27717 W Grass Lake Dr - The Lake-Heim — Turnkey 3-Unit Waterfront STR 3 Unit Apartment Building Offered at $749,900 Spring Grove, IL 60081

The Lake-Heim — Turnkey 3-Unit Waterfront STR Compound on Grass Lake | Chain O'Lakes
A rare offering on the Chain O'Lakes: a fully operational, income-producing waterfront cottage compound on Grass Lake, pairing proven short-term rental cash flow with genuine lifestyle and redevelopment upside. Set on approximately 1.13 acres with roughly 131 feet of private sand-beach frontage, 27717 W Grass Lake Drive — operated as "The Lake-Heim" — delivers three fully furnished, independently rented units, a private pier, and a buildable site for a fourth cottage.
The improvements comprise three turnkey rental units: a standout 2-bedroom unit with a vaulted great room, cherry shaker kitchen with stainless appliances and a quartz-topped island, and lake-view sliding doors opening to a private deck; a comfortable 1-bedroom unit with full kitchen; and a freestanding 1-bedroom cottage with kitchenette. All three carry established guest history and strong reviews, with two holding Airbnb "Guest Favorite" status — placing them among the most-loved stays on the platform. Attached to the one-bedroom unit is a bonus room with a full bath and its own private side entrance — a flexible space that can serve as a lock-off, an expansion of the adjoining unit, or an additional rentable room.
Outdoor amenities anchor the appeal and are the hardest elements to replicate: a genuine sand beach, a covered gazebo with dining area, a paver patio with firepit, lakefront lounging, a private pier, and ample on-site parking. The setting is turnkey for guests and a true retreat for an owner — sunrise over the water, direct lake access for kayaks and small boats, and a hard-to-beat location near Blarney Island and the open Chain.
The income story is one of proven performance with clear, quantifiable upside. 2025 Airbnb gross earnings were approximately $60,423 — roughly 25% year-over-year growth — achieved across only about 393 booked nights. That occupancy sits well below what a seasoned operator targets on premier Chain frontage: the asset performs today without being optimized. A buyer applying disciplined rate management, expanded platform distribution (VRBO, Booking.com, direct), and shoulder-season programming has a credible path to materially higher stabilized revenue.
Multiple strategies fit the asset: continue the established three-unit STR operation; occupy the premium 2-bedroom unit while the other two offset the cost of ownership; assemble a multi-generational family lakefront compound; activate the existing bonus room as a lock-off or additional rentable space; or add a fourth income unit by rebuilding on the site of a former legal, conforming cottage (subject to buyer verification and municipal approval).
This is not a conventional small multifamily building. It is a lakefront destination with documented revenue, irreplaceable frontage, and layered upside — the kind of Chain O'Lakes asset that rarely reaches the open market.
Square footage, frontage, income, expenses, zoning, short-term rental permitting, and redevelopment potential are seller-provided or estimated and should be independently verified by buyer during due diligence.
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