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880 Summit St
Elgin, IL 60120
AUCTION - 7 AC CHICAGO MSA DEVELOPMENT SITE · Land For Sale
·
7.11 AC
Investment Highlights
- STARTING BID $200,000 | 7.11 Acre Development Site | 150 Residential Units & 17,000 SF Retail Previously Approved | 18K VPD | AUCTION SEPTEMBER 22-24
- Previously approved mixed-use development plan for approximately 150 residential units, ±17,000 SF of retail space, and 312 parking spaces.
- Main east-side Elgin commercial corridor location with full ingress/egress from Summit Street and Waverly Drive with traffic counts exceeding 18,000 v
- ±7.11-acre development site in Elgin, Illinois, approximately 35 miles northwest of Chicago.
- Surrounded by established retail including Jewel-Osco, Aldi, Walgreens, O’Reilly Auto Parts, Dunkin’, 7-Eleven, Chase, Anytime Fitness, Subway, Taco B
- Public utilities available including sanitary sewer, storm sewer, and gas, offering a head start for future development planning.
Executive Summary
Positioned along Summit Street, one of Elgin’s key commercial corridors, the site benefits from strong frontage, full ingress/egress, available utilities, and proximity to established retail, restaurant, medical, service, and daily-needs users. The surrounding trade area provides meaningful residential density and income demographics, with approximately 181,580 residents and $111,408 average household income within 5 miles. Located approximately 35 miles northwest of Chicago with access to I-90 and the broader Fox Valley employment base, the Property is well suited for a developer seeking an infill mixed-use, multifamily, retail, or service-commercial redevelopment opportunity in the Chicago MSA.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | Redevelopment Project | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 7.11 AC |
| Property Type | Land | ||
| Zoning | PAB - PAB (Planned Area Business) | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 7.11 AC |
| Zoning | PAB - PAB (Planned Area Business) |
1 Lot Available
Lot 4
| Price | $200,000 | Lot Size | 7.11 AC |
| Price Per AC | $28,129.40 |
| Price | $200,000 |
| Price Per AC | $28,129.40 |
| Lot Size | 7.11 AC |
Description
The City of Elgin previously approved approximately 150± residential units, approximately 17,000 square feet of retail space, 312 parking spaces, and four seperate pin#'s for a total of 7.11 acres. The original plan called for five buildings, two along Summit Street (each with a retail component) and three interior buildings. The zoning is PAB (Planned Area Business), a specialized district in Elgin, IL, for commercial developments of at least two acres. It allows deviations from standard AB (Area Business) zoning regulations, such as parking, landscaping, or building height requirements. These districts are often used for planned shopping centers. As of February 2026, the apartment vacancy rate in Elgin, Illinois, is approximately 1.8%, representing an extremely tight rental market (Apartments.com).
