Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Palatine Land Near Train Station Title is generated by Realmo AI

    628 S WILKE Road, Palatine, IL 60074

    View on Map
    Claim this Listing
    Picture of Residential land & home lots at 628 S WILKE Road, Palatine, IL
    For Sale
    $500,000

    LAND - Palatine, IL

    Lot size:
    1.00 Acre
    Added:
    Oct 5, 2025
    Days on Market:
    229
    Last Refresh:
    May 21 at 4:06 pm

    Property Features for 628 S WILKE Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    SINGL
    Standard status
    Active
    APN
    02244070460000
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    7749

    Utilities

    Utilities
    Water Available
    Water source
    Well

    We can help!

    Listing Contact
    Robert Hall

    Listing agent Robert Hall License #471008544

    Listing office North Star Realty 606 E. Thomas St., Arlington Hts, IL

    Listing date Oct 5, 2025

    MLS# 12486105 Listing URL

    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.

    HighLights

    • Two buildable lots (approximately 60x288 each) with separate pin numbers.
    • Excellent location within walking distance to the train.
    • Potential future development opportunity related to the Bears Stadium.
    • Beautiful mature trees on the property.
    • Easy access to expressways and the airport.
    • Convenient access to shopping.

    Overview

    This property, intended for builders and developers, features mature trees and an excellent location within walking distance to the train station. The land consists of two separate parcels, potentially offering two buildable lots. Each lot measures approximately 60x288. The location provides easy access to expressways and the airport, as well as shopping. The property is located in Palatine, Illinois.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.005367
    Latitude
    42.098312

    Nearby Similar for Sale

    • $549,900
      3,500 SF

      Versatile Commercial Warehouse in Palatine

      3,500 SF commercial warehouse on a high-traffic corner lot.
      640 E Northwest Highway, Palatine, IL 60074
      View Details
    • $259,900

      Free Standing Commercial Building

      2,500 sqft commercial building with multiple entrances and parking.
      108-110 S Northwest Highway, Palatine, IL 60074
      View Details
    • $325,000

      Palatine Office Building For Sale

      Commercial building in Plum Grove Office Park, Palatine, Illinois.
      502 N Plum Grove Road, Palatine, IL 60067
      View Details
    • $150,000

      Wooded Lot Near Forest Preserve

      Residential land for building a single-family home.
      1309 W Dundee Road, Palatine, IL 60074
      View Details
    • $619,000

      Palatine Ranch Land For Sale

      Land available in Palatine, Illinois suitable for residential development.
      1485 W Dundee Road, Palatine, IL 60074
      View Details
    • $549,900
      3,500 SF

      Versatile Commercial Warehouse on Corner

      3,500 SF commercial warehouse on high-traffic corner location.
      640 E Northwest Highway, Palatine, IL 60074
      View Details
    • $1,299,995

      Prime Palatine Land Opportunity

      Large corner parcel suitable for residential development in Palatine, IL.
      712-724 S Plum Grove Road, Palatine, IL 60067
      View Details
    • Contact for pricing

      Land For Sale, Palatine, IL

      2.1 acre commercial land available in Palatine, Illinois.
      2227 N Rand Road, Palatine, IL 60074
      View Details
    • $1,275,000
      5,323 SF

      Palatine Retail Space For Sale

      Retail space in Palatine, Illinois, available for purchase.
      1131 East Dundee Road, Palatine, IL, 60074
      View Details
    • $350,000
      3,000 SF

      Storefront properties

      204 N Hicks Pl. , Palatine, IL 60067
      View Details
    • $700,000
      6,549 SF

      Free-Standing Office Building For Sale

      Single-story office building near downtown Palatine, divisible for multiple tenants.
      501 W Colfax St, Palatine, IL
      View Details
    • $1,899,000

      3.54 Acres in Deer Park

      3.54-acre parcel with income and development potential.
      20270 North Rand Road, Palatine, IL 60074
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Two buildable lots near train, expressways, airport, and shopping.
    Where is this residential land & home lot located?
    The property is located at 628 S WILKE Road Palatine, IL.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Two buildable lots (approximately 60x288 each) with separate pin numbers.; Excellent location within walking distance to the train.; Potential future development opportunity related to the Bears Stadium.
    (847) 276-0583
    We can help!
    Listing Contact
    Robert Hall
    Real Estate License ID: 471008544
    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

    Thank You for Inquiry
    628 S WILKE Road, Palatine, IL 60074
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!