$ 1,975,000
511 Rockland RD Lake Bluff, IL 60044
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$ 1,975,000
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Active
511 Rockland RD Lake Bluff, IL 60044
5,729 SqFt
UPDATED:
08/17/2024 08:17 AM
Key Details
Property Type Multi-Family
Sub Type Multi Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 5,729 sqft
Price per Sqft $344
MLS Listing ID 11392402
Year Built 1960
Annual Tax Amount $12,242
Tax Year 2021
Lot Size 0.500 Acres
Lot Dimensions 225 X 109
Property Description
Value is in the land for redevelopment. The Sunset Motel is located at 511 Rockland Road. 8 Skokie Valley Road Office Building and one single family home located at 11 Shagbark Road is being sold separately under MLS #'s 11392405 and 11392412 . Seller will sell this four parcel lot package with a total of 62,624 sq foot combined parcel at $5,900,000. Sunset Motel is currently open and operating. Office building at 8 Skokie BLVD has a few month to month tenants in place. SFH at 11 Shagbark is rented with a month to month lease in place. Rare North Shore commercial redevelopment land acquisition opportunity available in Lake Bluff, IL. Major market areas include Lake Bluff, Lake Forest, Green Oaks and Libertyville, IL. General Commercial and Residential Zoning currently in place. Located in unincorporated Lake Bluff - Current Lake County Zoning. Buyer could voluntarily annex into the Village of Lake Bluff - Lake Bluff willing to offer financial incentives! Recent developments include new Target & Chase Bank plus retail strip malls directly across the street on Route 176 (Rockland Road) Adjacent to the brand new Northwestern Medicine building that just sold for $8,150,000 in 2021, which is located directly across the street on Route 176. Sold in May of 2020 for $3,700,000 for 41,040 sq ft parcel. This sales comparable sold for $90.16 per sq ft. Thriving commercial corridor serving Lake Bluff & Lake Forest residents plus large daytime employment from Abbott Labs and many surrounding businesses. Value is in the land! This offering is part of a larger eight-parcel assembly of contiguous properties that total 2.75 acres of commercial and residential land. Possible rezoning of all parcels to be either commercial or residential. Future use for new retail, medical, multi-family, drive-thru etc. Contact John Josephitis for full Offering Memorandum and complete details on the overall development opportunity.
Location
State IL
County Lake
Area Lake Bluff
Zoning COMMR
Interior
Fireplace N
Exterior
Roof Type Composition
Building
Dwelling Type Multi Family 5+
Level or Stories 1
Structure Type Brick
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by John Josephitis • Coldwell Banker Realty