140 W Wood St Palatine, IL 60067

This 132-unit condo deconversion opportunity is located at 140 Wood Street in Palatine, Illinois. Originally built in 1971 and converted to condos in 2005, the property features a mix of unit sizes, including 44 studios (approximately 369 sq ft), 52 one-bedroom units (645 to 772 sq ft), 24 two-bedroom, one-bathroom units (approximately 910 sq ft), and 12 two-bedroom, two-bathroom units (approximately 1094 sq ft). The property includes 184 exterior parking spots, with 46 rented to the city of Palatine for commuter parking due to its proximity to the Metra Train Line. Situated in downtown Palatine, the location provides convenient access to restaurants, retail, and transportation into Chicago. The building has a pool, gym and storage lockers. The porches have been newly replaced by the association. There are multiple add value options for a new investor. Historic rent restrictions have limited the number of rented units. Units range from original condition to those rehabbed during the 2005 conversion or gut rehabbed by current owners, presenting an opportunity to strategically rehab units and increase rents. The property currently uses a boiler and chiller system, which could be replaced with individual HVAC units to decrease operating expenses. Under-utilized common spaces could be converted into amenity spaces. The property sits on a large lot with potential for additional development while retaining needed parking.