Thank you
Paul Proano
Coldwell Banker Commercial NRT
312-860-4043
Seller financing available! Prime real estate potential development opportunity on the corner of Main St and Old Rand Rd in the heart of downtown Lake Zurich, IL. Located at two main crossroads of the rapidly redeveloping Main Street Commercial District, this zoned B-2 and .5 (21,780SF) of an acre redevelopment opportunity Is located in the TIF district where a developer can work hand in hand with the village of Lake Zurich to develop some type of mixed-use property or residential living development. The site currently has three buildings (which can be sold separately) located on the property, two retail structures and one house. The property offers 59' feet of frontage on Main Street and 260' feet on old Rand Road with 17,000 vehicles per day passing through the intersection while located at a four-way intersection. The property has four Pin#s:1420102010,1420102008,1420102004,1420201003 addresses 17 E. Main St, 44 S. Old Rand Rd, 36 S. Old Rand Rd & 20 S. Old Rand Rd. A RESOURCE GUIDE TO TAX INCREMENT FINANCING (TIF) What Is TIF? Tax Increment Financing (TIF) is a program that allocates future increases in property taxes from a designated area, or TIF district, to pay for improvements within that area. In Illinois, the TIF district can remain in place for up to 23 years after its creation. The district can be extended for another 12 years, but an extension requires an act of the state legislature. Other states' laws regarding TIF vary, but the key principles are similar across the country.
Cooling: Central Air
Lot Dimensions: 59X150X87X55X50XX100 171X27X150X108
Lot Acres: 0.54
Lot Size: .50-.99 Acre
Property Type: Land
Sub Type: Land
Original List Price: $2000000
Annual Tax: $19187.87
Tax Year: 2022
Parcel Number: 14201020080000
Tax Exemption: None
Driveway: Shared
Electric to Site, Gas to Site, Sanitary Sewer, Water to Site
City: Lake Zurich
Direction: Halfday Rd/IL-22 to North of W. Main St Or Old Rand Rd. Arrive at the intersection of Old Rand Rd And Main Street.
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
Manchester Road, Lake Zurich, IL,60047 | $799,900 | -- | -- | -- | 7.8 Acres |
105 & 83 W Main Street, Lake Zurich, IL,60047 | $2,300,000 | -- | -- | -- | 1.1 Acres |
38 Beech Drive, Lake Zurich, IL,60047 | $634,900 | 4 | 3 | 2,700 | 0.34 Acre |
46 Natalie Lane #5, Lake Zurich, IL,60047 | $850,000 | 3 | 4 | 2,000 | -- |
23965 N Valley Road, Lake Zurich, IL,60047 | $399,900 | 5 | 4 | 2,933 | 0.73 Acre |
29 Miller Road, Lake Zurich, IL,60047 | $250,000 | 3 | 1 | 975 | 0.2343 Acre |
11 Pamela Road, Lake Zurich, IL,60047 | $265,000 | 2 | 1 | 900 | 0.2209 Acre |
211 Clair View Court, Lake Zurich, IL,60047 | $299,000 | -- | -- | -- | 0.71 Acre |
25565 N Midlothian Road, Lake Zurich, IL,60047 | $199,900 | -- | -- | -- | 6.7 Acres |
155 Canterbury Way, Lake Zurich, IL,60047 | $419,900 | 3 | 3 | 1,800 | -- |
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Based on information submitted to the MLS GRID as of 05/02/2024 @ 06:20. All data is obtained from various sources and may not have been verified by the broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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ByOwner last updated this listing 05/02/2024 @ 06:20
MLS: MRED #11784067
LISTED BY: Paul Proano, Coldwell Banker Commercial NRT
SOURCE: Midwest Real Estate Data LLC (MRED)
Buyer Agency Compensation: 2%( MINUS $495.00)
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.