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    991 Lake St Addison, IL 60101

    Sponsored
    For Sale
    $350,000

    Prime 0.64-acre commercial lot, B-2 zoning.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 0.64-acre commercial land parcel, located at 991 E Lake St in Addison, Illinois (zip code 60101), presents a unique investment opportunity. Situated in DuPage County, this property boasts excellent visibility on Lake Street (US Hwy 20) and enjoys easy access to I-290 via Kingery Highway (IL-83). The site is zoned B-2 within the Village of Addison and is ideally suited for the development of an office or retail building up to 2,300 square feet. All utilities are available on-site, including Village of Addison water and sewer services. A significant advantage is the property's adjacency to a brand new WoodSpring Suites extended-stay hotel, which opened in Summer 2019, ensuring high traffic and visibility. This property is offered for sale, and owner/developer financing is available. Furthermore, the developer is prepared to provide comprehensive support, including architectural and design services, planning assistance, and construction services, making this a turnkey opportunity for investors seeking a hassle-free development experience. The asking price for this prime commercial land is $350,000.

    Property Features for 991 Lake St

    General Information

    Property type
    Land
    Lot Size
    27,878 SF

    HighLights

    • $350,000 asking price.
    • 0.64‑acre commercial land parcel.
    • B‑2 zoning in Addison, IL.
    • Excellent visibility on Lake Street (US Hwy 20).
    • Easy I‑290 access via IL‑83.
    • Adjacent to a new hotel.
    Property Profile Location Intelligence

    Current Use by Public Records

    WoodSpring Suites Chicago ... Extended Stay Hotel WOODHILLSPRINGS SUITES Hotel Americas Insurance AG Insurance Agency SELVIN'S LANDSCAPING - BRICK ... Landscaper BRICK- STONE & MASONRY ... Masonry Contractor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    DuPage
    State
    Illinois
    Longitude
    -87.9693135
    Latitude
    41.924735

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    FAQs

    What type of property is this?
    Land - Prime 0.64-acre commercial lot, B-2 zoning.
    Where is this land located?
    The property is located at 991 Lake St Addison, IL.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: $350,000 asking price.; 0.64-acre commercial land parcel.; B-2 zoning in Addison, IL.
    Request Owner's contact information
    991 Lake St Addison, IL 60101
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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
    991 Lake St Addison, IL 60101
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