740-746 Northwest Hwy Palatine, IL 60074

Property Details for 740-746 Northwest Hwy

Year built

1955

Lot size

0.31 lot acres

Property size

13,300 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 13,300 square foot retail shopping center in Palatine, Illinois, presents a compelling value-add investment opportunity. The property, located at 740-746 E Northwest Highway (US Route 14), is situated on a 0.31-acre lot and features a 7,022 square foot building currently 100% occupied by two tenants. One tenant holds a month-to-month lease, while the other, currently owned by the seller, has a one-year lease upon closing, with potential for vacancy thereafter. The property boasts a strong NOI of $17,429 and is priced at $625,000 ($89.01/sq ft). Its B-2 zoning allows for versatile use, including redevelopment or owner-occupancy. The location offers exceptional visibility and access, situated at a signalized intersection with high daily traffic counts (over 19,000 vehicles on E Northwest Highway and 4,500 on S Rohlwing Road). The property benefits from proximity to Metra stations, major highways (IL Routes 53, 62, and 68, US Routes 12 and 14, and Interstates 90 and 290), and a strong demographic base (over 120,100 people within 3 miles, average household income exceeding $157,222). Surrounding national retailers and restaurants further enhance the property's appeal. The current lease terms provide immediate income while allowing for future repositioning and lease-up strategies to capitalize on below-market rents. This property is ideal for an investor seeking a value-add opportunity in a prime retail location.