350 County Line Rd, Lee, IL 60530

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.