A private lakefront compound with income already in place
The Lake-Heim is a fully operational waterfront cottage compound on Grass Lake, part of the Fox Chain O'Lakes system. Set on roughly 1.1 acres with about 131 feet of private walk-in sand-beach frontage, the property includes three furnished short-term-rental units, a private pier, a covered gazebo, a paver patio with firepit, and outdoor areas designed for lakefront use.
This is not just a rental property and not just a lake house — it is a rare combination of waterfront lifestyle, documented income, and future upside. A buyer can continue the existing short-term-rental operation, occupy one unit and rent the others, use it as a family compound, or explore expansion opportunities such as a fourth cottage or bonus-space conversion, subject to buyer verification and municipal approval.
Seller-provided Airbnb statements show roughly $60,423 in 2025 gross earnings, about 25% year-over-year growth, across approximately 393 booked nights. The property is already producing income, while still leaving room for a hands-on owner or operator to increase occupancy, improve pricing, expand distribution, and further develop the Lake-Heim brand.
Sand beach, pier & resort-style grounds
See it in motion
Three furnished units · sleeps 12
All three operate as independently listed short-term rentals under "The Lake-Heim" brand. Two hold Airbnb Guest Favorite status.
The Premium 2-Bedroom
Light-filled vaulted great room with double sliding doors to a private lakefront deck. Updated cherry shaker kitchen, stainless appliances, quartz island. Sleeps 6.
Attached One-Bedroom
Comfortable 1-bedroom in the primary building — full kitchen with new appliances, generous living area, full bath, and a large walk-in storage room. Sleeps 4.
Freestanding Cottage
The operation's top earner — a private detached cottage with kitchenette wrapping to a cozy bedroom and full bath. The most-booked, most-loved stay on the property. Sleeps 2.
Three furnished units: the premium 2-bedroom, the attached 1-bedroom, and the freestanding cottage
The Lake-Heim includes three separate furnished units, each with its own role in the operation. Unit 1 is the premium 2-bedroom, featuring a vaulted great room, lake-facing sliding doors, a private deck, cherry-shaker kitchen, stainless appliances, and quartz island. Unit 2 is a comfortable attached 1-bedroom with full kitchen, living area, full bath, and storage. Unit 3 is the freestanding cottage — the property's top earner and most-booked unit.
Together, the units create flexible ownership options: rent all three, live in one and rent the others, host family and guests separately, or continue operating the property as a branded short-term-rental compound.
Floor plan & site plan
Schematic plans for marketing. Footprints, square footage and room divisions approximate — buyer to verify.
Documented income, defined upside
Presented on two bases: a stabilized statement on 2025 actual income, and a value-add projection illustrating the runway from increasing occupancy toward levels typical of premier Chain frontage. All figures seller-provided or estimated; buyer to verify in due diligence.
Stabilized Operating Statement · As-Operated
| Line Item | Annual |
|---|---|
| Effective Gross Income (2025) | $60,423 |
| Property Taxes | $13,027 |
| Cleaning (guest-fee offset) | $7,640 |
| Utilities (est.) | $6,000 |
| Insurance | $1,927 |
| Landscaping | $1,890 |
| Laundry | $1,649 |
| Snow Removal (normalized) | $450 |
| Website / Software | $114 |
| Total Operating Expenses | $32,697 |
| Net Operating Income | $27,726 |
Key Metrics @ $749,900
| Metric | In-Place |
|---|---|
| Capitalization Rate | 3.7% |
| Gross Rent Multiplier | 12.4× |
| Price / Unit | $249,967 |
| Price / Frontage Foot | $5,724 |
| Value-Add NOI (proj.) | $45,892 |
| Value-Add Cap (proj.) | 6.1% |
Best evaluated on gross-revenue-multiple and price-per-frontage-foot — a meaningful share of value is the irreplaceable waterfront land, sand beach, and personal-use appeal that an in-place cap rate doesn't capture. 2025 ran at just ~36% occupancy; moving toward ~55% (still conservative for the Chain) projects NOI to ~$45,892 and a 6.1% cap at the asking price.
*Value-add figures are an illustrative projection, not a representation of guaranteed results. Cleaning shown as full expense for conservatism (a substantial portion is offset by guest-paid fees within gross earnings). Utilities estimated for underwriting; buyer to verify. All income, expense, occupancy, square-footage, frontage, zoning, STR-permitting and redevelopment figures are seller-provided or estimated and must be independently verified by buyer during due diligence.
Six ways to own it
Continue & optimize
Acquire a turnkey, furnished, actively booked 3-unit operation and drive revenue through occupancy, dynamic pricing, and expanded distribution.
Owner-user / house-hack
Occupy the premium 2-bedroom and let the two remaining units offset a significant share of ownership cost.
Family compound
A multi-generational lakefront retreat with private accommodations, renting selectively to defray costs.
Add a fourth unit
Pursue density by rebuilding on the site of a former legal, conforming fourth cottage — subject to verification and municipal approval.
Convert the flex space
Remodel the bonus back section (former laundry + full bath) into an added bedroom or expanded unit — a second path to more rentable space.
1031 exchange
A documented-income waterfront asset with growth and lifestyle appeal, suited to replacement-property buyers.
On the Chain O'Lakes
Grass Lake is part of the Fox Chain O'Lakes system, one of northern Illinois' best-known recreational lake destinations, located roughly 50–60 miles northwest of Chicago. The Chain offers thousands of acres of connected water and hundreds of miles of shoreline, creating a strong boating, fishing and seasonal-recreation environment.
The Lake-Heim sits directly on Grass Lake with private walk-in sand-beach frontage, lake access, and proximity to several of the Chain's most recognizable destinations, including Blarney Island and Chain O'Lakes State Park.
- Direct Grass Lake frontage within the Fox Chain O'Lakes system
- Near Blarney Island, one of the Chain's best-known boat-up destinations
- Near Chain O'Lakes State Park, which offers public boating, fishing and outdoor recreation access
- Fox Chain fishing and recreation, including bass, panfish, crappie and catfish, with additional species across the connected system
- Private walk-in sand-beach frontage — a standout feature on the Chain
- Positioned for seasonal recreation demand from the Chicago suburbs, northern Illinois and southern Wisconsin
Buyer questions
Is The Lake-Heim being sold turnkey?
Yes. All three units are fully furnished, actively booked, and supported by an established guest history and online presence — a buyer can continue operations from day one.
What did the property earn in 2025?
Seller-provided Airbnb host statements show approximately $60,423 in 2025 gross earnings, up roughly 25% over 2024, across about 393 booked nights — roughly 36% occupancy across three units, leaving substantial upside.
Can I live in one unit and rent the others?
Yes. A common plan is to occupy the premium 2-bedroom and let the two remaining units offset much of the ownership cost, or use the compound as a multi-generational family retreat.
Is there expansion potential?
Two paths: rebuild on the site of a former legal, conforming fourth cottage, and/or convert the bonus flex space (a former laundry with full bath) into an additional bedroom — both subject to buyer verification and municipal approval.
How do I get the full OM or schedule a showing?
Contact Jason Bitton at (847) 858-2909 or Jason@JasonCRE.com, or request materials through the button below.