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$ 775,000
Est. payment | /mo
6,270 SqFt
$ 775,000
Est. payment | /mo
6,270 SqFt
Key Details
Property Type Commercial
Sub Type Bus / Bus w/Real Est
Listing Status Active
Purchase Type For Sale
Square Footage 6,270 sqft
Price per Sqft $123
MLS Listing ID 12426734
Annual Tax Amount $14,508
Tax Year 2024
Lot Dimensions 0.82 ACRES
Property Sub-Type Bus / Bus w/Real Est
Property Description
Incredible investment opportunity at the Country Motel located at 33950 W Hwy 45 in Gages Lake, IL. This 11-room motel is centrally located between Chicago and Milwaukee and directly adjacent to the College of Lake County, offering excellent potential for student housing conversion. The property generated $171,000 in revenue and $110,000 in NOI in 2024, with current owners operating efficiently and maintaining a strong local reputation. The owner's suite can be converted into a 12th unit, and nightly rates currently average just $70, presenting significant value-add potential. Ideal for investors seeking cash flow with multiple repositioning options including long-term rentals, Airbnb, or continued motel use. Conveniently located near Six Flags Great America, Gurnee Mills, Lake Michigan, and major employers.
Location
State IL
County Lake
Area Gages Lake / Grayslake / Hainesville / Third Lake
Zoning COMMR
Interior
Cooling Window Unit(s)
Fireplace N
Building
Dwelling Type Bus / Bus w/Real Est
Level or Stories 1
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Listed by Benjamin Lovinger • Baird & Warner
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Sarah Leonard
Broker | Owner