NOT LISTED FOR SALE

516 Madison Ln Elgin, IL 60123

Far West Elgin Neighborhood

Estimated Value: $342,000 - $362,000

2 Beds
2.5 Baths
1,783 Sq Ft
$197/Sq Ft Est. Value

Sale Details

Date Sold: August 22, 2025

Last sale price $340,000 $191 Per Sq Ft

Est. 3% increase in value since last sale

Current estimated payment $2,712 / mo

21 Days on Market

Highlights

  • Open Floorplan
  • Cathedral Ceiling
  • Breakfast Room
  • Deck
  • Loft
  • Stainless Steel Appliances

About This Home

As of August 2025

Move right into this beautifully maintained and updated townhome featuring 2 bedrooms, 2.5 bathrooms, and a spacious loft that can easily be converted into a third bedroom. The soaring ceilings and open-concept layout create a bright and airy atmosphere, seamlessly connecting the living room with cozy fireplace, dining area, eat-in space, and kitchen-perfect for both entertaining and everyday living. You'll love the luxury vinyl flooring, updated bathrooms, and the primary suite complete with a walk-in closet and private ensuite bath. The full unfinished basement offers endless possibilities to add additional living space or create your dream rec room. Enjoy the convenience of a 2-car garage and a location that's equidistant to Route 20 and I-90 for easy commuting. Just minutes to all the shopping, dining, and amenities along Randall Road-this one truly has it all and won't last long!

Last Agent to Sell the Property

Christy Alwin

Redfin Corporation License #471005185 Listed on: 07/03/2025

Last Buyer's Agent

Toni Favia

TNT Realty, Inc. License #471022179

Townhouse Details

Home Type

  • Townhome

Est. Annual Taxes

  • $6,512

Year Built

  • Built in 2005

HOA Fees

  • $260 Monthly HOA Fees

Parking

  • 2 Car Attached Garage
  • Garage Door Opener
  • Driveway
  • Parking Included in Price

Home Design

  • Entry on the 1st floor
  • Brick Exterior Construction
  • Asphalt Roof
  • Aluminum Siding
  • Concrete Perimeter Foundation

Interior Spaces

  • 1,783 Sq Ft Home
  • 2-Story Property
  • Open Floorplan
  • Cathedral Ceiling
  • Ceiling Fan
  • Gas Log Fireplace
  • Blinds
  • Entrance Foyer
  • Family Room
  • Living Room with Fireplace
  • Combination Dining and Living Room
  • Breakfast Room
  • Loft
  • Laminate Flooring

Kitchen

  • Range
  • Microwave
  • Stainless Steel Appliances

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 2 Potential Bedrooms
  • Walk-In Closet
  • Dual Sinks
  • Soaking Tub
  • Separate Shower

Laundry

  • Laundry Room
  • Laundry on main level
  • Dryer
  • Washer

Unfinished Basement

  • Basement Fills Entire Space Under The House
  • Sump Pump

Schools

  • Creekside Elementary School
  • Kimball Middle School
  • Larkin High School

Utilities

  • Forced Air Heating and Cooling System
  • Heating System Uses Natural Gas

Additional Features

  • Deck
  • Lot Dimensions are 26x88

Listing and Financial Details

  • Homeowner Tax Exemptions

Community Details

Overview

  • Association fees include insurance, exterior maintenance, lawn care, snow removal
  • 5 Units
  • Gordy Lewis Association, Phone Number (847) 209-7002
  • Madison Homes Subdivision, Birch Floorplan
  • Property managed by Madison Homes HOA

Amenities

  • Common Area

Pet Policy

  • Dogs and Cats Allowed

Townhouse Details

Home Type

Townhome

Est. Annual Taxes

$6,512

Year Built

Built in 2005

Lot Details

0 Sq Ft Lot

HOA Fees

$260 per month

Parking

2

Listing Details

  • Property Type: Residential
  • Property Type: Attached Single
  • Type Attached: Townhouse-2 Story
  • Ownership: Fee Simple w/ HO Assn.
  • EntryLevel: 1
  • New Construction: No
  • Property Sub-Type: Townhouse-2 Story
  • Subdivision Name: Madison Homes
  • Year Built: 2005
  • Age: 16-20 Years
  • Built Before 1978 (Y/N): No
  • Disability Access and/or Equipped: No
  • General Information: Interstate Access
  • Rebuilt (Y/N): No
  • Rehab (Y/N): No
  • Actual Status: Closed
  • SomePhotosVirtuallyStaged: No
  • Special Features: None
  • Property Sub Type: Townhouses
  • Stories: 2

Interior Features

  • Appliances: Range, Microwave, Washer, Dryer, Stainless Steel Appliance(s)
  • Basement: Unfinished, Full
  • Full Bathrooms: 2
  • Half Bathrooms: 1
  • Total Bathrooms: 3
  • Total Bedrooms: 2
  • Fireplace Features: Gas Log
  • Fireplaces: 1
  • Flooring: Laminate
  • Interior Amenities: Vaulted Ceiling(s), Cathedral Ceiling(s), Walk-In Closet(s), Open Floorplan
  • LivingArea: 1783
  • Other Equipment: Ceiling Fan(s), Sump Pump
  • Room Type: Loft, Breakfast Room, Walk In Closet, Foyer
  • Stories Total: 2
  • Estimated Total Finished Sq Ft: 0
  • Bathroom Amenities: Separate Shower,Double Sink,Soaking Tub
  • Basement Bathrooms: No
  • Below Grade Bedrooms: 0
  • Dining Room: Combined w/ LivRm
  • Fireplace Location: Living Room
  • Total Sq Ft: 0
  • Door Features: Sliding Doors,6 Panel Door(s),Sliding Glass Door(s)
  • Window Features: Blinds
  • Flooring: Wood Laminate

