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    Forest St Marengo, IL 60152

    For Sale
    $1,170,000

    38 Acres, R-1 Zoning, Excellent Location

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 38-acre parcel in Marengo, Illinois, presents a remarkable opportunity for residential development. Located in McHenry County (APN: 11-36-351-042), this R-1 zoned land boasts a highly desirable location just 1.5 miles north of the I-90/23 interchange and 3 miles north of the I-90/20 interchange, ensuring convenient access to major transportation routes. Previously approved plans exist for the construction of 54 duplex units and 24 single-family homes, complete with final engineering documentation available for review. The City of Marengo is open to exploring alternative uses and densities, including senior housing, assisted living facilities, and apartment complexes, offering significant flexibility for developers. This property is situated within an IHDA Opportunity Zone, potentially unlocking additional investment incentives. The asking price is $1,170,000. This is a rare chance to acquire a substantial tract of land in a thriving area with strong potential for significant returns. Don't miss this exceptional investment opportunity.

    Property Features for 0 Forest St

    General Information

    Property type
    Land
    Lot Size
    1,655,280 SF

    HighLights

    • 38‑acre parcel in Marengo, IL, McHenry County (APN: 11‑36‑351‑042), R‑1 zoning.
    • Excellent location, 1.5 miles from I‑90/23 and 3 miles from I‑90/20 interchanges.
    • Approved plans for 54 duplex units and 24 single‑family homes; final engineering available.
    • City open to alternative uses (senior housing, assisted living, apartments).
    • Located in an IHDA Opportunity Zone.
    • Asking price: $1,170,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Marengo
    County
    McHenry
    State
    Illinois
    Longitude
    -88.61884689
    Latitude
    42.24604725

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    FAQs

    What type of property is this?
    Land - 38 Acres, R-1 Zoning, Excellent Location
    Where is this land located?
    The property is located at Forest St Marengo, IL.
    What is the asking price?
    The asking price for this property is $1,170,000.
    What are key features of this property?
    This property features: 38-acre parcel in Marengo, IL, McHenry County (APN: 11-36-351-042), R-1 zoning.; Excellent location, 1.5 miles from I-90/23 and 3 miles from I-90/20 interchanges.; Approved plans for 54 duplex units and 24 single-family homes; final engineering available.
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    Forest St Marengo, IL 60152
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    Forest St
    Marengo, IL 60152
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    Realmo Value Estimation

    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.

    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.

    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
    Forest St Marengo, IL 60152
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