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    Prime Palatine Land Opportunity Title is generated by Realmo AI

    712-724 S Plum Grove Road, Palatine, IL 60067

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    Claim this Listing
    For Sale
    $1,299,995

    LAND - Palatine, IL

    Lot size:
    1.20 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    107
    Last Refresh:
    May 21 at 1:06 pm

    Property Features for 712-724 S Plum Grove Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Rooms
    Laundry Room
    Standard status
    Active
    APN
    02224100160000
    Lot size
    1.20 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    33163

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas, Electric (Heating)
    Cooling system
    Central Air

    We can help!

    Listing Contact
    Michael Mandile

    Listing agent Michael Mandile License #475174712

    Listing office Compass 55 E ERIE ST STE 1C, IL

    Listing date Feb 3, 2026

    MLS# 12560086 Listing URL

    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.

    HighLights

    • Large combined parcel: Approximately 51,800 sq ft (1.19 acres) in prime Palatine location.
    • High‑visibility corner lot offering exceptional scale for new construction.
    • Ideal for single‑family homes or townhomes (pending Village approval).
    • Quick access to Fremd High School, Plum Grove Middle School, Highway 53/90, and the Metra.
    • Close proximity to O'Hare Airport, Woodfield Mall, Downtown Palatine, and the future Chicago Bears development.
    • Rare opportunity to control an entire corner block in a thriving suburban market.

    Overview

    This is a rare opportunity to acquire three combined parcels totaling approximately 51,800 sq ft (1.19 acres) on a prime, high-visibility corner in the heart of Palatine. The site offers exceptional scale for new construction and is ideal for future single-family homes or townhomes, pending Village approval. The location is surrounded by established neighborhoods, new construction, and strong area demand, and offers quick access to Fremd High School, Plum Grove Middle School, Highway 53/90, the Metra, O'Hare Airport, Woodfield Mall, Downtown Palatine and the future Chicago Bears development. The three-lot offering includes the corner parcel at 712 S Plum Grove Rd, the extra-wide vacant lot at 712 S Plum Grove Rd (Rear) with Michigan Ave frontage, and the expansive parcel at 724 S Plum Grove Rd. Existing structures remain on two parcels, but the value is in the land and its redevelopment potential. This is a chance to control an entire corner block in a thriving suburban market and bring your next residential project to life.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.044227
    Latitude
    42.097373

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    FAQs

    What type of property is this?
    Residential land & home lot - Large corner parcel suitable for residential development in Palatine, IL.
    Where is this residential land & home lot located?
    The property is located at 712-724 S Plum Grove Road Palatine, IL.
    What is the asking price?
    The asking price for this property is $1,299,995.
    What are key features of this property?
    This property features: Large combined parcel: Approximately 51,800 sq ft (1.19 acres) in prime Palatine location.; **High‑visibility corner lot offering exceptional scale for new construction.**; Ideal for single‑family homes or townhomes (pending Village approval).
    (773) 482-1917
    We can help!
    Listing Contact
    Michael Mandile
    Real Estate License ID: 475174712
    Learn More
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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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