880 Summit St Elgin, IL 60120
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
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
Location Insight
- Map
- Local Demand
- City
- Elgin
- County
- Cook
- State
- Illinois
- Longitude
- -88.2577673
- Latitude
- 42.0478385
Nearby Similar for Sale
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.
