350 County Line Road, Lee, IL, 60530

Property Details: • Type: Single Family Residence • Bedrooms: 8 • Bathrooms: 4 • Square Footage: 1,100 sq ft

Description: A Rare Investment Find Renovated Historic Schoolhouse

You don't come across something like this every day. Looking for something you wont find on every block? This old schoolhouse is almost through a full transformation into three distinct living spaces and its waiting for its next owner with a vision to finish the job. The heavy lifting is done: its been stripped to the studs, rebuilt, and capped with a new roof. Two apartments are move-in ready, and the third a huge upstairs unit just needs the final touches.

Location of Property 350 County Line Rd, Lee, IL 60530. Rental demand in this area is strong, and multi-unit options are limited. This pocket of Lee is starved for multi-unit rentals, and demand is super steady. Lee straddles DeKalb and Lee counties, with only 313 residents as of 2020. You are close to Rochelle, Dekalb, and a quick 10-minute drive to Shabbona Lake State Park.

Pricing & Information Cash Buyers Bring Your Offers!! The sellers motivated and is asking $275,000 as-is, but will consider reasonable offers. Owner financing is on the table: $175K down, up to 5 years to pay, no prepayment penalty, so you can pay it off early if you want. Trades are also welcome; RVs, boats, land, cars, or trucks could go toward the purchase price.

Unit Breakdown Unit-1 (Ready to Go) A 1,100 sq ft apartment with one bedroom, a generous living/dining space, kitchen, laundry room, bathroom, and a roomy bedroom. Brand new furnace and water heater, plus separate gas and electric meters. New Carpet hasn't been installed yet.

Unit-2 (Ready to Go) A 1,200 sq ft apartment offering one bedroom, a den, kitchen, family/living room, dining area, laundry room, and bath. This unit has a Brand-New Gas Stove, Refrigerator, Washer & Dryer. Like Unit 1, its equipped with new mechanicals and dedicated utility meters. New Carpet hasn't been installed yet.

Unit-3 (Almost There) Upstairs you'll find a massive 4,000+ square foot apartment with four bedrooms including a master suite with its own sitting area and bath. About 80% finished mostly needs some drywall and bathroom work to cross the finish line.

Potential Fourth Unit: Turn Unit 3 into two separate apartments by adding a wall and a small kitchen, boosting your rental income even more.

Gym & Extras The school gym is still intacta full basketball court, bleachers, locker rooms, plus a basement and storm shelter. Electrical upgrades and ceiling repairs are underway, and it just needs a solid cleaning.

Why This Deal Stands Out Properties like this flexible, partially finished, and full of upside rarely come up for sale. Strong rental demand in Lee, IL, and very few multi-unit options make this a compelling play, whether you're looking for cash flow or a live/work setup.

What's Left to Tackle? The upstairs apartment needs drywall in the living room, dining, and master bedroom/sitting areas, along with the master bath needs to be finished. You could refinish the original hardwood floors or lay new carpet.

Zoning Multi-Tenant Residential Zoning so you can rent or occupy multiple units as you see fit.

Owner Financing Flexible terms: $175k down, competitive rates, up to 5 years to pay, and no penalty if you pay it off early.

Rental Income Potential When finished, the three main units could bring in $4,500 or more per month not counting extra income from the gym or storage. If you split Unit 3, that number goes up even further.

Comparable Sales Renovated schoolhouses don't come up often, but here are some recent sales for context:

$370,000 1,701 sq ft (1287 Locust Rd) $360,000 1,733 sq ft (13658 W County Line Rd) $300,000 1,740 sq ft (1336 Woodlawn Rd) $295,000 1,776 sq ft (1426 Paw Paw Rd) $236,000 1,026 sq ft (1218 Locust Rd) $193,000 2,464 sq ft (130 N Skole Gate) $172,000 1,120 sq ft (351 W Erickson Gate Dr) $162,000 1,050 sq ft (341 E Kirke Gate) $155,000 1,512 sq ft (311 S Viking Vie)

If you want an investment that breaks the mold something with character, strong income, and room to add your own spin this is the one to check out.

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