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    616 North Ct Palatine, IL 60067

    Sponsored
    For Lease
    $16 SF/Yr

    Prime Palatine Office, Multiple Suites Available

    Lot size:
    17,310 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This two-story, 17,310 square foot office building in Palatine, IL offers multiple suites for lease, ranging from 811 to 2,292 contiguous square feet. Built in 1979 and renovated in 2013, the property features 50 parking spaces and an elevator. Available space totals 5,261 square feet. Amenities include 24/7 access, on-site property management, prominent signage, energy-efficient improvements, and tenant-controlled temperature. High-speed internet options (DSL, cable, Comcast, and fiber optic) are available. Suites are customizable for medical or general office use. The building enjoys a highly desirable location near major retailers like Target, Home Depot, and Best Buy, within a thriving community boasting an average household income of $127,415 within a five-mile radius. Its proximity to O'Hare International Airport (25 minutes) and Chicago (under an hour) provides exceptional accessibility. This is an excellent opportunity for businesses seeking a well-maintained, conveniently located office space in a prosperous Northwest Chicago suburb. The property is located at 616 N North Ct, Palatine, IL 60067.

    Property Features for 616 North Ct

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,310 SF
    Total Rate
    23080

    Building Details

    Year Built/Renovated
    1979/2013
    Stories
    2

    Unit(s) available at that property

    Space
    Suite 130
    Size
    811 SF
    Rate per SF
    $16
    Space
    Suite 260
    Size
    2,292 SF
    Rate per SF
    $16
    Space
    Suite 200
    Size
    2,158 SF
    Property Profile Location Intelligence

    Current Use by Public Records

    Acura Pharmaceuticals Inc Pharmaceutical Company M.J. Taylor Law Legal Services Torgerson Financial Group Financial Planner Kerry A. Garesche Law Estate Planning Attorney Osegueda Language Institute Language School

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.038953101661
    Latitude
    42.12139423392

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Palatine Office, Multiple Suites Available
    Where is this office property / space located?
    The property is located at 616 North Ct Palatine, IL.
    What is the lease rate?
    The lease rate is $0.00-$16 SF/Yr.
    Request Owner's contact information
    616 North Ct Palatine, IL 60067
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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.

    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
    616 North Ct Palatine, IL 60067
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