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    501 W Colfax St Palatine, IL 60067

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    For Sale
    $700,000

    Single-story office building near downtown Palatine, divisible for multiple tenants.

    Property size:
    6,549 SF
    Lot size:
    0.36 Acres

    Property Features for 501 W Colfax St

    General Information

    Size
    6,549 SF
    Lot size
    0.36 Acres

    Source: Lee & Associates | Chicago Agent Todd Hendricks

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Free-Standing Office Building For Sale

    This free-standing, single-story office building is located within walking distance of downtown Palatine, the Metra station, and various restaurants. The building offers flexibility for multiple tenants, as it is divisible into two or three tenant spaces. The interior layout includes 16 private offices, a kitchen, a conference room, a reception area, and built-in cubes. The property has a total size of 6549 square feet. Owner financing is available.
    Insight Report Location Intelligence

    Current Use by Public Records

    MP Consulting, LLC Research And Product Development

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0546987
    Latitude
    42.1160745

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    FAQs

    What type of property is this?
    Office building - Single-story office building near downtown Palatine, divisible for multiple tenants.
    Where is this office building located?
    The property is located at 501 W Colfax St Palatine, IL.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: - Walking distance to Downtown Palatine, Metra & Restaurants; - Free-standing single-story office building; - Includes **16 private offices, kitchen, conference room, reception and built-in cubes**
    (847) 912-2739
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    Realmo Value Estimation

    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.

    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.

    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
    501 W Colfax St Palatine, IL 60067
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