ON MARKET – MULTI-FAMILY
31 S. Pistakee Lake Rd Fox Lake, IL 60020
PRICE
$850,000
NUMBER OF UNITS
9
CAP RATE
7.57%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 31 S. Pistakee Lake Rd, a nine (9) unit waterfront property in the Chicagoland suburb of Fox Lake. Nestled on the shores of Pistakee Lake, the unit mix consists of nine (9) 1Bd/1Ba units and one (1) in-law 2Bd/2Ba unit which has the potential to provide additional income (Essex Realty Group has not verified the legal conformity of this unit).

Current ownership has recently completed several capital improvements to the Property including eight (8) rehabbed units, new concrete decking and walkways, steel staircases, asphalt parking lot as well as new soffits, fascia, and gutters. The Property also features a newly constructed marina with three (3) steel boat slips that can each house two boats. Additionally, current ownership recently dredged the marina seven feet to accommodate increased boat traffic. A new owner may be able to generate $2,000/season/boat during summer months as slip space is in high demand, potentially adding $12,000/year in gross income.

Seven of the nine units are currently vacant; however, all units are in rent-ready condition and available for immediate move-in (see enclosed photos).

LOCATION DETAILS

Located in the "Heart of the Chain O' Lakes," Fox Lake is a sanctuary for aquatic fanatics. The Property provides instant access to the surrounding 15 lakes and 45 miles of rivers. Fox Lake is uniquely located within a 90-minute drive of metropolitan areas such as Chicago, Milwaukee, and Rockford. The Property is located a short walk from the downtown area, which is brimming with shops, restaurants, and nightlife. The city is filled with activity year-round - in the summertime, residents and tourists enjoy the waterways, annual Independence Day celebrations, and festivals. In the winter, residents hit the slopes at Wilmot Mountain Ski Resort and enjoy the Fox Lake Festival of Lights, which includes a parade, tree lighting, and a Kris Kringle market. The Property is located a half-mile from the Fox Lake Metra station providing easy access to the City of Chicago and the surrounding suburbs.

HIGHLIGHTS
  • Nine (9) Unit Waterfront Property
  • All 1Bd/1Ba Units Plus a 2Bd/2Ba In-Law Suite
  • Walking Distance to Fox Lake Metra Station
  • Several Recent Capex Items Completed in 2015
  • Significant Additional Income Opportunities
LISTING BROKERS
Anthony Citriglia
Associate
773.305.4844
Brian Karmowski
Director
773.305.4892