The Lake-Heim is a turnkey, income-producing waterfront compound on Grass Lake, part of the Fox Chain O'Lakes system roughly 50–60 miles northwest of Chicago. This is not just a rental property and not just a lake house — it is a rare combination of documented short-term-rental income, irreplaceable waterfront land, and multiple ways to own. Seller-provided Airbnb statements show approximately $60,423 in 2025 gross income, up roughly 25% year over year, across only about 393 booked nights (~36% occupancy) — leaving a clear, quantifiable runway. Three fully furnished units (two hold Airbnb "Guest Favorite" status) sleep up to 12 and operate independently under the established "The Lake-Heim" brand. The property sits on approximately 1.1 acres with about 131 feet of private walk-in sand-beach frontage — uncommon on the Chain — plus a private pier, covered gazebo, paver firepit patio, sand volleyball court, RV/boat storage, and canoe/kayak access. There are four full baths on the property; a bonus room (former laundry with its own full bath) takes it to up to 5 BR / 4 BA, and a former legal, conforming 4th-cottage site offers rebuild potential (subject to buyer verification and municipal approval). A buyer can continue and optimize the STR operation, owner-occupy one unit and rent the others, hold it as a multi-generational family compound, or pursue expansion or a 1031 exchange. The asset is best evaluated on gross-revenue-multiple (~12.4×) and price-per-frontage-foot (~$5,724); an illustrative value-add path toward ~55% occupancy projects ~$45,892 NOI (~6.1% cap) at the asking price. Full offering memorandum available to qualified buyers. All information seller-provided and deemed reliable but not guaranteed; buyer to verify. Full Offering Package: https://jasoncre.com/the-lake-heim/ Short-term rental, Airbnb, vacation rental, waterfront, lakefront, Grass Lake, Chain O'Lakes, Fox Lake, Spring Grove, Lake County, multifamily, cottage compound, turnkey, income-producing, value-add, owner-user, sand beach, private pier, boat access, fishing, redevelopment, 1031 exchange, hospitality, lodging, mixed-use lifestyle. Chain O'Lakes waterfront for sale, Grass Lake Illinois lakefront property, short-term rental investment Illinois, Airbnb business for sale Illinois, turnkey vacation rental, STR investment property, lakefront cottage compound, multifamily waterfront, owner-user lakefront, sand beach property, private pier, boat dock, Lake County commercial real estate, Spring Grove IL investment property, Fox Lake area rental, lake house investment, cash-flowing Airbnb, vacation rental portfolio, 1031 exchange lakefront, family lake compound, income-producing waterfront, Chain O'Lakes investment, fishing lake property, redevelopment opportunity Illinois. https://jasoncre.com/the-lake-heim/