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Elgin 60123 Southwest Elgin
248 S McLean Boulevard
$105,000
● Land - Off Market

248 S McLean Boulevard

Elgin, IL 60123
bedrooms
Studio
bathrooms
0 Bath
$722
Est. Monthly
7.84%
Cap Rate

About This Property

ADJACENT TO "TOWN+COUNTRY SHOPPING PLAZA" IN A NEWLY REDISCOVERED NEIGHBORHOOD SHOPPING DISTRICT IN ELGIN.  ALMOST 1/2 ACRE LEVEL BUILDING LOT WITH "RB" ZONING.  TERRIFIC STREET EXPOSURE.  ALL UTILITIES TO THE PROPERTY.  CURB CUT AND DRIVEWAY/PAD ARE IN PLACE.  THIS PROPERTY WOULD BE IDEAL FOR RETAIL WITH DRIVE-THRU, RETAIL WITH APARTMENTS ON SECOND FLOOR, EV CHARGING LOCATION AND MANY MORE POTENTIAL USES.  LAND LEASE POSSIBLE.
Unit Size
-
Days on Market
-
Land Size
0.50 acres
Price per sqft
-
Property Type
Land
Property Taxes
$108
HOA Dues
-
Year Built
-

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 3 years ago (MRED MLS #11237572)

Price History

Date / Event Date Event Price
Mar 6, 2024 Sold
Premium
Sold
Oct 4, 2021 Listed by RE/MAX Horizon $125,000
Listed by RE/MAX Horizon

Property Highlights

Building Info

Overview

    General

  • Bedroom Count: 0
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 11,316
  • Lot Size Depth Feet: 1,230
  • Lot Size Frontage Feet: 920
  • Total Building Area: 0
  • Building Area: 0

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: V
  • Subdivision: COUNTRY KNOLLS
  • Land Acres: 0000000260
  • Standard Land Use Code: 8000
  • County Land Use Code: 0030
  • State Land Use Code: 0030
  • Legal Description 1: COUNTRY KNOLLS UNIT 1 LOT 1

Neighborhood

  • School District Name: School District U-46
  • Census Tract: 851904

Geography

  • Parcel: 06-22-128-031
  • Lot: 1
  • Municipality: ELGIN
  • Latitude: 42.0275
  • Longitude: -88.3122

    Address

  • Full Address: 248 S Mclean Blvd
  • Legal Unit: 1
  • Address - House Number: 248
  • Street Direction: S
  • Address - Street Name: Mclean
  • Address - Suffix Type: Blvd
  • State: IL
  • City Name: Elgin
  • Carrier Code: C054
  • 4-Digit Zip Code: 7135
  • Zip Code: 60123

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $141,704
  • Tax Rate Code Area: EL005

    Market Valuation

  • Market Total Value: $49,046
  • Market Land Value: $49,046

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $16,342
  • Assessed Land Value: $16,342

    Sales

  • Current Sale Contract Date: Mar 04, 2024
  • Current Sale Recording Date: Mar 08, 2024
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 7609
  • Previous Sale Recording Date: Jul 13, 2004
  • Previous Sale Contract Date: Jun 25, 2004
  • Previous Sale Amount: $105,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Southwest Elgin

Stats & Trends

Median Asking:

$299,900

Sale Price/ft²

$203

Below Asking

0.01%

Average Days on Market

43

Average Home Size

1979 ft²

Average Home Age

70 years

Currently For Sale

14 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

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MRED

Listed by: Ben Henrikson, RE/MAX Horizon
Last Updated: 3 years ago
Data Source: MRED, MLS# 11237572
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. Some IDX listings have been excluded from this website. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

Frequently Asked Questions

When was property at 248 South McLean Boulevard built and last sold?
The property at 248 South McLean Boulevard was built in and last sold on Mar 4, 2024 for $105,000.
How much is this home worth?
The estimated value of the home located at 248 South McLean Boulevard is $0.
What are some comparable homes to 248 South McLean Boulevard?
There are currently no comparable homes to 248 South McLean Boulevard.
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