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Renovated Estate with Limitless Potential
For Sale
$1,300,000

409 N State Street, Franklin Grove, IL 61031

Business Opportunity, Franklin Grove, IL

Property SizeContact for details
Lot Size1.66 Acres
Days on Market164

Property Features for 409 N State Street

General Information

Property type Commercial Sale
Property subtype Other
Directions NW corner of Rte 38/Lincoln Highway and State Street
Subdivision Franklin Grove
Standard status Active
APN 06033540002300
Lot size 1.66 Acres

Taxes and HOA fees

Tax Year 2024

Utilities

Cooling system Central Air

Building Details

Floors in Building 3
Listing Agency: Compass
Listed By: Linda Feinstein · License #471004664
Added: Mar 10 Changed: Aug 20 Last Checked: Aug 20 at 6:06PM
MLS# 12588511

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.

Investment Insights

Based on property information with market context.

This rare property features a fully renovated 1913 residence paired with two additional custom-built homes, creating a multi-building estate. The main house spans over 10,000 square feet across four finished levels and offers six bedrooms, a library office, generous living spaces, and modern systems with separate HVAC for each floor. The main level includes a gracious foyer, original oak floors, large living and dining rooms, a dining porch, and a kitchen with quartz countertops, Wolf stove, and Subzero refrigerator. The dining porch opens to a stone fireplace and garden pagoda. The second floor features original wood floors and private en-suite bedrooms, including a master suite with a gas fireplace and a marble-lined bathroom with a clawfoot tub and shower, plus a laundry room with two washers and dryers. The third floor offers Hickory floors, two bedrooms, a living room with a gas fireplace, and a bathroom with a custom Kohler double-vanity sink and marble-and-stone walk-in shower. The lower level stone cellar includes a bathroom, shower, custom-built Finlandia sauna, bedroom, studio kitchen, living room, workout and massage room, storage, storm shelter, and escape window. The 2,300-square-foot carriage house has a full kitchen with quartz countertops, living area, laundry, powder room, king suite with spa bath, and French doors to a private deck. The 3,200-square-foot cottage features an open-design kitchen with quartz countertops and a dining area, as well as front and back decks. The second floor includes a primary king bedroom with a catwalk leading to an open-air office and sitting room. The lower level comprises garden-style windows, a custom-built room-length desk, living room, laundry, marble-tiled bathroom with shower, bedroom, concrete storage and storm shelter. The grounds include a greenhouse, water garden with koi pond and waterfall, a flowing creek, yoga lawn, fruit trees, and native and herb garden. The property, offered largely furnished, is move-in ready as a turnkey residence, second home, hospitality hybrid business, multi-generational living, or divided lots in Franklin Grove, Illinois, located in Lee County.

Key Highlights

  • Multi‑building estate: 1913 renovated main house plus two additional custom‑built homes.
  • Main house: 10,000+ sq ft, 6 bedrooms, meticulously renovated with historic character and modern amenities.
  • Carriage house: 2,300 sq ft, full kitchen, king suite with spa bath, private deck, and 5‑car heated garage.

Property Analytics

Current Use

Lincoln Way Stay ... Hotel & Motel

Suggested Use

Top Pick Parking Lot & Garage Building Supply Auto Repair Shop (Bike/Boat/Book/etc) Store Grocery & Convenience Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

80
Businesses Nearby

Demographics for 61031, IL

1,430
Population
654
Households
2.2
Avg Household Size
46
Median Age
26%
College-Educated
94%
High-School Grad
44.9 sq mi
ZIP Area
32
Density / Sq Mi
$74,050
Median Household Income
$39,907
Median Earnings
$822
Median Rent
$148,600
Median Home Value
Rey
Questions? Ask Rey
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Frequently Asked Questions

What type of property is this?
Mixed-use property - A multi-building estate with a renovated residence and custom homes.
Where is this mixed-use property located?
The property is located at 409 N State Street Franklin Grove, IL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Multi‑building estate: 1913 renovated main house plus two additional custom‑built homes.; Main house: 10,000+ sq ft, 6 bedrooms, meticulously renovated with historic character and modern amenities.; Carriage house: 2,300 sq ft, full kitchen, king suite with spa bath, private deck, and 5‑car heated garage.
More about this property
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