180 Smith StPalatine, IL 60067

Property Details for 180 Smith St

Year built

2003

Lot size

1.00 AC

Property type

Retail space

APN

02-15-400-055

APU

215400055

Description

This exceptional Palatine, IL property offers a unique investment opportunity. Located directly across from the Palatine train station, this 21,500 square foot building boasts a diverse mix of existing commercial spaces. Currently, the property includes a fully equipped bar/restaurant, a 7,000 square foot entertainment venue with a mezzanine and rooftop deck, and a 2,500 square foot bank featuring a drive-thru lane. The site, encompassing one acre, has already received approval for a substantial redevelopment project. This approved plan envisions a six-story mixed-use building, incorporating approximately 9,900 square feet of ground-floor commercial space, divisible to suit various tenants. The commercial area also includes roughly 1,250 square feet of covered patio space. The upper floors (2-6) will house approximately 52 residential units, a mix of two-bedroom/two-bathroom and two-bedroom-plus-den/two-bathroom configurations. Residents will enjoy a rooftop amenity deck complete with an enclosed amenity area, terraces, and convenient elevator access. The existing 42 surface parking spaces meet the transit-oriented development area's parking requirements. Built in 2003, this property is situated in Palatine's thriving commercial district, making it an ideal location for businesses and professionals seeking a vibrant and growing community. The combination of existing income-generating spaces and the approved redevelopment plan presents a compelling investment prospect with significant future potential.

• CAP approach

  CAP return

  Valuation

  6%

  $11,561,954

  6.5%

  $10,672,573

  7%

  $9,910,247

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,144,322

  Geo Method

  $14,297,699

• Alternative Use

  Use

  Valuation

  Residential

  $9,002,715

  Hospitality

  $8,246,438

  Educational

  $6,860,940

  Medical

  $7,096,898

  Retail

  $10,672,573

Location Insight

City

Palatine

County

Cook

State

Illinois

Latitude

42.1138

Longitude

-88.0491

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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