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    180 Smith St Palatine, IL 60067

    Sponsored
    For Sale
    $3,250,000

    1 Acre, Mixed-Use Potential, $3.25M

    Property size:
    21,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 1-acre property in downtown Palatine, Illinois, presents a unique redevelopment opportunity. Currently housing a 21,500 square foot building encompassing a bar/restaurant with a full kitchen, a 7,000 square foot entertainment venue with a mezzanine and rooftop deck, and a 2,500 square foot bank with a drive-thru, the site boasts significant existing infrastructure. Previously approved plans allow for a new six-story mixed-use building, featuring approximately 52 residential units (a mix of two-bedroom/two-bath and two-bedroom-plus-den/two-bath units) on floors two through six. The ground floor will offer approximately 9,900 square feet of commercial space, divisible to suit various tenants. The development also includes a rooftop residential amenity deck with an enclosed area, terraces, and elevator access. The existing building includes approximately 1,250 square feet of covered patio space and 42 surface parking spaces. Located across from the Palatine train station, this property is situated within a transit-oriented development area, meeting all parking requirements. The asking price is $3,250,000, with a price per square foot of $151.16. This prime location in a thriving commercial area offers significant potential for investors and developers seeking a high-return mixed-use project in a vibrant community. The permitted zoning is P.

    Property Features for 180 Smith St

    General Information

    Property type
    Restaurants
    Square Feet
    21,500 SF
    Lot Size
    43,560 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Durty Nellie's Gastropub ... Gastropub

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0492601
    Latitude
    42.1136883

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    FAQs

    What type of property is this?
    Restaurant - 1 Acre, Mixed-Use Potential, $3.25M
    Where is this restaurant located?
    The property is located at 180 Smith St Palatine, IL.
    What is the asking price?
    The asking price for this property is $3,250,000.
    Request Owner's contact information
    180 Smith St Palatine, IL 60067
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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
    180 Smith St Palatine, IL 60067
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