate Co. 3-203 ASSOCIATION DRIVE, Lake Carroll, IL

    Listing date Jan 15, 2026

    MLS# 202600248 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

    • 1.49‑acre golf course lot ON THE 10TH FAIRWAY of the Lake Carroll golf course.
    • Access to Lake Carroll's private 640‑acre lake and recreational community amenities.
    • Close proximity to the Clubhouse and east marina.
    • Located in Lake Carroll, a private lake and recreational community with an 18‑hole golf course, aquatic center, and restaurant.
    • Access to 14 miles of ATV and snowmobile trails, campground, and equestrian facilities.
    • Suitable for a full‑time residence or weekend retreat.

    Overview

    This 1.49-acre lot is situated on the Lake Carroll golf course, offering views of the 10th fairway. The property is located within walking distance or a short ride to the Clubhouse and near the east marina. Lake Carroll is a private lake and recreational community centered around a 640-acre private lake and an 18-hole golf course with clubhouse and restaurant. Residents have access to an aquatic center, 14 miles of ATV and snowmobile trails, a campground, and equestrian facilities. This property is suitable for building a full-time residence or a weekend retreat to enjoy the Lake Carroll lifestyle. It is located approximately 2 hours west of Chicago. All property sales are subject to LCA transfer fee. All lot sizes are approximate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Restaurant Real Estate Agency Law Firm HVAC Service Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Carroll
    County
    Carroll
    State
    Illinois
    Longitude
    -89.857799
    Latitude
    42.176229

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    FAQs

    What type of property is this?
    Recreation land - 1.49-acre golf course lot near Lake Carroll amenities.
    Where is this recreation land located?
    The property is located at 23-5 Lake Carroll Boulevard Lake Carroll, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: 1.49‑acre golf course lot ON THE 10TH FAIRWAY of the Lake Carroll golf course.; Access to Lake Carroll's private 640‑acre lake and recreational community amenities.; Close proximity to the Clubhouse and east marina.
    (815) 238-4368
    We can help!
    Listing Contact
    GARY SHELLHAUSE
    GARY SHELLHAUSE
    Real Estate License ID: 471003861
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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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    23-5 Lake Carroll Boulevard, LAKE CARROLL, IL 61046
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