27990 Converse RdIsland Lake, IL 60042

Property Details for 27990 Converse Rd

Year built

1954

Construction

FRAME

Lot size

0.56 AC

Property size (Sq ft)

1,757 SF

Property type

Investment properties

Property subtype

Live-work space

APN

09-28-100-020

APU

928100020

Description

This exceptional mixed-use property at 27990 N Converse Road, Island Lake, IL 60042, presents a unique investment opportunity. The 2,900 square foot storefront, classified as Class B, sits on a 0.65-acre lot and features two buildings, each one story. Currently configured as a music store and a residential unit, the property offers multiple usage options, including continued operation as a mixed-use space, redevelopment, or even land development. The property's zoning is commercial, allowing for a variety of business ventures. Located just off Route 176 in a thriving commercial zone, this property benefits from excellent visibility and proximity to other businesses. The asking price is $316,100, translating to $109 per square foot. The property's parcel number (APN) is 09-28-100-020. An adjacent property is also available for purchase, presenting an opportunity for a larger-scale development project. Seller financing is available. This property offers a compelling blend of existing income potential and significant future development possibilities. The property's location and flexible zoning make it an ideal investment for both seasoned developers and entrepreneurs seeking a versatile commercial space.

• CAP approach

  CAP return

  Valuation

  6%

  $317,247

  6.5%

  $292,844

  7%

  $271,926

• Comparable approach

  Method

  Valuation

  Relative Method

  $178,376

  Geo Method

  $228,849

• Alternative Use

  Use

  Valuation

  Residential

  $363,126

  Hospitality

  $332,622

  Educational

  $276,737

  Medical

  $286,255

  Retail

  $430,480

Location Insight

City

Island Lake

County

Lake

State

Illinois

Latitude

42.2703

Longitude

-88.1931

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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