898 S Rand Rd

$1,400,000
Price
6
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Discover a premier multi-family and redevelopment opportunity in the heart of Lake Zurich. Located at 898 S Rand Road, this 1.45-acre property features a 6,259-square-foot mixed-use building with 124 feet of frontage along the high-traffic Route 12 corridor, where over 37,000 vehicles pass daily. The existing structure is currently almost fully occupied and includes a unit mix of four 1-bedroom/1-bath units, four studio units, one 2-bedroom/1-bath unit, and one office unit, collectively generating...Discover a premier multi-family and redevelopment opportunity in the heart of Lake Zurich. Located at 898 S Rand Road, this 1.45-acre property features a 6,259-square-foot mixed-use building with 124 feet of frontage along the high-traffic Route 12 corridor, where over 37,000 vehicles pass daily. The existing structure is currently almost fully occupied and includes a unit mix of four 1-bedroom/1-bath units, four studio units, one 2-bedroom/1-bath unit, and one office unit, collectively generating $100,800 in annual rental income with upside potential through rent increases or reconfiguration. Zoned B-3 (Regional Shopping District), the site offers exceptional flexibility for investors or developers seeking long-term value and cash flow. Approximately one acre of the land remains undeveloped, creating the opportunity to construct an additional building to maximize density and returns. The zoning allows for a wide range of commercial or mixed-use development options, making this property ideal for continued residential use, retail, or office expansion. Full on-site utilities are in place, further simplifying the development process. Strategically positioned within Lake Zurich's primary retail corridor, the property is surrounded by major national retailers including Walmart, Costco, Home Depot, ALDI, Binny's, Starbucks, and the Lake Zurich DMV. This dynamic location ensures strong visibility, high foot traffic, and sustained tenant demand. Area demographics within a one-mile radius further enhance investment appeal, with over 9,100 residents. Whether you're seeking stable rental income, a prime redevelopment opportunity, or a flexible mixed-use asset in a high-growth suburban market, 898 S Rand Road delivers a compelling investment case with immediate performance and long-term upside.
  1. Listed by Paul Proano • Coldwell Banker Commercial NRT
    P: (312)-860-4043 C: (312)-860-4043 paul@paulproanoproperties.com;paul@paulproanoproperties.com
  2. Listed by Kaye Sotto Rice • Coldwell Banker Realty
    P: (224)-542-0554 C: (224)-542-0554 kaye.sottorice@cbrealty.com;Kaye.sottorice@cbrealty.com

Property Details for 898 South Rand Road

Area
Hawthorn Woods / Lake Zurich / Kildeer / Long Gro
Township
Ela
Air Conditioning Type
Window Unit(s)
Zoning
MULTI
LISTING UPDATED: 10/12/2025 07:07 AM

Property Details for 898 South Rand Road

StatusActive
MLS #12392996
Days on Market212
Taxes$16,235 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family 5+ / Corridor-Exterior Entrance
Year Built1950
Lot Size1.45 AC / 63,162 SF
CountyLake County

Location

Listing Courtesy of Coldwell Banker Commercial NRT; Coldwell Banker Realty
Add your commute

