17 E Main Street Lake Zurich, IL 60047
Listing Courtesy of: Midwest Real Estate Data / Coldwell Banker Realty / Paul Proano

  17 E Main Street Lake Zurich, IL 60047

Active (294 Days)
$2,000,000

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 (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.

MLS #:
11784067
Taxes
$19,188(2022)
Lot Size
0.54 acres
Type
Land
School District
95
County
Lake County

Listed By

Paul Proano, Coldwell Banker Realty
Source
Midwest Real Estate Data as distributed by MLS Grid
Last checked Mar 4 2024 at 1:50 AM GMT+0000
Bathroom Details
Heating and Cooling
  • Central Air
Utility Information
  • Utilities: Utility: Electric to Site, Utility: Gas to Site, Utility: Sanitary Sewer, Utility: Water to Site
Additional Listing Info
  • Buyer Brokerage Commission: 2%( MINUS $495.00)
Location
   
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Disclaimer: Based on information submitted to the MLS GRID as of 4/20/22 08:21. All data is obtained from various sources and may not have been verified by broker or MLSGRID. Supplied Open House Information is subject to change without notice. All information should beindependently reviewed and verified for accuracy. Properties may or may not be listed by the office/agentpresenting the information. Properties displayed may be listed or sold by various participants in the MLS. All listing data on this page was received from MLS GRID.