511 Rockland Road, Lake Bluff, IL

$1,975,000

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0.50

Acres

About 511 Rockland Road

Value is in the land for redevelopment. The Sunset Motel is located at 511 Rockland Road. 8 Skokie Valley Road Office Building and one single family home located at 11 Shagbark Road is being sold separately under MLS #'s 11392405 and 11392412 . Seller will sell this four parcel lot package with a total of 62,624 sq foot combined parcel at $5,900,000. Sunset Motel is currently open and operating. Office building at 8 Skokie BLVD has a few month to month tenants in place. SFH at 11 Shagbark is rented with a month to month lease in place. Rare North Shore commercial redevelopment land acquisition opportunity available in Lake Bluff, IL. Major market areas include Lake Bluff, Lake Forest, Green Oaks and Libertyville, IL. General Commercial and Residential Zoning currently in place. Located in unincorporated Lake Bluff - Current Lake County Zoning. Buyer could voluntarily annex into the Village of Lake Bluff - Lake Bluff willing to offer financial incentives! Recent developments include new Target & Chase Bank plus retail strip malls directly across the street on Route 176 (Rockland Road) Adjacent to the brand new Northwestern Medicine building that just sold for $8,150,000 in 2021, which is located directly across the street on Route 176. Sold in May of 2020 for $3,700,000 for 41,040 sq ft parcel. This sales comparable sold for $90.16 per sq ft. Thriving commercial corridor serving Lake Bluff & Lake Forest residents plus large daytime employment from Abbott Labs and many surrounding businesses. Value is in the land! This offering is part of a larger eight-parcel assembly of contiguous properties that total 2.75 acres of commercial and residential land. Possible rezoning of all parcels to be either commercial or residential. Future use for new retail, medical, multi-family, drive-thru etc. Contact John Josephitis for full Offering Memorandum and complete details on the overall development opportunity.

Features of 511 Rockland Road

MLS® # 11392402
Price $1,975,000
Bathrooms 0.00
Acres 0.50
Year Built 1960
Type Commercial Sale
Sub-Type Multi Family 5+
Status Active

Community Information

Address 511 Rockland Road
Area Lake Bluff
City Lake Bluff
County Lake
State IL
Zip Code 60044

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No
Has Basement No

Exterior

Exterior Brick
Roof Composition
Foundation Concrete Perimeter

Additional Information

Days on Market 813
Zoning COMMR
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeColdwell Banker Realty

Listing Map

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