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    Property profile & analytics

    2161 Rand Rd Palatine, IL 60074

    • Commercial real estate
    • 1,000 SF
    • 0.32 lot acres
    For Sale
    View listing
    $650,000
    Last Sale
    Oct 14, 2021
    $400,000
    Value Estimations
    Cap Rate Potential
    3.7%
    Commercial real estate
    Location Intelligence
    Property ID
    US28-2573107
    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

    • Sawan Auto Sales Inc / Used Car Dealer
    • Ivan'sAutoDetailing / Car Detailing Service

    Property Details for 2161 Rand Rd

    Year built
    1948
    Lot size
    0.32 lot acres
    Property size
    1,000 SF
    Property type
    Commercial real estate
    APN
    02-02-102-028
    APU
    202102028

    Description

    This exceptional 33,750 square foot commercial land parcel presents a remarkable development opportunity in Palatine, Illinois. Located at 2161 N Rand Rd, this property boasts an enviable position with over 150 feet of frontage on Rand Road, just south of Lake Cook Road. The high-density location ensures exceptional visibility and accessibility, with daily traffic counts exceeding 30,000 vehicles. Currently utilized as an automobile dealership, the site includes a 1,500 square foot office building and a separate heated garage, all of which will be vacated upon sale. The property is zoned B5, offering a wide range of potential development options. All utilities are readily available on-site, simplifying the development process. The APN is 02-02-102-028. This prime location in Cook County, with its high traffic volume and existing infrastructure, makes this a truly exceptional investment opportunity priced at $650,000. Don't miss this chance to acquire a highly visible and strategically located commercial property in a thriving area of Palatine, IL, zip code 60074.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $455,000
      ML approach
      $480,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0342
    Latitude
    42.1507
    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
    $19,620
    $52,031
    $16,474
    $68,505
    -
    $208,124
    $65,896
    $274,020

    Comparable in this City

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      $330,000
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      1400 Enw Hwy

      COMMERCIAL (GENERAL) • 0.46 Acres
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      View Details
    • Value Estimation
      $295,000
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      1440 Enw Hwy

      COMMERCIAL (GENERAL) • 0.94 Acres
      1440 Enw Hwy, Palatine, IL 60074
      View Details
    • Value Estimation
      $275,000
      0.10 Acres

      1601 Rand Rd

      COMMERCIAL (GENERAL) • 0.10 Acres
      1601 Rand Rd, Palatine, IL 60074
      View Details
    • Value Estimation
      $350,000
      0.23 Acres

      2242 Rand Rd

      COMMERCIAL (GENERAL) • 0.23 Acres
      2242 Rand Rd, Palatine, IL 60074
      View Details
    • Value Estimation by Request

      1911 Rand Rd

      COMMERCIAL (GENERAL)
      1911 Rand Rd, Palatine, IL 60074-1193
      View Details
    • Value Estimation
      $705,000
      12.86 Acres

      20393 Rand Rd

      COMMERCIAL (GENERAL) • 12.86 Acres
      20393 Rand Rd, Kildeer, IL 60074-2020
      View Details

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      Palatine Commercial Land - $650K

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      View Details
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    2161 Rand Rd
    Palatine, IL 60074
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    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
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