329 Thomas LnFox Lake, IL 60020

For Sale
Call for price

5.71-acre commercial lot, prime multifamily development.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional 5.71-acre commercial land parcel, located at 329 Thomas Ln, Fox Lake, IL (APN: 05-22-204-002), presents a unique investment opportunity. Situated in Lake County, this property boasts significant pre-development advantages. $7 million in improvements, including site development and detention, are already in place, significantly reducing upfront costs and timelines. The site's strategic location adjacent to a 100-unit 55+ apartment building with a waiting list underscores strong local demand for housing. Approved engineering and site plans exist for a 140-unit multifamily rental development, leveraging the existing improvements. Alternatively, the plans also support an assisted living facility. The multifamily zoning is approved by the city, and the existing footprint can be utilized. Engineering is nearing completion, streamlining the development process. The seller offers completion assistance, and construction is estimated to take 16-18 months. Importantly, the City of Fox Lake and its Mayor actively support this project, ensuring a smoother permitting and development experience. This property offers a compelling combination of pre-existing infrastructure, approved plans, and strong community backing, making it an ideal investment for developers seeking a fast-track to a high-demand project. The 60020 zip code further enhances its appeal.

Highlights

  • $7M in site improvements, including detention.
  • Adjacent to a 100-unit, 55+ apartment complex with a waiting list.
  • Approved for 140-unit multifamily development utilizing existing improvements.
  • Approved engineering and site plans for assisted living or multifamily; multifamily zoning approved; construction nearly ready to begin.
  • Seller financing available.
  • 16-18 month construction timeline.

Property Details for 329 Thomas Ln

Property type
Other land, Land
Lot Size (sq. ft)
248,728 SF

Location Insight

City
Fox Lake
County
Lake
State
Illinois
Latitude
42.3676554
Longitude
-88.1611944
329 Thomas Ln, Fox Lake, Illinois

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329 Thomas Ln
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