350 County Line Rd, Lee, IL 60530

You don’t come across something like this every day. Looking for something you won’t find on every block? This old schoolhouse is almost complete through a full transformation into three distinct living spaces—and it’s waiting for its next owner with a vision to finish the job. The heavy lifting is done: it’s 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. New $50k+ Septic Tank & Plumbing Installed. 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’re close to Rochelle, Dekalb, and a quick 10-minute drive to Shabbona Lake State Park. Property & 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, it’s 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 intact—a 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.