Building Information for 898 South Rand Road

Stories2Residences10Year Built1950Building Size-Lot Size1.45 AC / 63,162 SF

Payment Calculator

$8,271 per month

30 year fixed, 6.28% Interest

Principal and Interest

$6,918

Property Taxes

$1,353

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 898 South Rand Road

General Information
Addtl Parking Information
  • Outdoor Parking: 13-18 Spaces
Location and General Information
  • Frontage Type: Frontage Road, Paved
  • Information: List Broker Must Accompany
Taxes and HOA Information
  • Association Fee Includes: None
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Window Unit(s)
  • Electric: Separate Meters
  • Heat/Ventilation: Gas,Baseboard
  • Num of Baths: 9.1
Utilities / Equipment
  • Water: Community Water
  • Utilities: Water Available
Property/Lot Information
  • Owners Association: No
  • Tenant Pays: Air Conditioning, Electricity
  • Built Before 1978: Yes
  • Approximate Age: 36-50 Years
  • Multi-Family Type: Corridor-Exterior Entrance,Other
  • Lot Size Source: Other
  • Lot Dimensions: 185x50x59x300x185x306
  • Lot Size Square Feet: 63162.0
  • Stories: 2
  • Construction: Brick, Other, Aluminum Siding
  • Roof Type: Composition
  • Building Area Total: 6259
  • MRD_UNC: No
Property and Assessments
  • Possible Use: Commercial, Retail
  • Public Document Count: 0
  • Photos Count: 18
Miscellaneous
  • Current Use: Multi-Family
  • Land Amenities: Sidewalks,Cable Ready
  • Location: Mixed Use Area,High Traffic Area
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 10
Income & Expenses
  • Electric Expense: $3,234.00
  • Fuel Expense: $4,909.00
  • Gross Income: $99,522.00
  • Gross Scheduled Income: $99,522.00
  • Insurance Expense: $3,747.00
  • Maintenance Expense: $4,788.00
  • Electric Expense Source: Actual
  • Known Encumbrances: None Known
  • Total Annual Expense Source: Broker Projection
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Janitor Expense: 0
  • Other Expense Source: Actual
  • Repairs-Decor Expense Source: Actual
  • Total Monthly Income: 8293
  • Water Expense Source: Actual
  • Net Operating Income: $52,703.00
  • Operating Expense: $46,819.00
  • Other Expense: $1,770.00
  • Trash Expense: $.00
  • Water Sewer Expense: $6,165.00
Unit 1
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 1
  • Unit Type Units Total: 4
Unit 2
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Type: Unit 2
  • Unit Type Units Total: 4
Unit 3
  • Unit Type Baths Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Type: Unit 3
  • Unit Type Units Total: 1
Unit 4
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 4
  • Unit Type Units Total: 1
Unit 5
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 5
  • Unit Type Units Total: 0
Unit 6
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 6
  • Unit Type Units Total: 0
Unit 7
  • Unit Type Beds Total: 0
  • Unit Type Type: Unit 7
  • Unit Type Units Total: 0

Property History for 898 South Rand Road

DateEvent & SourcePriceAppreciation
Dec 31, 2025

Expired

MRED #12114223

$1,400,000
Aug 13, 2025

Listed (Active)

MRED #12392996

$1,400,000
Mar 12, 2025

Price Change

MRED #12114223

$1,350,000
Jul 23, 2024

Listed (Active)

MRED #12114223

$1,500,000
DateEvent & SourcePrice
12/31/2025

Expired

MRED #12114223

$1,400,000
08/13/2025

Listed (Active)

MRED #12392996

$1,400,000
03/12/2025

Price Change

MRED #12114223

$1,350,000
07/23/2024

Listed (Active)

MRED #12114223

$1,500,000

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

Public Records for 898 South Rand Road

Taxable ValueLand$83,176Additions$146,922Total$230,098
Tax Record2024$16,235 ($1,353 / month)
Home Facts
Lot Size62,291 SqFtStyleMiscellaneous CommercialCountyLAKEAPN14-20-404-028

Schools near 898 South Rand Road

This home is within Lake Zurich Community Unit School District 95.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Private - PK to 8
Rating
School
Distance
May Whitney Elementary School
PublicPK to 5

Lake Zurich Middle - S Campus
Public6 to 8

Lake Zurich High School
Public9 to 12

St Francis De Sales School
PrivatePK 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.

Similar Homes

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898 South Rand Road is a multi-family home for sale in Lake Zurich, IL 60047. This property was listed for sale on August 13, 2025 by Coldwell Banker Commercial NRT, it's currently listed at $1,400,000. This listing's school district is Lake Zurich Community Unit School District 95. Nearby schools include May Whitney Elementary School, Lake Zurich Middle - S Campus and Lake Zurich High School. 898 South Rand Road is a 6-bed, 10-bath, multi-family home built in 1950.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims 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 discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Coldwell Banker Commercial NRT; Coldwell Banker Realty

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 10/12/2025 07:07 AM. 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.