Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Lot on Nippersink Channel Title is generated by Realmo AI

    38581 N Hillandale Drive, Spring Grove, IL 60081

    View on Map
    Claim this Listing
    For Sale
    $46,000

    LAND - Spring Grove, IL

    Lot size:
    0.18 Acres
    Added:
    May 8, 2026
    Days on Market:
    9
    Last Refresh:
    May 16 at 5:06 pm

    Property Features for 38581 N Hillandale Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    01341160060000
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    888

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Tracy Sibley

    Listing agent Tracy Sibley License #475135784

    Listing office Stellar Results Realty 9 E. Grand Ave., Fox Lake, IL

    Listing date May 8, 2026

    MLS# 12637513 Listing URL

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront lot with 50 feet of frontage on the Nippersink Channel, providing direct access to Nippersink Lake and Chain O' Lakes.
    • 7,800 sq. ft. lot offers a blank canvas to design and build a custom home.
    • Opportunity to add a dock for immediate enjoyment of lake activities like boating and fishing.
    • Ideally located minutes from Fox Lake and a short drive to Wilmot Mountain.
    • Perfect for a weekend retreat or year‑round residence.
    • Located in a highly sought‑after waterfront community in Northern Illinois.

    Overview

    This 7,800 sq. ft. waterfront lot offers 50 feet of frontage on the Nippersink Channel, providing direct access to Nippersink Lake and the Chain O' Lakes. The property, located in Spring Grove, Illinois, presents a blank canvas for designing and building a custom home after the removal of the previous structure. A well and septic system will be required. Adding a dock, similar to neighboring properties, would allow immediate enjoyment of lake activities. Situated minutes from Fox Lake and a short drive to Wilmot Mountain, the location offers access to both summer and winter recreational opportunities. This property is suitable for building either a weekend retreat or a year-round residence in a waterfront community. The lot size is 0.18 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Restaurant Building Supply Hotel & Motel Kitchen & Bath Showroom Bar & Pub Daycare Center HVAC Service Cafe & Coffee Shop Computer & Electronic Repair

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring Grove
    County
    McHenry
    State
    Illinois
    Longitude
    -88.172066
    Latitude
    42.42397

    Nearby Similar for Sale

    • $37,000

      Wooded Acre Site Opportunity

      Build your dream home in Red Oak Estates community.
      7389 English Oak Lane lot: 33, Spring Grove, IL 60081
      View Details
    • $37,000

      Red Oak Estates Vacant Lot

      Build your dream home in desirable Red Oak Estates community.
      7373 English Oak Lane lot: 29, Spring Grove, IL 60081
      View Details
    • $37,000

      Wooded Acre Site in Spring Grove

      Build your dream home in Red Oak Estates community.
      7377 English Oak Lane lot: 30, Spring Grove, IL 60081
      View Details
    • $37,000

      Wooded Acre Site in Spring Grove

      Build your dream home in Red Oak Estates community.
      7388 English Oak Lane lot: 42, Spring Grove, IL 60081
      View Details
    • $37,000

      Wooded Acre Site in Estates

      Build your dream home in desirable Red Oak Estates community.
      1852 Red Oak Lane lot: 13, Spring Grove, IL 60081
      View Details
    • $169,900

      Premium Estate Lot with Pond

      3.18-acre estate lot with pond frontage in White Tail Crossing.
      8219 Squirrel Drive lot: 20, Spring Grove, IL 60081
      View Details
    • $37,000

      Wooded Acre Site in Spring Grove

      Build your dream home in Red Oak Estates community.
      1715 Cedar Lane lot: 18, Spring Grove, IL 60081
      View Details
    • $109,900

      Spring Grove Commercial Land Available

      1.84 acre commercial land with high traffic exposure.
      Mayo Court lot: 9, Spring Grove, IL 60081
      View Details
    • $37,000

      Wooded Acre Site in Spring Grove

      Build your dream home in Red Oak Estates community.
      1848 Red Oak Lane lot: 14, Spring Grove, IL 60081
      View Details
    • $37,000

      Acre Lot in Red Oak Estates

      Build your dream home in desirable Red Oak Estates community.
      1975 Red Oak Lane lot: 50, Spring Grove, IL 60081
      View Details
    • $37,500

      Residential Land in Spring Grove, IL

      Residential land available for building a dream home.
      Beverly Way lot: 60 & 61, Spring Grove, IL 60081
      View Details
    • $37,500

      Residential Land in Spring Grove

      Residential land available near downtown, restaurants, and Chain O' Lakes.
      Beverly Way lot: 56 & 57, Spring Grove, IL 60081
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - 7,800 sq ft waterfront lot with 50' frontage.
    Where is this waterfront land located?
    The property is located at 38581 N Hillandale Drive Spring Grove, IL.
    What is the asking price?
    The asking price for this property is $46,000.
    What are key features of this property?
    This property features: Waterfront lot with **50 feet of frontage on the Nippersink Channel**, providing direct access to Nippersink Lake and Chain O' Lakes.; **7,800 sq. ft. lot offers a blank canvas** to design and build a custom home.; Opportunity to add a dock for immediate enjoyment of lake activities like boating and fishing.
    (224) 426-4650
    We can help!
    Listing Contact
    Tracy Sibley
    Real Estate License ID: 475135784
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    38581 N Hillandale Drive, Spring Grove, IL 60081
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!