A Rare Investment Find – Renovated Historic Schoolhouse
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 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, or can be made into (2) Apartments upstairs for more rental income potential.
Pricing & Information
Cash Buyers Bring Your Offers!!
The seller’s 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.
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. You’re close to Rochelle, Dekalb, and a quick 10-minute drive to Shabbona Lake State Park.
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 1,100 sq ft apartment offering one bedroom, a den, kitchen, family/living room, dining area, laundry room, and bath. 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. Almost 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, insulation 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
The Rental income could bring in $4,500-$5,000 per month.
Comparable Sales
Renovated schoolhouses don’t come up often, but here are some recent sales for context:
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.
For sale by owner
Price cut: $20K (8/8)
$275,000
350 County Line Rd, Lee, IL 60530
8beds
12,000sqft
Est.:
MultiFamily
Built in 1936
-- sqft lot
$-- Zestimate®
$23/sqft
$-- HOA
Overview
- 22 days
- on Zillow |
- 1,170 |
- 64 |
Listed by:
(815) 766-1444
Travel times
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 4
- Full bathrooms: 4
Heating
- Gas
Appliances
- Included: Microwave, Range / Oven, Refrigerator
Features
- Flooring: Tile, Concrete, Hardwood, Linoleum / Vinyl
Interior area
- Total interior livable area: 12,000 sqft
Property
Parking
- Total spaces: 10
- Parking features: Carport, Garage - Detached
Features
- Exterior features: Brick
Lot
- Size: 0.75 Acres
Details
- Parcel number: 1306376025
Construction
Type & style
- Home type: MultiFamily
Materials
- Roof: Asphalt
Condition
- New construction: No
- Year built: 1936
Community & HOA
Location
- Region: Lee
Financial & listing details
- Price per square foot: $23/sqft
- Tax assessed value: $233,232
- Annual tax amount: $6,252
- Date on market: 8/4/2025
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