Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1506 Algonquin Rd Palatine, IL 60067
    Back to Search
    Property profile & analytics

    1506 Algonquin Rd Palatine, IL 60067

    View on Map
    • Restaurants
    • 2,000 SF
    • 2.09 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Restaurants

    Property Details for 1506 Algonquin Rd

    Lot size
    2.09 lot acres
    Property size
    2,000 SF
    Property type
    Restaurants

    Description

    This exceptional restaurant space, totaling 2,000 square feet, is available for lease in the thriving Schaumburg submarket of Cook County. Situated within Harper Plaza, a newer construction center boasting high traffic counts, this property offers a fully equipped commercial kitchen ideal for a variety of culinary ventures. The space is divisible, with a minimum leasable area of 1,000 square feet, providing flexibility for different business needs. The location benefits from its prime position on Algonquin Road, just a short distance from Harper College, ensuring high visibility and accessibility. With ample parking (85 spaces) available for patrons and staff, convenience is a key feature. The property sits on a 2.09-acre lot and is zoned B-2, catering to commercial uses. The surrounding area, encompassing Hoffman Estates, Palatine, and Inverness, represents a rapidly growing population base within the I-90 corridor, a region experiencing significant development and an expanding tenant mix. This presents a unique opportunity for businesses to capitalize on a vibrant and expanding market. The property's strategic location and modern amenities make it an attractive option for restaurant operators seeking a well-equipped space in a high-traffic area.

    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
    -88.0804
    Latitude
    42.0806

    Comparable in this City

    • Value Estimation by Request
      4,305 SF

      270 Northwest Hwy

      Individual retail properties • 4,305 SF
      270 Northwest Hwy, Palatine, IL 60067
      View Details
    • Value Estimation by Request
      127,973 SF

      700 Euclid Ave

      Lifestyle centers • 127,973 SF
      700 Euclid Ave, Palatine, IL 60067
      View Details
    • Value Estimation by Request

      60 Palatine Rd

      Individual retail properties
      60 Palatine Rd, Palatine, IL 60067
      View Details
    • Value Estimation by Request
      0.01 Acres

      53 Johnson St Sta, Unit A

      RESIDENTIAL PARKING GARAGE • 0.01 Acres
      53 Johnson St Sta, Palatine, IL 60067-6135
      View Details
    • Value Estimation by Request
      0.90 Acres

      77 Quentin Rd, Unit P-9

      RESIDENTIAL PARKING GARAGE • 0.90 Acres
      77 Quentin Rd, Palatine, IL 60067-4804
      View Details
    • Value Estimation by Request
      0.90 Acres

      77 Quentin Rd, Unit P-51

      RESIDENTIAL PARKING GARAGE • 0.90 Acres
      77 Quentin Rd, Palatine, IL 60067-4804
      View Details

    Similar Nearby for Sale

    • $2,500,000
      Pending

      180 N Smith St, Palatine, IL 60067

      Mixed-use properties • 21,500 SF
      180 N Smith St, Palatine, IL 60067
      View Details
    • $2,500,000
      21,500 SF

      Iconic Palatine Commercial Redevelopment Opportunity

      21,500 SF building with redevelopment potential in downtown Palatine.
      180 N Smith St, Palatine, IL 60067
      View Details
    • Contact for pricing
      37,890 SF

      Palatine Mixed-Use Multi-Tenant Building

      Architecturally distinct mixed-use building in downtown Palatine with Metra access.
      110 N Brockway St, Palatine, IL 60067
      View Details
    • $75,000

      Retail Space Near Train Station

      Retail space in mixed-use building, steps from train station.
      220 N Smith St, Palatine, IL 60067
      View Details
    • $350,000

      204 N Hicks Pl. , Palatine, IL 60067

      Storefront properties
      204 N Hicks Pl, Palatine, IL 60067
      View Details
    • $42,500

      Palatine Retail Space For Sale

      Retail space available in Quentin Corners shopping center, Palatine, IL.
      801 N Quentin Rd, Palatine, IL 60067
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr

      Palatine Retail Storefronts For Lease

      Retail and office spaces available in Palatine shopping center.
      317 Dundee Rd, Palatine, IL 60067
      View Details
    • Contact for pricing

      Retail Space in Palatine Center

      1500 SF retail space in high-traffic Palatine location.
      293 N Northwest Hwy, Palatine, IL 60067
      View Details
    • $21 SF/Yr

      Retail Space in Palatine Center

      Retail space for lease in a well-located Palatine shopping center.
      753 W Palatine Rd, Palatine, IL 60067
      View Details
    • $36 SF/Yr

      Storefront in Bustling Commercial District

      Storefront in Palatine's commercial district with modern design.
      1724-A N Rand Rd, Palatine, IL 60067
      View Details
    • Contact for pricing

      Retail Space at Signalized Intersection

      Retail space available at a signalized intersection with ample parking.
      801 N Quentin Rd, Palatine, IL 60067
      View Details
    • $1,000 /Mo
      2,530 SF

      Retail/Office Space in Palatine

      Retail/office spaces available in a shopping center with ample parking.
      315 W Northwest Hwy, Palatine, 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.
    1506 Algonquin Rd
    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

    Thank You for Inquiry
    1506 Algonquin Rd, Palatine, IL, 60067
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!