+/ 17 Acres Multi Family Land FOR SALE

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Irene McKinney
5 years ago
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Exceptional Multi Family Development Opportunity! Approvals in place for high density residential. Underserved market for multi family/townhomes. Flexible zoning allows a variety of uses.

1 Exceptional Multi Family Development Opportunity! Approvals in place for high density residential. Underserved market for multi family/townhomes. Flexible zoning allows a variety of uses. Excellent visibility and access to Rt. 12/59 and Rt Sewer and water available at the site. Creative seller will consider sale, JV, or other proposals. Divisible i ibl with phasing possible. Additional land available. Pro growth community that embraces higher density. Dan Flanagan, ALC Managing Broker Phone: Fax: Dan@FlanaganLand.com Flanagan Realty, LLC represents the seller in this transaction and will not be acting as a dual agent or representative of the buyer unless specifically stated in writing. The information contained herein is from sources considered reliable, but is not guaranteed and is subject to change without notice. Buyers are advised to independently verify all information and perform their own due diligence. This offering may be withdrawn or subject to a change in price or terms without advance notice. Seller reserves the right to reject any and all offers.

2 Volo Multi Family Market Overview High Growth Market: Compound annual population growth rate of 32.17% from 2000 to 2010 and 6.16% from 2010 to High Growth Projected To Continue: Compound annual growth of 4.3% to 5.4% projected from 2016 to Market Is Underserved For Rental Units: Renters have accounted for 22.5% of total household growth since 2000, averaging 151 households annually. There has been limited new apartment development over the past three decades. Median Incomes Are Sufficient To Support Strong Rents: 2016 household median income in the market area is $73,421. Comparable BaseRents Support New Development: Base rent among 13 newer developments average $1,166 per month for a 960 sq ft unit, or $1.22/sq ft. The average rent ranges from $946 or $1.79/ sq ft for a studio to $1285 per month for a three bedroom flat, or $1.05/sq /qft. Projects Within The Market Area Are Operating At Low Vacancies: Vacancies among 12 stabilized rental communities are approximately 3.6 percent and new projects are averaging absorption of 8.9 units/month. Source: Tracy Cross & Associates, Summary Planning Analysis Mixed Use Residential Development, Volo Village Market Place,, March 2017.

3 Summary Location: The property is generally located east of Rt. 12/59, approx 1/4 mile south of Rt. 120 and west of Gilmer Rd. in the Village of Volo, Lake County. Size/Dimensions: +/ 17 acres. May be split/divided down to 10. Wetland/Floodplain: Approvals: Zoning: Demographics: Improvements: Taxes: Price: Three minor areas of farmed wetlands. No mapped floodplain. Concept plan for 278 multi family units. Flexible approvals allow for a variety of uses including apartments, townhomes, senior housing or assisted living. P.U.D. (Pending) Proposed for up to 300 Units. See attached. 8 Sewer available Gilmer Rd. 16 water available at Gilmer Rd. To be determined based on split. Subject to offer and parcel split.

4 +/ 17 Acres Multi Family Land FOR SALE Location Map Volo

5 FOR SALE Future Woodman ss +/ 17 Acres Multi Family Land

6 +/ 17 Acres Multi Family Land FOR SALE Concept Site Plan

8 Comparable Rents Income & Household Information

9 Population and Income

11 ILLINOIS ASSOCIATION OF REALTORS NOTICE OF NO AGENCY RELATIONSHIP Name of Broker Associate Daniel Flanagan Name of Brokerage Company Flanagan Realty, LLC NOTICE OF NO AGENCY RELATIONSHIP In regard to this property, Daniel Flanagan of Flanagan Realty, LLC has entered into an agreement with Seller to provide certain real estate brokerage services and represents the seller in this transaction and will not be acting as a dual agent or representative of the buyer unless specifically stated in writing. THIS NOTICE OF NO AGENCY IS BEING PROVIDED AS REQUIRED BY STATE LAW. Customer Signature Print Customer s Name Date

47 Single Family Lots

47 Single Family Lots FOR SALE Fully Improved Single Family Lots! Route 53 Millsdale Rd. Dan Flanagan, ALC Managing Broker Phone: 630-388-8522 Fax: 630-443-1239 email: Dan@FlanaganLand.com http://www.flanaganland.com