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    Hwy & Rohlwing Rd Palatine, IL 60074

    Sponsored
    For Lease
    Contact for pricing

    Prime Cook County Land for Lease

    Lot size:
    24,383 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 24,383 square foot commercial land parcel presents a unique investment opportunity in Palatine, Illinois. Located at the Northwest corner of Northwest Highway and Rohlwing Road, this single-tenant site offers unparalleled visibility and accessibility. Situated in Cook County, the property boasts a highly desirable location within a thriving commercial area, providing excellent exposure to significant traffic volume. The expansive land area provides ample space for a variety of commercial developments, making it ideal for businesses seeking a prominent presence in a bustling community. The property's zoning (not specified) should be verified with the appropriate authorities to ensure compatibility with intended use. This is a blank canvas for a new commercial venture, offering the chance to build a custom structure tailored to specific business needs. The address is conveniently located at the Northwest corner of Northwest Highway and Rohlwing Road, Palatine, IL 60074. Given its size and location, this property is an exceptional opportunity for businesses seeking to establish a strong foothold in a high-traffic area. Serious inquiries are encouraged to explore the potential of this prime commercial land. The property is available for lease. Further details regarding the property's zoning and potential uses can be obtained through the appropriate channels. This is a rare opportunity to acquire a significant land parcel in a prime Palatine location.

    Property Features for 0 Hwy & Rohlwing Rd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    24,383 SF

    Unit(s) available at that property

    Space
    Space 1
    Size
    24,383 SF

    HighLights

    • ±24,383 SF commercial land parcel available in Palatine, IL.
    • High‑traffic corner lot at Northwest Highway & Rohlwing Road.
    • Excellent visibility and accessibility with high traffic counts.
    • Close proximity to Route 53.
    • Five‑minute drive to Arlington Park Metra Station (1,672 weekday passengers) and less than two miles from Arlington International Racecourse and the new Arlington Downs mixed‑use development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0241526
    Latitude
    42.1024039

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    FAQs

    What type of property is this?
    Land - Prime Cook County Land for Lease
    Where is this land located?
    The property is located at Hwy & Rohlwing Rd Palatine, IL.
    What are key features of this property?
    This property features: ±24,383 SF commercial land parcel available in Palatine, IL.; High-traffic corner lot at Northwest Highway & Rohlwing Road.; Excellent visibility and accessibility with high traffic counts.
    Request Owner's contact information
    Hwy & Rohlwing Rd Palatine, IL 60074
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    Palatine, IL 60074
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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.

    More about this property
    Hwy & Rohlwing Rd Palatine, IL 60074
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