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17 E Main Street

Lake Zurich, IL 60047
  • $2,000,000
  • STATUS: Active
  • ON SITE: 338 Days
  • MLS #: 11783311
$2,000,000
  • 0
    BEDS
  • 0.5
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS

School Ratings & Info

Description

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 ( lots and businesses 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.

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© 2024 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Jasinski Home Team | Berkshire Hathaway HomeServices Chicago. Based on information submitted to the MRED as of 2024-04-03T23:58:22.283 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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17 E Main Street Lake Zurich, IL 60047

  • Price: $2,000,000
  • Status: Active
  • On Site: 338 Days
  • MLS #: 11783311
0
Beds
0
Baths
0
½ Baths
0.5
Acres
1950
Built
Neighborhood:
Hawthorn Woods / Lake Zurich / Kildeer / Long Grove
County:
Lake
Area:
Hawthorn Woods / Lake Zurich / Kildeer / Long Grove
Property Description
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 ( lots and businesses 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.
Exterior Features

Frontage Type City Street Land Amenities SidewalksCable Ready

Interior Features

Cooling Central Air Heat Ventilation Central Heat/Indiv Controls

Property Features

Additional Parcels YN Yes Approximate Age Older Built Before1978 YN Yes Current Use CommercialRetail Geographic Locale Northwest SuburbanNorth Suburban Gross Scheduled Income 999999 Location Central Business DistrictCornerSuplmtl Enterprise Zone Mls Actual Status Active Net Operating Income 9999999 Operating Expense 9999999 Ownership Types Individual Possible Use CommercialConditional UseRetail Property Offered For Sale Only Tax Annual Amount 19187.9 Tax Year 2022 Township Ela Type Instut/To Develop Utilities Electric To SiteGas To SiteSanitary SewerWater To Site Zoning Commr

Listing information © 2024 Midwest Real Estate Data LLC.
Listing provided courtesy of Coldwell Banker Commercial NRT: 312-860-4043.


© 2024 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Jasinski Home Team | Berkshire Hathaway HomeServices Chicago. Based on information submitted to the MRED as of 2024-04-03T23:58:22.283 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED 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. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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