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

    707 W Colfax St Palatine, IL 60067

    View on Map
    Sponsored
    For Sale
    $450,000

    COMMERCIAL - Palatine, IL

    Lot size:
    0.14 Acres
    Days on Market:
    79
    Last Refresh:
    Mar 12 at 9:06 am

    Property Features for 707 W Colfax St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    OFFIC
    APN
    02151100040000
    Lot size
    0.14 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Floors in Building
    2
    Number of units
    4
    Building materials
    Brick

    We can help!

    Listing Contact
    Diana Varva
    Diana Varva

    Coldwell Banker Leader Realty (312) 513-4490

    Listing agent Diana Varva (773) 344-5545

    Listing date Dec 23, 2025

    MLS# 12461320

    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.

    Learn more

    Property Insight Report

    Overview

    Remodeled Commercial Building with Manufacturing Zoning

    This commercial building, constructed in 1980 and recently remodeled, is available for sale and for rent. Zoned for manufacturing, the two-story building is currently configured as four individual office spaces, with two units on each floor, offering potential for varied usage. The ground floor units feature a large open space with a half bathroom, suitable for workshop or warehouse use. The upstairs units are divided into two private rooms each, all with exterior windows. Each of the four units has its own bathroom and separate gas and electric meter. The building has a single water bill. Two of the furnaces were installed in 2024. The building features a newer 800-amp electric system, freshly painted windows, a repaired roof, and remodeled bathrooms. The large parking area accommodates more than 10 vehicles, with additional space for potential storage or sheds. The property benefits from high street exposure, with an estimated traffic count of over 5,000 cars per day. It is located one block from the post office and two blocks from the Metra Station.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mariah Express Trucking Company Teamworks Consultant Town & Country Claim ... Insurance Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0603745
    Latitude
    42.1185195

    Nearby Similar for Sale

    • $549,900
      3,500 SF

      Versatile Commercial Warehouse in Palatine

      3,500 SF commercial warehouse on a high-traffic corner location.
      640 E Northwest Hwy, Palatine, IL 60074
      View Details
    • $350,000
      0.23 Acres

      Palatine Office Building For Sale

      Commercial building in Plum Grove Office Park, Palatine, Illinois.
      502 N Plum Grove Rd, Palatine, IL 60067
      View Details
    • $350,000

      204 N Hicks Pl. , Palatine, IL 60067

      Storefront properties
      204 N Hicks Pl, Palatine, IL 60067
      View Details
    • Contact for pricing

      Free-Standing Industrial Building with Yard

      Industrial building with fenced yard, paved lot, and easy access.
      240 E Helen Rd, 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 60067
      View Details
    • $350,000
      3,000 SF

      Free-Standing Building in Palatine

      3,000 SF building in high-traffic Palatine location.
      205 Hicks Pl, Palatine, IL 60067
      View Details
    • Contact for pricing

      Palatine Warehouse with Excess Land

      17,175 SF warehouse with extra land for parking/storage.
      433 S Vermont St, Palatine, IL 60067
      View Details
    • Contact for pricing
      5,938 SF

      New Gas Station Ground Lease

      Brand new gas and convenience store with a long-term lease.
      20227 N Rand Rd, Palatine, IL 60074
      View Details
    • $2,500,000
      21,500 SF

      Iconic Palatine Commercial Redevelopment Opportunity

      21,500 SF building with redevelopment potential in downtown Palatine.
      180 N Smith St, Palatine, IL 60067
      View Details
    • $20,000,000

      Palatine Condo Deconversion Opportunity

      132-unit condo deconversion opportunity in downtown Palatine, Illinois.
      140 W Wood St, Palatine, IL 60067
      View Details
    • Contact for pricing
      2,300 SF

      Turn-Key Dental Office Space

      Fully equipped dental office in prime location ready for immediate occupancy.
      741 E Dundee Rd, Palatine, IL 60074
      View Details
    • Contact for pricing
      17,000 SF

      Retail Property in Palatine, IL

      17,000 SF retail property available for sale.
      1400 E Nw Hwy west, Palatine, IL
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Remodeled commercial building in Palatine, IL, with manufacturing zoning.
    Where is this mixed-use property located?
    The property is located at 707 W Colfax St Palatine, IL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Zoned Manufacturing with potential for varied usage.; - Freshly remodeled, including **two new furnaces (2024)**, **newer 800 amp electric system**, roof repair, and remodeled bathrooms.; - Four individual units, each with a private bathroom and separate gas/electric meter.
    (773) 344-5545
    Request Owner's contact information
    707 W Colfax St Palatine, IL 60067
    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.
    707 W Colfax St
    Palatine, IL 60067
    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
    707 W Colfax St Palatine, IL 60067
    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

    We can help!
    Listing Contact
    Diana Varva
    Diana Varva
    Real Estate License ID: 471022830
    (773) 344-5545 (773) 465-4200 (773) 856-0552
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!