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

    1618 Colonial Pkwy Inverness, IL 60067

    • Office Properties & Spaces
    • 9.19 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-0253124
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1618 Colonial Pkwy

    Year built
    1989
    Lot size
    9.19 lot acres
    Property type
    Office Properties & Spaces
    APN
    02-28-301-068-1007
    APU
    2283010681007

    Description

    This exceptional office space, located at 1618 W Colonial Pky in Inverness, Illinois, offers a fantastic opportunity for businesses seeking a prime location. The two-story building, constructed in 1985, boasts a total of 5,445 square feet, with 2,500 square feet currently vacant and available for lease. The property features multiple tenancy options, allowing for flexibility in space requirements. Individual suites range from a minimum of 135 square feet to a maximum contiguous space of 2,056 square feet, catering to a variety of business needs. The building provides ample parking with 12 spaces available for tenants. While there are no elevators, the two-story structure ensures easy accessibility. This property enjoys an enviable location directly across from Harper College in the Williamsburg Village, providing excellent visibility and convenient access to a highly educated workforce. Its strategic position offers unparalleled connectivity to major transportation arteries, including I-90, I-355, I-290, Route 53, and O'Hare International Airport, making it an ideal location for businesses requiring easy access to regional and national transportation networks. This is a truly exceptional opportunity to establish your business in a thriving and convenient location. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Cook
    State
    Illinois
    Longitude
    -88.0792
    Latitude
    42.0839
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $20,752
    $28,434
    $39,365
    $67,799
    -
    $113,736
    $157,460
    $271,196

    Comparable in this City

    • 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 by Request
      1.41 Acres

      236 Enw Hwy

      CONDOMINIUM OFFICES • 1.41 Acres
      236 Enw Hwy, Palatine, IL 60067-8183
      View Details
    • Value Estimation by Request
      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 by Request
      9.19 Acres

      1629 Colonial Pkwy, Unit 1

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

      1601 Colonial Pkwy, Unit 15

      CONDOMINIUM OFFICES • 9.19 Acres
      1601 Colonial Pkwy, Inverness, IL 60067-4732
      View Details
    • Value Estimation by Request
      9.19 Acres

      1623 Colonial Pkwy, Unit 7

      CONDOMINIUM OFFICES • 9.19 Acres
      1623 Colonial Pkwy, Inverness, IL 60067-1222
      View Details

    Similar Nearby for Sale

    • $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
      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
    • $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

    • $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
    • $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
    • $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
    • $14 SF/Yr
      25,484 SF

      Move-In Ready Office Suites in Palatine

      Prime Palatine location, flexible suites available
      1990 Algonquin Rd, Schaumburg, 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.
    1618 Colonial Pkwy
    Inverness, 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.

    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
    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.