Sold
Last Sold Price
316 Chicago Rd, Paw Paw, IL 61353
Mixed UseProperty Type
2,560 sq ftLot Size

Description

Investor Opportunity in Small-Town Downtown District - TIF Incentives Available Located in the center of a small community business district, this three-unit mixed-use building offers a solid investment opportunity with municipal support for redevelopment through available Tax Increment Financing (TIF) incentives . It's an excellent option for those looking to contribute to local revitalization while securing income-producing property. The building includes two main-level office suites that share...Investor Opportunity in Small-Town Downtown District - TIF Incentives Available Located in the center of a small community business district, this three-unit mixed-use building offers a solid investment opportunity with municipal support for redevelopment through available Tax Increment Financing (TIF) incentives . It's an excellent option for those looking to contribute to local revitalization while securing income-producing property. The building includes two main-level office suites that share a common restroom, making them ideal for small businesses, startups, or professional services in need of reasonably priced space with downtown visibility. The second floor features a one-bedroom apartment with a tenant in place through December 2025. The apartment tenant is responsible for gas and electric utilities, while the owner pays for water and trash services. The residential and commercial area is metered separately for gas and electric. The property is serviced by two furnaces and two water heaters, one per floor. With its central location and flexible layout, this building provides great potential for steady income and long-term value. Whether you're expanding your portfolio or launching a new venture, this is a practical opportunity to invest in a growing community with local support for improvement. Contact us today for more details.

    Sold By Up Realty LLC

    • Listed by: Wendi Sleezer 630.486.6514 wrsleezer10@gmail.com • Swanson Real Estate
    Listing closed: 08/29/2025 12:00 AM • Source: MRED as distributed by MLS GRID, MLS#: 12405816

    Location

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    $465 per month

    30 year fixed, 6.55% Interest

    Principal and Interest

    $305

    Property Taxes

    $160

    HOA Dues

    $0

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    Property Information for 316 Chicago Road

    Property Details
    • Taxes: $1,918 / year
    • MLS Type: Commercial Sale
    • County: Lee County
    • Area: Paw Paw
    • Township: Wyoming
    • Air Conditioning Type: Central Air
    • Num of Interior Fireplaces: 0
    • Zoning: COMMR
    Building Information
    • Stories: 2
    • Residences: 3
    • Lot Size: 0.06 AC / 2,560 SF
    General Information
    Addtl Parking Information
    • Outdoor Parking: 1-5 Spaces
    Location and General Information
    • Frontage Type: City Street
    • Geographic Locale: Far West
    • Information: 24-Hr Notice Required,Show-Special Instructions
    Taxes and HOA Information
    • Additional Parcels: No
    Property Information
    Interior Features
    • Air Conditioning: Central Air
    • Electric: Circuit Breakers, Separate Meters, Service - 0 to 100 Amps, Shared Meters
    • Flooring: Carpet, Varies, Vinyl, Other
    • # Of Washers: 0
    • Heat/Ventilation: Forced Air,Gas
    • # Of Refrigerators: 0
    • Washer/Dryer Lsd: No
    • Misc Inside: Basement
    • # Of Dryers: 0
    • # Of Dishwashers: 0
    • Num of Baths: 0.0
    Exterior Features
    • # Of Apts: 1
    Utilities / Equipment
    • Utilities: Electricity Available, Natural Gas Available
    Property/Lot Information
    • Owners Association: No
    • Tenant Pays: Air Conditioning, Electricity, Heat
    • Built Before 1978: No
    • Approximate Age: Older
    • Lot Dimensions: 20X128
    • Lot Size Square Feet: 2560.0
    • Stories: 2
    • Exterior Building Type: Aluminum Siding, Vinyl Siding
    • Construction: Aluminum Siding, Vinyl Siding
    • Roof Type: Composition
    • Fire Protection: None
    • Foundation Details: Brick/Mortar, Stone
    • Building Area Total: 1450
    • # Of Offices: 2
    • Office SqFt: 252
    • Other SqFt: 171
    • # Of Ranges: 0
    • # Of Stores: 0
    • Property Sub Type: Mixed Use
    • MRD_UNC: No
    Property and Assessments
    • Possible Use: Commercial
    • Buyer Financing: Conventional, Cash
    • Public Document Count: 1
    • Document Date: 2025-07-03T19:01:33
    • Photos Count: 22
    Miscellaneous
    • Current Use: Commercial
    • Location: Central Business District
    Virtual Tour/Additional Media
    • Virtual Tour: None
    • Virtual Tour YN: No
    Multi Family
    Multi-Family Information
    • Number Of Units Total: 3
    Income & Expenses
    • Electric Expense: $600.00
    • Fuel Expense: $600.00
    • Gross Income: $10,140.00
    • Gross Scheduled Income: $10,140.00
    • Insurance Expense: $2,500.00
    • Electric Expense Source: Owner Projection
    • Fuel Expense Source: Owner Projection
    • Insurance Expense Source: Owner Projection
    • Trash Expense Source: Combination
    • Total Monthly Income: 845
    • Water Expense Source: Combination
    • Other Expense: $.00
    • Trash Expense: $.00
    • Water Sewer Expense: $444.00

    Property History for 316 Chicago Road

    DateEvent & SourcePriceAppreciation
    Aug 29, 2025

    Sold

    MRED #12405816

    $60,000
    Aug 28, 2025

    Sold (Public Record)

    Public Record #1912360594

    $60,000
    Aug 28, 2025

    Sold (Public Record)

    Public Record #1944024176

    $60,000

    +27.3% / yr

    DateEvent & SourcePrice
    08/29/2025

    Sold

    MRED #12405816

    $60,000
    08/28/2025

    Sold (Public Record)

    Public Record #1912360594

    $60,000
    08/28/2025

    Sold (Public Record)

    Public Record #1944024176

    $60,000

    +27.3% / yr

    For completeness, we often displays two records for one sale: the MLS record and the public record.

    Public Records for 316 Chicago Road

    Taxable ValueLand$1,940Additions$19,839Total$21,779
    Tax Record2025$1,814 ($151 / month)
    Home Facts
    Lot Size2,432 SqFtStyleMiscellaneous CommercialCountyLEEAPN22-18-10-428-050

    Schools near 316 Chicago Road

    This home is within Paw Paw Community Unit School District 271.
    Rating
    School
    Type
    Grades
    Distance
    Public - K to 5
    Public - 6 to 8
    Rating
    School
    Distance
    Paw Paw Elementary School
    PublicK to 5

    Paw Paw Junior High School
    Public6 to 8

    School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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    No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

    Listing Courtesy of Swanson Real Estate

    Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties displayed may be listed or sold by various participants in the MLS. Based on information submitted to the MLS GRID as of 08/29/2025 02:48 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.