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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2232 Rand Rd Palatine, IL 60074-1167

    • Auto shops
    • 1.16 lot acres
    OFF-MARKET
    Last Sale
    Oct 16, 2024
    $1,875,000
    Value Estimations
    $1,875,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2343919
    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

    • Car City Inc / Used Car Dealer / Auto Broker
    • Leonard's Plumbing Electrical Heating and Cooling Repair / Heating Contractor / Electrician
    • Palatine Electrical Pros / Electrician

    Property Details for 2232 Rand Rd

    Year built
    1997
    Lot size
    1.16 lot acres
    Property type
    Auto shops
    APN
    02-02-101-022
    APU
    202101022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,875,000
      ML approach
      $1,875,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Palatine
    County
    Cook
    State
    Illinois
    Longitude
    -88.0359
    Latitude
    42.1506
    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
    $45,661
    $125,845
    $33,583
    $159,428
    -
    $503,380
    $134,332
    $637,712

    Comparable in this City

    • Value Estimation
      $295,000
      0.33 Acres

      640 Enw Hwy

      AUTO REPAIR, GARAGE • 0.33 Acres
      640 Enw Hwy, Palatine, IL 60074-6356
      View Details
    • Value Estimation
      $315,000
      1.14 Acres

      1979 Dundee Rd

      AUTO REPAIR, GARAGE • 1.14 Acres
      1979 Dundee Rd, Palatine, IL 60074-9218
      View Details
    • Value Estimation
      $310,000
      0.98 Acres

      2296 Rand Rd

      AUTO REPAIR, GARAGE • 0.98 Acres
      2296 Rand Rd, Palatine, IL 60074-1161
      View Details
    • Value Estimation
      $865,000
      0.47 Acres

      2314 Rand Rd

      AUTO REPAIR, GARAGE • 0.47 Acres
      2314 Rand Rd, Palatine, IL 60074-1161
      View Details
    • Value Estimation
      $315,000
      0.62 Acres

      1203 Rand Rd

      AUTO REPAIR, GARAGE • 0.62 Acres
      1203 Rand Rd, Palatine, IL 60074
      View Details
    • