117 Slade St Palatine, IL 60067
- Retail space
- 0.15 lot acres
Current Use by Public Records
- Vintage Violins Ltd / Musical Instrument Store / Musical Instrument Rental Service
- The Art & The Artist Studio / Art Gallery
- Fancy Nancy's Outdoors / Store
- Madcats / Restaurant / Bingo Hall
- My Flavor It! Place - Palatine / Ice Cream Shop / Dessert Shop
Property Details for 117 Slade St
- Year built
- 1924
- Lot size
- 0.15 lot acres
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 02-15-429-003
- APU
- 215429003
Description
This exceptional 10,000 square foot commercial building at 117 W Slade Street in Palatine, IL, presents a unique investment opportunity. Its prime location offers unparalleled visibility to the downtown area and is just steps from the train station, ensuring convenient access for employees and customers. Ample street parking is readily available, supplemented by nearby municipal lots. Seven additional parking spaces are located behind the building. The building itself is exceptionally well-maintained, boasting a newer roof and recently completed tenant build-outs. Currently housing a long-established restaurant, ice cream shop, and photography studio – all thriving businesses with a proven track record, even during challenging economic times – this property offers immediate income potential. The upper level, previously a dance studio, features an expansive open space perfect for a variety of uses. This area boasts impressive 20-foot beamed ceilings, floor-to-ceiling windows, ceiling fans, central air and heat, a full kitchen, three bathrooms, a large changing room, additional office space, storage, and a smaller warm-up room. Its adaptability makes it ideal for a dance studio, martial arts dojo, yoga studio, fitness center, event/banquet space, or similar ventures. The property's proximity to the Metra station and the proposed new Bears stadium further enhances its desirability and long-term growth potential. This is a rare opportunity to acquire a well-maintained, multi-tenant building in a highly desirable and rapidly developing area. The asking price is $819,900.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $835,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $875,000
- 6.5%
- $800,000
- 7%
- $870,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $820,000
- Geo Method
- $760,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $765,000
- Retail
- $850,000
- Mixed-Use
- $780,000
- Hospitality
- $810,000
- Educational
- $715,000
- Residential Income
- $790,000
- Energy
- $880,000
- Income-Based Land
- $900,000
- Food Service
- $720,000
Location Insight
- Map
- Local Demand
- City
- Palatine
- County
- Cook
- State
- Illinois
- Longitude
- -88.0469
- Latitude
- 42.111
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
