Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Lake Summerset Land For Sale Title is generated by Realmo AI

    940 Lake Summerset Road, Davis, IL 61019

    View on Map
    Claim this Listing
    Picture of Residential land & home lots at 940 Lake Summerset Road, Davis, IL
    For Sale
    Contact for pricing

    LAND - LAKE SUMMERSET, IL

    Lot size:
    0.34 Acres
    Added:
    Feb 15, 2026
    Days on Market:
    108
    Last Refresh:
    Jun 3 at 4:06 pm

    Property Features for 940 Lake Summerset Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    151001176004
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lot 940 Sect 5 Greenwood Sub LSS
    Tax Annual Amount
    63

    We can help!

    Listing Contact
    KEVIN O'LEARY

    Listing agent KEVIN O'LEARY License #471001328

    Listing office Morgan Realty, Inc. 13965 Best Rd, Davis, IL

    Listing date Feb 15, 2026

    MLS# 202600830 Listing URL

    Copyright © 2026 NorthWest Illinois Alliance of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Gentle sloping lot
    • Seasonal lake views
    • Location coordinates provided

    Overview

    This 0.34-acre lot is located in Lake Summerset, Illinois. The property features a gentle slope and offers seasonal lake views.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Auto Repair Shop Gym & Fitness Center Bar & Pub (Bike/Boat/Book/etc) Store Florist

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

    Location Insight

    • Map
    • Local Demand
    City
    Davis
    County
    Stephenson
    State
    Illinois
    Longitude
    -89.4098885
    Latitude
    42.4581525

    Nearby Similar for Sale

    • $198,500

      Lake Summerset Lakefront Lot

      Almost 1/2 acre lakefront lot with improved shoreline.
      1551 Pier Drive, LAKE SUMMERSET, IL 61019
      View Details
    • $3,500

      Lake Summerset Land Opportunity

      Mostly flat lot with access to amenities in Lake Summerset.
      1262 Lake Summerset Road, LAKE SUMMERSET, IL 61019
      View Details
    • $9,000

      Lake Summerset Waterview Lot

      Residential land with utilities in Lake Summerset community.
      928 Butternut Bend, LAKE SUMMERSET, IL 61019
      View Details
    • $3,750

      Lake Summerset Residential Lot

      Residential lot in Lake Summerset, close to amenities.
      1396 Pier Drive, LAKE SUMMERSET, IL 61019
      View Details
    • $3,750

      Lake Summerset Vacant Waterfront Lot

      Vacant lot near beach, lodge, and boat launch.
      1396 Pier Drive, LAKE SUMMERSET, IL 61019
      View Details
    • $2,250

      Lake Summerset Buildable Lot

      Buildable lot in Lake Summerset near amenities.
      1765 Gainsboro Road, LAKE SUMMERSET, IL 61019
      View Details
    • $2,500

      Wooded Lot in Lake Summerset

      Wooded lot in gated community with lake and amenities.
      767 Westmore, LAKE SUMMERSET, IL 61019
      View Details
    • $2,950

      Lake Summerset Land Opportunity

      Residential lot near amenities in Lake Summerset community.
      690 Lake Summerset Road, LAKE SUMMERSET, IL 61019
      View Details
    • $2,500

      Residential Land in Gated Community

      Land with lake access, utilities, and community amenities.
      123 Newport Road, DAVIS, IL 61019
      View Details
    • $7,900

      Lake Summerset Land For Sale

      Land in gated community with lake access and amenities.
      1606 Larchmont, LAKE SUMMERSET, IL 61019
      View Details
    • $4,300

      Lake Summerset Wooded Lots

      Two adjoining wooded lots in Lake Summerset, Illinois.
      1305 Chadbourne, LAKE SUMMERSET, IL 61019
      View Details
    • $8,500

      Residential Land in Lake Summerset

      Residential land near pool with lake access and amenities.
      2109 Lake Summerset Road, LAKE SUMMERSET, IL 61019
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Gently sloping lot with seasonal lake views in Lake Summerset.
    Where is this residential land & home lot located?
    The property is located at 940 Lake Summerset Road Davis, IL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Gentle sloping lot; Seasonal lake views; Location coordinates provided
    (815) 233-5994
    We can help!
    Listing Contact
    KEVIN O'LEARY
    Real Estate License ID: 471001328
    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
    940 Lake Summerset Road, LAKE SUMMERSET, IL 61019
    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!