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    Move-in Ready Office Suites Title is generated by Realmo AI

    616 N North Ct, Palatine, IL 60067

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    Premier office campus in Chicago's Northwest suburbs with tailored suites.

    Type:Office
    Added:
    Oct 3, 2024
    Days on Market:
    610
    Last Refresh:
    May 12 at 9:58 pm

    Property Features for 616 N North Ct

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1979

    Spaces For Lease

    at 616 N North Ct Contact us

    Suite 250 $16/Mo

    Size
    2,292 SF
    Type
    Office
    - Listed rate may not include certain utilities, building services and property expensesn-...
    show more
    Contact us

    We can help!

    Listing Contact
    Ryan Moats

    Listing agent Ryan Moats License #FLBO

    Listing office Moats Office Properties

    Listing date Oct 3, 2024

    Source Crexi

    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 Moats Office Properties

    HighLights

    • Move‑in ready suites suitable for medical, tech, and professional service firms.
    • Excellent location in the Office Park of Palatine, a premier office campus.
    • Convenient access to major highways, downtown Chicago, and O'Hare Airport.
    • Proximity to numerous national retailers (Target, Home Depot, Jewel‑Osco, etc.).
    • 24/7 secure building access and responsive on‑site property management.
    • Energy‑efficient improvements and tenant‑controlled HVAC.

    Overview

    Located within the Office Park of Palatine, 616 N North Court is a medical and professional office campus in Chicago’s Northwest suburbs. The property features move-in-ready suites suitable for medical, dental, tech companies, and professional service firms. Amenities include 24/7 secure building access, on-site property management, energy-efficient improvements, tenant-controlled HVAC, and high-speed internet connectivity with DSL, cable, Comcast, and fiber optic options. Building and monument signage is available. The property is located minutes from retailers such as Target, The Home Depot, Jewel-Osco, Best Buy, Walmart, and TJ Maxx. The surrounding trade area has an average household income of $127,415 within five miles. The location provides access to major highways, is less than one hour from downtown Chicago, and is 25 minutes from O’Hare International Airport.
    Property Profile Location Intelligence

    Current Use by Public Records

    Acura Pharmaceuticals Inc Factory M.J. Taylor Law Law Firm Torgerson Financial Group Financial Advisor Kerry A. Garesche Law Law Firm Osegueda Language Institute Language School

    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.

    Similar Places Nearby

    • David Luttrell, DVM — 496 W Northwest Hwy, Palatine, IL 60067

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0386701
    Latitude
    42.1213113

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    FAQs

    What type of property is this?
    Medical Office Space - Premier office campus in Chicago's Northwest suburbs with tailored suites.
    Where is this medical office space located?
    The property is located at 616 N North Ct Palatine, IL.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Move‑in ready suites suitable for medical, tech, and professional service firms.; Excellent location in the Office Park of Palatine, a premier office campus.; Convenient access to major highways, downtown Chicago, and O'Hare Airport.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ryan Moats
    Real Estate License ID: FLBO
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    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.

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