914 & 918 N Lake Street, Mundelein, Illinois 60060
- $841,000
- List Price
- $841,000
- MLS#
- 12724581
- Status
- ACTIVE
- Type
- Commercial
- Subtype
- Commercial Sale
- County
- Lake
- City
- Mundelein
- Neighborhood
- Ivanhoe / Mundelein
- Days On Market
- 20
Property Description
Located at the gateway to Mundelein and on the edge of its growing downtown, this fully leased, turn-key investment offers over 3,000 square feet of income-generating space within the flexible C5-C zoning district and three fully leased, revenue generating residential units. These two freestanding, two-unit buildings present an exceptional opportunity for investors seeking strong cash flow in a prime location. 914 Lake Street is a mixed-use property featuring commercial units on the ground floor, with a shared common space, and a residential apartment above. The commercial space offers a thoughtfully designed layout with artistic touches, three restrooms (two ADA-compliant), and ramped access. A welcoming outdoor deck enhances its appeal. The upper-level residential unit is a spacious, multi-level apartment with a well-appointed bedroom, en suite bathroom, and an in-unit washer and dryer. Currently leased, this unit provides reliable rental income. The entire property underwent a full renovation in 2018, including updates to the roof, mechanicals, and finishes. Additional features include a hardwired security system, fire monitoring, and pre-wiring for cable/internet connectivity. 918 Lake Street was a fully updated in 2024. This two-unit residential building is now leased. Unit A is a large one bedroom unit. Unit B is a two story, two bedroom unit. Both fully renovated. This property offers an excellent investment opportunity with strong rental income. Situated on Route 45 (Lake Street), this property enjoys high visibility with approximately 16,000 vehicles passing daily (per IDOT). With its strategic location near major intersections, new developments, and the METRA station, this is a prime opportunity to invest in Mundelein's evolving landscape. Both buildings benefit from ample on-site parking, making them well-suited for tenants and business operations. The flexible C5-C zoning allows for continued residential use or potential commercial adaptation in the future. Additionally, 918 Lake Street may qualify for Mundelein's Business Grant (BIG Program), which reimburses a portion eligible exterior and select interior improvements (up to $25,000). For inquiries regarding zoning Grant Program eligibility, contact Mundelein's Community Development and Planning Department. Owner may separate lots.
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Additional Information
- Tax Year
- 2025
- Year Built
- 1923
- Lot Dimensions
- 235X31X224X90
- Air Conditioning
- Central Air, Central Individual
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