For Sale
$625,000

740-746 Northwest HwyPalatine, IL 60074

High-traffic retail center, value-add opportunity

Overview

Added:
Dec 11, 2024
Days on market:
117
This 13,300 square foot retail shopping center in Palatine, Illinois, presents a compelling value-add investment opportunity. The property, located at 740-746 E Northwest Highway (US Route 14), is situated on a 0.31-acre lot and features a 7,022 square foot building currently 100% occupied by two tenants. One tenant holds a month-to-month lease, while the other, currently owned by the seller, has a one-year lease upon closing, with potential for vacancy thereafter. The property boasts a strong NOI of $17,429 and is priced at $625,000 ($89.01/sq ft). Its B-2 zoning allows for versatile use, including redevelopment or owner-occupancy. The location offers exceptional visibility and access, situated at a signalized intersection with high daily traffic counts (over 19,000 vehicles on E Northwest Highway and 4,500 on S Rohlwing Road). The property benefits from proximity to Metra stations, major highways (IL Routes 53, 62, and 68, US Routes 12 and 14, and Interstates 90 and 290), and a strong demographic base (over 120,100 people within 3 miles, average household income exceeding $157,222). Surrounding national retailers and restaurants further enhance the property's appeal. The current lease terms provide immediate income while allowing for future repositioning and lease-up strategies to capitalize on below-market rents. This property is ideal for an investor seeking a value-add opportunity in a prime retail location.

Highlights

  • 13,300 SF retail center in Palatine, IL, on a 0.31-acre lot, offering a value-add opportunity.
  • 7,022 SF building, 100% occupied; one tenant month-to-month, the other (seller-owned) on a one-year lease post-closing, with potential vacancy.
  • Strong NOI of $17,429, priced at $625,000 ($89.01/SF). B-2 zoning allows for versatile use, including redevelopment or owner-occupancy.
  • High-visibility location at a signalized intersection with over 19,000 VPD on E Northwest Highway and 4,500 VPD on S Rohlwing Road.
  • Excellent demographics: over 120,100 people within 3 miles, average household income exceeding $157,222.
  • Surrounded by national retailers and restaurants, near Metra stations and major highways (IL Routes 53, 62, & 68; US Routes 12 & 14; I-90 & 290).

Property Details for 740-746 Northwest Hwy

Property type
Lifestyle centers, Power centers
Square Feet
13,300 SF
Year Built
1955
Buildings
1
Stories
1
Lot Size (sq. ft)
13,504 SF
Units
2

Location Insight

City
Palatine
County
Cook
State
Illinois
Latitude
42.1031504
Longitude
-88.0251527
740-746 Northwest Hwy, Palatine, Illinois

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740-746 Northwest Hwy
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