Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    232 Northwest Hwy Palatine, IL 60067

    • Office Properties & Spaces
    • 3,466 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Advocate Dental of Palatine | George Skoog, DDS / Periodontist / Teeth Whitening Service
    • Hoogkirk Patty / Dentist
    • Dr. Alla Shtilman / Dentist

    Property Details for 232 Northwest Hwy

    Property size
    3,466 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    This single-story, Class B medical office building at 232-236 E Northwest Hwy, Palatine, IL 60067, offers 3,466 square feet of vacant space, currently divisible into two contiguous suites. One suite measures 1,200 square feet, and the other is 2,266 square feet, allowing for a combined total of 3,466 square feet. The property features convenient access to Northwest Hwy and ample parking with 50 spaces. The building is zoned Office Research/PUD and is located in Cook County's Northwest Suburbs. Each suite includes in-unit reception areas, private offices, and restrooms, making it ideal for various medical or professional practices. The property is ready for immediate occupancy and offers attractive introductory pricing of $12.60 per square foot (including taxes and CAM charges) for 1-5 months, depending on lease terms. Tenant improvement allowances are also available. The minimum divisible space is 1,200 square feet, with a maximum contiguous space of 2,266 square feet. The property's APN is 02-14-100-015-0000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0379
    Latitude
    42.1203

    Comparable in this City

    • Value Estimation by Request
      17,862 SF

      600 North Ct

      Medical offices • 17,862 SF
      600 North Ct, Palatine, IL 60067
      View Details
    • Value Estimation by Request
      20,000 SF

      1518 Algonquin Rd

      Medical offices • 20,000 SF
      1518 Algonquin Rd, Palatine, IL 60067
      View Details
    • Value Estimation by Request
      29,395 SF

      675 North Ct

      Office Properties & Spaces • 29,395 SF
      675 North Ct, Palatine, IL 60067
      View Details
    • Value Estimation
      $320,000
      1.41 Acres

      236 Enw Hwy

      CONDOMINIUM OFFICES • 1.41 Acres
      236 Enw Hwy, Palatine, IL 60067-8183
      View Details
    • Value Estimation
      $320,000
      0.48 Acres

      334 Colfax St Ste C

      CONDOMINIUM OFFICES • 0.48 Acres
      334 Colfax St Ste C, Palatine, IL 60067-5343
      View Details
    • Value Estimation
      $375,000
      9.19 Acres

      1629 Colonial Pkwy, Unit 1

      CONDOMINIUM OFFICES • 9.19 Acres
      1629 Colonial Pkwy, Inverness, IL 60067-4732
      View Details

    Similar Nearby for Sale

    • $450,000
      3,000 SF

      Free-Standing Building in Palatine

      3,000 SF building in high-traffic Palatine location.
      205 Hicks Pl, Palatine, IL 60067
      View Details
    • $700,000
      6,549 SF

      Free-Standing Office Building For Sale

      Single-story office building near downtown Palatine, divisible for multiple tenants.
      501 W Colfax St, Palatine, IL 60067
      View Details
    • $350,000
      0.23 Acres

      Palatine Office Building For Sale

      Commercial building in Plum Grove Office Park, Palatine, Illinois.
      502 N Plum Grove Rd, Palatine, IL 60067
      View Details
    • $450,000
      0.14 Acres

      Remodeled Office Building with Manufacturing Zoning

      Remodeled office building for sale with manufacturing zoning.
      707 W Colfax St, Palatine, IL 60067
      View Details
    • Contact for pricing
      10,448 SF

      River West Development Opportunity

      Land with income-generating billboard in River West/West Town.
      550 W Colfax St, Palatine, IL 60067
      View Details
    • Contact for pricing
      17,175 SF

      Palatine Warehouse with Excess Land

      17,175 SF warehouse with extra land for parking/storage.
      433 S Vermont St, Palatine, IL 60067
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      17,862 SF

      Palatine Office Park Suites Available

      Prime Palatine Office Space, 4 Suites Available
      600 North Ct, Palatine, IL 60067
      View Details
    • $22 SF/Yr
      29,395 SF

      Palatine Office Park Investment

      Prime Palatine office space, 8 suites available.
      675 North Ct, Palatine, IL 60067
      View Details
    • $20 SF/Yr
      137,187 SF

      Palatine Plaza: Retail & Office Space

      Prime Palatine Retail/Office Opportunity
      233 Northwest Hwy, Palatine, IL 60067
      View Details
    • $16 SF/Yr
      17,310 SF

      Palatine Office Space for Lease

      Prime Palatine Office, Multiple Suites Available
      616 North Ct, Palatine, IL 60067
      View Details
    • $17 SF/Yr
      26,386 SF

      Palatine Office Building for Lease

      Prime Palatine Office Space, 5 Suites Available
      625 North Ct, Palatine, IL 60067
      View Details
    • $12 SF/Yr
      5,445 SF

      Inverness Office Space for Lease

      Prime Inverness location, flexible suites available.
      1618 Colonial Pkwy, Inverness, IL 60067
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    232 Northwest Hwy
    Palatine, IL 60067
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.