Remarks

Rare opportunity to own a fully renovated, high-performing 6-unit multifamily property in the heart of Mundelein, IL. This all-brick building sits on an expansive 32,513 SF (.7464-acre) lot and has undergone major upgrades, ensuring low maintenance and high rental income. Four of the six units were completely rebuilt in 2024 with brand-new HVAC, plumbing, kitchens, appliances, flooring, and bathrooms. The remaining two units are in excellent condition, occupied by long-term tenants for added stability. Centrally positioned in downtown Mundelein, this turnkey investment is surrounded by ongoing residential and commercial development, ensuring strong tenant demand. The C-5-C Corridor zoning offers incredible flexibility for future development, including multifamily expansion, retail, medical, office, or restaurant use. The property features 30 parking spaces and additional revenue potential through sectioned storage rentals. Mundelein is a rapidly growing submarket, benefiting from large-scale developments such as Ivanhoe Village, Station 250 Apartments, and Springs at Mundelein, all of which increase the area's rental demand. Affluent neighboring communities, including Vernon Hills, Libertyville, and Lake Zurich, further strengthen the investment appeal. With a full occupancy rate, a prime location, and zoning that allows for future value-add potential, this property offers both immediate cash flow and long-term appreciation.

Details

MLS#: 12303523
Price: $1,795,000

Year Built: 1985

County: Lake
Lot Size: 149.9 X 216.9
Tax Fee: 19888