116 Arlington Heights RdArlington Heights, IL 60005

Property Details for 116 Arlington Heights Rd

Year built

1975

Lot size

0.14 AC

Property type

Retail space

Property subtype

Storefront properties

APN

03-32-103-018

APU

332103018

Description

This three-story, 9,837 square foot office building at 116 S Arlington Heights Rd, Arlington Heights, IL 60005, presents a compelling value-add investment opportunity. Currently vacant, this Class C property offers immediate potential for redevelopment or lease-up. Situated on a sizable 18,790 square foot lot, zoned B-2, the building boasts significant upside. Built in 1978, the property features a single building with ample space for various business needs. The asking price is $699,000, translating to $71.06 per square foot. The property is currently vacant with an occupancy date of January 1, 2024. Its prime location near downtown Arlington Heights ensures high visibility and accessibility. The property's two parcel identification numbers (PINs) are 03-32-103-018/019. The ownership structure is an LLC, and the sale is considered distressed. The 2022 real estate taxes totaled $50,474. The seller will not consider offers contingent upon zoning changes. This is a rare chance to acquire a substantial office property in a desirable location with significant potential for return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,658,912

  6.5%

  $1,531,304

  7%

  $1,421,925

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,598,990

  Geo Method

  $2,051,438

• Alternative Use

  Use

  Valuation

  Residential

  $1,291,712

  Hospitality

  $1,183,201

  Educational

  $984,409

  Medical

  $1,018,265

  Retail

  $1,531,304

Location Insight

City

Arlington Heights

County

Cook

State

Illinois

Latitude

42.0804

Longitude

-87.9809

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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