Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    516-20 W Wing Street Arlington Heights, IL 60005

    View on Map
    Picture of Residential land & home lots at 516-20 W Wing Street, Arlington Heights, IL
    For Sale
    Under Contract
    $389,000

    LAND - Arlington Heights, IL

    Added:
    Jan 15, 2026
    Days on Market:
    76
    Last Refresh:
    Apr 1 at 9:06 am

    Property Features for 516-20 W Wing Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    SINGL
    Standard status
    Active Under Contract
    APN
    03304180220000

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    1567

    Utilities

    Utilities
    Natural Gas Available

    We can help!

    Listing Contact
    John Calkins

    Listing agent John Calkins

    Listing office Compass 2044 W Roscoe St, IL

    Listing date Jan 15, 2026

    MLS# 12547116

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Arlington Heights Land Opportunity

    This 92 x 132 lot is located within walking distance of downtown Arlington Heights. The property is conveniently situated close to the train, restaurants, shopping, schools, and parks. This location offers an opportunity to build a home in a desirable neighborhood.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Arlington Heights
    County
    Sangamon
    State
    Illinois
    Longitude
    -87.9897
    Latitude
    42.0678

    Nearby Similar for Sale

    • $995,000

      Commercial Building in Arlington Heights

      Well-maintained commercial building with income potential in high-traffic area.
      505 E Golf Road, Arlington Heights, IL 60005
      View Details
    • $425,000

      Versatile Commercial Building Near Downtown

      Classic building with rental income potential near downtown Arlington Heights.
      1818 E Northwest Highway, Arlington Heights, IL 60004
      View Details
    • $299,900

      Arlington Heights Land Opportunity

      Vacant lot in a prime location to build your dream home.
      1309 E Brookwood Drive, Arlington Heights, IL 60004
      View Details
    • $995,000
      8,000 SF

      Arlington Heights Office Building For Sale

      Well-maintained office building with income potential in high-traffic location.
      505 E Golf Road, Arlington Heights, IL 60005
      View Details
    • $450,000

      Arlington Heights Vacant Land Opportunity

      Vacant lot in Scarsdale Estates, Arlington Heights. Near downtown.
      717 S Arlington Heights Road, Arlington Heights, IL 60005
      View Details
    • $350,000

      Arlington Heights Commercial Opportunity

      Commercial property for sale in Arlington Heights, Illinois.
      3323 N Ridge Avenue, Arlington Heights, IL 60004
      View Details
    • $2,495,000
      36,671 SF

      Arlington Heights Office Building

      36,671 SF office building near Route 53 and Euclid Avenue.
      3150 W Salt Creek Lane, Arlington Heights, IL 60005
      View Details
    • Contact for pricing
      15,000 SF

      Arlington Heights Office Building Investment

      15,000 SF office building with high occupancy near Chicago.
      5 East College Drive, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      11,400 SF

      Bank/Office Building on Dundee Road

      Well-maintained bank/office building in a high-traffic retail corridor.
      770 West Dundee Road, Arlington Heights, IL 60004
      View Details
    • $19
      109,000 SF

      Arlington Heights Medical Office Space

      Medical office space available in Arlington Heights, Illinois.
      3030 Salt Creek Lane, Arlington Heights, IL 60005
      View Details
    • Contact for pricing
      4,507 SF

      Well-Maintained Building Near Hospital

      Well-maintained building near hospital, ideal for multiple future uses.
      1104 South Arlington Heights Road, Arlington Heights, IL 60005
      View Details
    • $1,550,000
      14,000 SF

      Industrial Property in Established Park

      Seven-unit industrial property with easy access to major transportation routes.
      150 Elizabeth Dr, Arlington Heights, IL 60005
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot near downtown Arlington Heights, ideal for building.
    Where is this residential land & home lot located?
    The property is located at 516-20 W Wing Street Arlington Heights, IL.
    What is the asking price?
    The asking price for this property is $389,000.
    What are key features of this property?
    This property features: Large 92 X 132 Lot Size; Walking Distance to Downtown Arlington Heights; Close Proximity to Train
    (312) 733-7201
    We can help!
    Listing Contact
    John Calkins
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!