Spring Grove Multifamily for Sale - Central Northwest
TURNKEY WATERFRONT AIRBNB COMPOUND — 3 UNITS ON GRASS LAKE, CHAIN O'LAKES — RC RECREATIONAL COMMERCIAL ZONING — $749,900
The Lake-Heim is a fully operational, income-producing waterfront short-term-rental compound on Grass Lake, part of the Fox Chain O'Lakes — roughly 1.1 acres with about 131 feet of private walk-in sand-beach frontage, a private pier, covered gazebo, and paver patio with firepit. Three furnished rental units (one 2BR + two 1BR, sleeping 12 total) operate under the established "Lake-Heim" brand with live booking calendars, two Airbnb Guest Favorite badges, and seller-provided 2025 Airbnb statements showing approximately $60,423 gross — up about 25% year over year across roughly 393 booked nights. And unlike the typical lake house running rentals, this property sits in Lake County's RC Recreational Commercial district — the county's resort zoning, where lodging, cabins and lake-commercial uses are the district's intended purpose.
WHY THIS PROPERTY WORKS
This is not just a rental property and not just a lake house — it is documented income, irreplaceable sand-beach waterfront, and resort-district zoning in one asset. Lake County prohibits short-term rentals in its residential zoning districts; RC is not a residential district — it is the county's Recreational Commercial classification, "primarily intended to accommodate commercial activities that are dependent upon locations near recreational resources, such as lakes," where hotels/motels and cabins/cottages are permitted uses (buyer to verify permitting status of the existing operation with Lake County). 2025 ran at only ~36% occupancy, so the growth lever is obvious: push occupancy, pricing and distribution toward levels typical of premier Chain frontage and the value-add projection reaches ~$45,892 NOI — roughly a 6.1% cap at asking. Meanwhile the land, beach and frontage hold value no operating metric captures.
THE NUMBERS
$749,900 asking. 2025 effective gross income $60,423 (+25% YoY). In-place NOI $27,726 — 3.7% cap, 12.4x gross rent multiple, $249,967/unit, $5,724 per frontage foot. Value-add projection at ~55% occupancy: ~$45,892 NOI, ~6.1% cap. All figures seller-provided or estimated; projections illustrative; buyer to verify in due diligence.
SIX WAYS TO OWN IT
Continue and optimize the turnkey operation. Owner-operator / house-hack — occupy the premium 2BR, let the two remaining units offset ownership cost. Multi-generational family compound with selective rental income. Add a fourth unit — rebuild on the site of a former legal, conforming fourth cottage; cabins and cottages are a permitted use in the RC district, subject to the code's lot-area and size standards (buyer to verify and obtain county approvals). Convert the bonus flex space (former laundry + full bath) into added rentable space. 1031 exchange — a documented-income waterfront replacement asset.
THE UNITS
Unit 1 — Premium 2BR/1BA: vaulted great room, double sliders to a private lakefront deck, cherry shaker kitchen, quartz island. Airbnb Guest Favorite, 4.91 stars. Unit 2 — attached 1BR/1BA: full kitchen, generous living area, walk-in storage. Unit 3 — freestanding 1BR/1BA cottage: the operation's top earner and most-booked unit. Airbnb Guest Favorite, 4.84 stars. All three fully furnished and actively booked — a buyer continues operations from day one.
LOCATION
Direct frontage on Grass Lake, the gateway lake of the Fox Chain O'Lakes — thousands of acres of connected water roughly 50-60 miles northwest of Chicago, minutes by boat to Blarney Island and near Chain O'Lakes State Park. Strong seasonal recreation demand from the Chicago suburbs, northern Illinois and southern Wisconsin. Address: 27717 W Grass Lake Dr, Spring Grove, IL 60081 (unincorporated Lake County, Antioch Township).
IDEAL FOR
Airbnb investor, short-term rental investor, STR portfolio, vacation rental business, VRBO operator, boutique hospitality operator, resort operator, lodge, cabin resort, cottage court, hotel and motel use, bed and breakfast operator, waterfront hospitality, marina-district investor, boat rental business, lake house buyer, waterfront home buyer, second home with income, house hacking, live-in owner-operator, multi-generational family compound, family lake retreat, corporate retreat, wellness retreat, yoga retreat, fishing lodge, hunting and fishing group, boating enthusiast, Chain O'Lakes waterfront buyer, cabin compound, three-unit investment property, small multifamily investor, 1031 exchange buyer, income property with land value, waterfront land bank, event and retreat venue (subject to county approvals), recreational commercial development, RC zoning buyer.
PROPERTY FACTS
$749,900. Three furnished units — 4BR/3BA total, sleeps 12. ±1.1 acres, ±131' private sand-beach frontage. Private pier, gazebo, firepit. 2025: $60,423 gross, 393 booked nights, ~36% occupancy. Zoned RC Recreational Commercial, unincorporated Lake County (Antioch Township), PIN 01-27-300-024. 27717 W Grass Lake Dr, Spring Grove, IL 60081.
Contact Jason Bitton — RE/MAX Commercial — 847-858-2909 — Jason@JasonCRE.com
ZONING: RC — RECREATIONAL COMMERCIAL DISTRICT, LAKE COUNTY (UNINCORPORATED, ANTIOCH TOWNSHIP)
Lake County Unified Development Ordinance, County Code Ch. 151 — Sec. 151.094 (district purpose), Sec. 151.111 (use table); code current through Ord. 26-0406 (April 16, 2026). The property carries a Spring Grove mailing address but lies in unincorporated Lake County. Permitted uses are allowed by right; conditional uses require county approval; Sec. 151.110 requires a use permit prior to the establishment or change of any use. Verify the permitting status of the existing operation and all intended uses with Lake County Planning, Building & Development before purchase. Broker makes no representation as to approvability of any use.
DISTRICT PURPOSE (Sec. 151.094): "primarily intended to accommodate commercial activities that are dependent upon locations near recreational resources, such as lakes."
PERMITTED USES (BY RIGHT) INCLUDE: Cabins and cottages (subject to lot-area standards and a 1,000 SF per-cabin cap under Sec. 151.112(J)). Hotels and motels. Attached dwelling attached to a nonresidential use. Caretaker's dwelling unit (accessory). Marinas — RC is the only Lake County district where marinas are permitted by right. Boat sales, rental, storage and service. Restaurants and coffee shops. Ice cream shops. Gift shops. Sporting goods stores. Health clubs. Camps (subject to site-size standards). Recreational-oriented retail sales and service (the code's category examples include lodges, resorts, bars and taverns). General retail sales and service.
CONDITIONAL USES (COUNTY APPROVAL REQUIRED) INCLUDE: Recreational vehicle parks. Casino/commercial watercraft. Amusement parks. Major entertainment events. Drive-in theaters. Racetracks. Outdoor shooting ranges.
SHORT-TERM RENTAL NOTE: Lake County's published short-term-rental prohibition applies to unincorporated