Exterior Features

  • Construction Materials: Aluminum Siding, Brick
  • Foundation Details: Concrete Perimeter
  • Lot Features: Common Grounds
  • OtherStructures: None
  • Patio And Porch Features: Deck
  • Roof: Asphalt
  • Waterfront: No

Garage/Parking

  • Garage Spaces: 2
  • Parking Features: Asphalt, Garage Door Opener, On Site, Garage Owned, Attached, Garage
  • ParkingTotal: 2

Utilities

  • Sewer: Public Sewer
  • Cooling: Central Air
  • Electric: Circuit Breakers
  • Heating: Natural Gas, Forced Air
  • Laundry Features: Main Level, Washer Hookup, In Unit
  • Water Source: Public

Condo/Co-op/Association

  • Pets Allowed: Cats OK, Dogs OK
  • Association Fee: 260
  • Association Fee Frequency: Monthly
  • Master Association Fee: No
  • Master Association Fee Frequency: Not Required
  • Management Company: Madison Homes HOA
  • Management Contact Name: Gordy Lewis
  • Management Phone: 847-209-7002

Fee Information

  • Association Fee Includes: Insurance, Exterior Maintenance, Lawn Care, Snow Removal

Schools

  • Elementary School: Creekside Elementary School
  • High School: Larkin High School
  • Middle/Junior School: Kimball Middle School

Lot Info

  • Additional Parcels: No
  • Lot Dimensions: 26X88
  • Rural (Y/N): N
  • Special Assessments: N

Rental Info

  • Board Number: 8
  • Pets Allowed (Y/N): Yes
  • Is Parking Included in Price: Yes
  • Max Pet Weight: 999

Tax Info

  • Tax Annual Amount: 6511.54
  • Tax Year: 2023
  • Tax Exemptions: Homeowner

Multi Family

  • Units in Building: 5

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 3, 2025
Closed on
Aug 20, 2025
Sold by
Bought by
Seller's Agent
Christy Alwin
Redfin Corporation
Buyer's Agent
Toni Favia
TNT Realty, Inc.
List Price
$349,900
Sold Price
$340,000
Premium/Discount to List
-$9,900
-2.83%
Views
180
Current Estimated Value
$350,440

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$10,440
Avg. Annual Appreciation
3.54%
Original Mortgage
$268,600
Outstanding Balance
$267,690
Interest Rate
6.88%
Mortgage Type
New Conventional
Estimated Equity
$82,750

Purchase Details

Closed on
Sep 8, 2022
Sold by
Bought by

Purchase Details

Closed on
Jun 22, 2017
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$213,560
Interest Rate
3.75%
Mortgage Type
FHA

Purchase Details

Closed on
Jul 19, 2007
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$227,400
Interest Rate
6.54%
Mortgage Type
Purchase Money Mortgage
Source: Public Records
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$340,000 Chicago Title
-- --
$217,500 Attorneys Title Guaranty Fun
$227,500 Chicago Title Insurance Co
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $268,600
Previous Owner $213,560
Previous Owner $227,400
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
08/22/2025 08/22/25 Sold $340,000 0.0% $191 / Sq Ft
07/25/2025 07/25/25 Pending -- -- --
07/15/2025 07/15/25 Price Changed $339,900 -2.9% $191 / Sq Ft
07/03/2025 07/03/25 For Sale $349,900 -- $196 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $6,835 $93,407 $26,007 $67,400
2023 $6,512 $84,386 $23,495 $60,891
2022 $6,152 $76,945 $21,423 $55,522
2021 $5,883 $71,938 $20,029 $51,909
2020 $5,716 $68,676 $19,121 $49,555
2019 $5,549 $65,418 $18,214 $47,204
2018 $5,935 $66,034 $17,159 $48,875
2017 $5,804 $62,425 $16,221 $46,204
2016 $5,537 $57,914 $15,049 $42,865
2015 -- $53,084 $13,794 $39,290
2014 -- $45,979 $13,624 $32,355
2013 -- $47,191 $13,983 $33,208
Source: Public Records

Agents Affiliated with this Home

  • Toni Favia

    Buyer's Agent in 2025

    Toni Favia

    TNT Realty, Inc.

    (630) 244-6455

    1 in this area

    64 Total Sales

    Toni Favia
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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 12407605

Midwest Real Estate Data (MRED)

APN: 06-09-376-035

Illinois Kane County Elgin 60123 Far West Elgin

516 Madison Ln, Elgin, IL

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Midwest Real Estate Data (MRED) All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website.
Listings courtesy of Midwest Real Estate Data (MRED) as distributed by MLS GRID.
Based on information submitted to the MLS GRID

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