Homes for sale - 914 & 918 N Lake ST, Mundelein, IL 60060

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Legacy Properties

managingbroker@legacypropertiesil.com +1(224) 999-9100

$ 841,000

Est. payment | -/mo

3,000 SqFt

Save

$ 841,000

Est. payment | -/mo

Save

3,000 SqFt

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 3,000 sqft

Price per Sqft $280

MLS Listing ID 12313094

Year Built 1923

Annual Tax Amount $14,031

Tax Year 2023

Lot Dimensions 235X31X224X90

Property Sub-Type Mixed Use

Property Description

Located at the gateway to Mundelein and on the edge of its growing downtown, this fully leased, turn-key investment offers over 3,000 square feet of income-generating space within the flexible C5-C zoning district. These two freestanding, two-unit buildings present an exceptional opportunity for investors seeking strong cash flow in a prime location. 914 Lake Street is a mixed-use property featuring a commercial unit on the ground floor and a residential apartment above. The commercial space offers a thoughtfully designed layout with artistic touches, three restrooms (two ADA-compliant), and ramped access. A welcoming outdoor deck enhances its appeal. The upper-level residential unit is a spacious, multi-level apartment with a well-appointed bedroom, a luxurious en suite bathroom, and an in-unit washer and dryer. Currently leased, this unit provides reliable rental income. The entire property underwent a full renovation in 2018, including updates to the roof, mechanicals, and finishes. Additional features include a hardwired security system, fire monitoring, and pre-wiring for cable/internet connectivity. 918 Lake Street was a fully updated in 2024. This two-unit residential building is now fully leased. Unit A is a large one bedroom unit. Unit B is a two story, two bedroom unit. Both fully renovated. This property offers an excellent investment opportunity with strong rental income. Situated on Route 45 (Lake Street), this property enjoys high visibility with approximately 16,000 vehicles passing daily (per IDOT). With its strategic location near major intersections, new developments, and the METRA station, this is a prime opportunity to invest in Mundelein's evolving landscape. Both buildings benefit from ample on-site parking, making them well-suited for tenants and business operations. The flexible C5-C zoning allows for continued residential use or potential commercial adaptation in the future. Additionally, 918 Lake Street may qualify for Mundelein's Business Incentive Grant (BIG Program), which reimburses up to 50% of eligible exterior and select interior improvements (up to $25,000). Separately, some businesses may qualify for the Village of Mundelein's STAR Grant, too. For inquiries regarding zoning Grant Program eligibility, contact Mundelein's Community Development and Planning Department. Owner will not separate lots.

Location

State IL

County Lake

Area Ivanhoe / Mundelein

Zoning OTHER

Interior

Cooling Central Air, Central Individual

Fireplace N

Exterior

Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Municipal

Building

Dwelling Type Mixed Use

Level or Stories 2

Structure Type Frame

Listed by Erich Schwenk • The Pineapple Brand Company

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(224) 999-9100

managingbroker@legacypropertiesil.com

2325 Dean St, Suite 900, St Charles, Illinois, 60175, USA

914 & 918 N Lake ST Mundelein, IL 60060