Value is in the land for redevelopment. Consists of one single family townhome located at 506 W Washington Avenue in unincorporated Lake Bluff. Three other townhomes in the Knollwood Townhomes are also for sale under separate listings. The Sunset Motel located at 511 Rockland Road is being sold separately under MLS 11392402. Sunset Motel is currently open and operating. 11 Shagbark is rented with a month to month lease in place. PIN numbers 12-19-206-014, 12-19-206-15, 12-19-206-010 and 12-19- 206-007 are also for sale. Other properties in this offering are three single family homes located on Shagbark Road. 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 eleven-parcel assembly of contiguous properties that total about 120,000 sq ft or 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.
Property Map
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Property Details
Rooms
Room
Level
Flooring
Size
Living Room
Main
Carpet
15X11
Dining Room
N/A
Kitchen
Main
Wood Laminate
11X11
Family Room
Main
Carpet
18X11
Laundry
Main
16X11
Master Bedroom
Second
Carpet
15X11
Bedroom 2
Second
Carpet
11X11
Bedroom 3
N/A
Bedroom 4
N/A
Utilities
Heating Electric, Baseboard
Cooling Window/Wall Units - 2
Water Lake Michigan
Sewer Public Sewer
Additional Information
Assessment Includes
Insurance, Security, Lawn Care, Scavenger, Snow Removal
2 Parking Spaces, Assigned, Parking On Site, Owned, Parking included in price
Schools
Lake Forest High School (115), Lake Bluff Middle School (65), Lake Bluff Elementary School (65)
Payment Calculator
Listing History
12-13-2022
Listed at $340,000
10-27-2024
Status changed to Expired
Last Modified 10/27/24 12:05 AM
Nearby Transportation
I 94 West
2.0 mi
I 94 East
2.1 mi
Hwy 41 South
4.0 mi
Hwy 41 North
4.4 mi
For More Information
(312) 528-9200
For more information about 506 W Washington, Lake Bluff, IL 60044 contact Corcoran Urban Real Estate.
Broker Reciprocity
Listing provided by Coldwell Banker Realty
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