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880 Summit St Elgin, IL 60120

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For Sale
$2,499,000

Approved for residential and retail development in Elgin, Illinois.

Type:Land, Retail, Multifamily
Property size:
17,000 SF
Added:
Feb 7, 2026
Days on Market:
53
Last Refresh:
Mar 17 at 1:14 pm

Property Features for 880 Summit St

General Information

Standard status
Active
Size
17,000 SF
Property subtype
Land, Retail, Multifamily

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Listing Contact
Richard Kozarits

Listing agent Richard Kozarits License #IL 471013640

Listing office Marcus & Millichap - Chicago Oak Brook

Listing date Feb 7, 2026

Source Crexi

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 Marcus & Millichap - Chicago Oak Brook


Overview

Elgin Development Opportunity

This property in Elgin, Illinois, has been previously approved for the construction of approximately 150 residential units and approximately 17,000 square feet of retail space, along with 312 parking spaces. The original plan included five buildings, with two buildings along Summit Street, each featuring a retail component, and three interior buildings. The zoning is PAB (Planned Area Business), a specialized district designed for commercial developments of at least two acres. This zoning allows for deviations from standard AB (Area Business) zoning regulations concerning aspects such as parking, landscaping, and building height requirements. These districts are often utilized for planned shopping centers. As of February 2026, the apartment vacancy rate in Elgin, Illinois, is approximately 1.8%, indicating a very tight rental market.
Location Intelligence

Current Use by Public Records

Commercial land

Suggested Use

Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

Location Insight

  • Map
  • Local Demand
City
Elgin
County
Cook
State
Illinois
Longitude
-88.2577673
Latitude
42.0478385

FAQs

What type of property is this?
Commercial land - Approved for residential and retail development in Elgin, Illinois.
Where is this commercial land located?
The property is located at 880 Summit St Elgin, IL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Approved for approximately 150 residential units, 17,000 sq ft of retail space, and 312 parking spaces.; Located in Elgin, IL, which has an extremely tight rental market with a 1.8% apartment vacancy rate (as of February 2026).; Zoned PAB (Planned Area Business), allowing for commercial developments.
More about this property
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