740-746 Northwest HwyPalatine, IL 60074
- Retail properties
- 13,300 SF
Property Details for 740-746 Northwest Hwy
- Year built
- 1955
- Lot size
- 0.31 AC
- Property size (Sq ft)
- 13,300 SF
- Property type
- Retail properties
- Property subtype
- Lifestyle centers
Description
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.
Location Insight
- City
- Palatine
- County
- Cook
- State
- Illinois
- Latitude
- 42.1031
- Longitude
- -88.0252
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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