Furnished Waterfront Short-Term Rental
New
For Sale
$749,900
27717 W Grass Lake Drive, Spring Grove, IL 60081
Three income-producing accommodations sleep up to 12 guests and include furnishings for immediate guest use.
Property Size2,740 SF
Lot Size1.10 Acres
Price / SF$273.69
Days on Market4
Property Features for 27717 W Grass Lake Drive
General Information
Standard status
Active
Size
2,740 SF
Lot size
1.10 Acres
Property subtype
Two to Four Units
Additional Details
Furnished
Yes
Multifamily Units
3
Currently Operating
Yes
Taxes and HOA fees
Annual Taxes
$12,918
Amenities
private pier
gazebo
firepit patio
RV/boat storage
canoe/kayak access
private walk-in sand beach
4
3
Wooded,Rear of Lot
Well
12
25X645X131X623
1.13
Yes
Boat Slip,Fire Pit
Building Details
Year Built
1961
Listing Agency:
RE/MAX Suburban
(708) 787-2808
Listed By:
Tania Leanos
Source:
Kawashgroup
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 3:25PM
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 RE/MAX Suburban
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Investment Insights
Based on property information with market context.
Set on Grass Lake, this 2,740-square-foot property contains three fully furnished short-term rental units with capacity for up to 12 guests. The layout includes four full bathrooms and a bonus room, with up to five bedrooms across the property. Built in 1961, the compound occupies 1.13 acres and features a private pier, gazebo, firepit patio, and walk-in sandy beach with approximately 131 feet of shoreline.
Additional outdoor amenities include RV and boat storage, along with canoe and kayak access. The property is near Blarney Island and Chain O'Lakes State Park, approximately 50–60 miles northwest of Chicago. A former fourth-cottage site is identified as a potential rebuild location, subject to verification.
Additional outdoor amenities include RV and boat storage, along with canoe and kayak access. The property is near Blarney Island and Chain O'Lakes State Park, approximately 50–60 miles northwest of Chicago. A former fourth-cottage site is identified as a potential rebuild location, subject to verification.
Key Highlights
- Three furnished short‑term rental units with capacity for up to 12 guests
- 2,740 square feet on 1.13 acres
- Approximately 131 feet of private walk‑in sandy beach on Grass Lake
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,098
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,960
$482.0K
Cap Rate 7%
$344,257
$344.3K
Cap Rate 9%
$267,756
$267.8K
Market Conditions
NOI Build-Up for 2,740 SF
Gross rent
$47.7K $17.40/SF
− Vacancy
−$3.9K −$1.41/SF
EGI
$43.8K $15.99/SF
− OpEx
−$19.7K −$7.20/SF
NOI
$24.1K $8.79/SF
Area
McHenry County, IL
Vacancy
8.10%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,960
Cap Rate 7%
$344,257
Cap Rate 9%
$267,756
Alternative Uses
Best Use
Apartment 5plus
$344.3K
$301.2K – $401.6K
NOI $24,098 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$946.0K
$827.8K – $1.10M
NOI $66,220 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
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Business Placement
Demographics for 60081, IL
9,396
Population
3,436
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
94%
High-School Grad
19.7 sq mi
ZIP Area
477
Density / Sq Mi
$116,278
Median Household Income
$52,404
Median Earnings
$1,204
Median Rent
$332,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - Three income-producing accommodations sleep up to 12 guests and include furnishings for immediate guest use.
Where is this short term rental property located?
The property is located at 27717 W Grass Lake Drive Spring Grove, IL.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Three furnished short‑term rental units with capacity for up to 12 guests; 2,740 square feet on 1.13 acres; Approximately 131 feet of private walk‑in sandy beach on Grass Lake
