Palatine Condo Deconversion
140 W Wood St, Palatine, IL 60067
132-unit condo deconversion opportunity in downtown Palatine, Illinois.
Type:Multifamily
Property size:
112,000 SFPrice / SF:
$178/SF- Added:
- Nov 21, 2025
- Days on Market:
- 227
- Last Refresh:
- May 19 at 8:48 pm
Property Features for 140 W Wood St
General Information
- Standard status
- Active
- Size
- 112,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing office 33 Realty (773) 899-1334
Listing date Nov 21, 2025
Source 33realty
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of 33 Realty
HighLights
- Prime location in the heart of downtown Palatine, steps from the Metra train line, providing easy access to Chicago and local amenities.
- Significant value‑add opportunities through strategic unit rehabilitation to achieve market rents (over $2.00 per foot).
- Potential for reduced operating expenses by replacing the centralized boiler and chiller system with individual HVAC units.
- Opportunity to develop a portion of the large, over‑parked lot while retaining necessary parking spaces.
- Existing building amenities include a pool, gym, and storage lockers, with additional space available for upgrades.
- Diverse unit mix of studios, one‑bedroom, and two‑bedroom units, catering to a wide range of renters.
Overview
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.54M | $22.68 |
| − Vacancy | −$177.8k | −$1.59 |
| EGI | $2.36M | $21.09 |
| − OpEx | −$1.06M | −$9.49 |
| NOI | $1.30M | $11.60 |
112,000 SF · lease $22.68/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$18.56M
$16.24M – $21.65M
NOI $1,299,292 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$38.67M
$33.83M – $45.11M
NOI $2,706,794 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
CS Horton Solutions, ...
Production Facility
Park Towne Condominiums
Condominium Complex
Town Management
Business Management Consultant
Ian McGarrie Music
Tutoring Service
Location Insight
- Map
- Local Demand
- City
- Palatine
- County
- Cook
- State
- Illinois
- Longitude
- -88.0478
- Latitude
- 42.1137
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 132-unit condo deconversion opportunity in downtown Palatine, Illinois.
Where is this apartment building located?
The property is located at 140 W Wood St Palatine, IL.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: Prime location in the heart of downtown Palatine, steps from the Metra train line, providing easy access to Chicago and local amenities.; Significant value‑add opportunities through strategic unit rehabilitation to achieve market rents (over $2.00 per foot).; Potential for reduced operating expenses by replacing the centralized boiler and chiller system with individual HVAC units.
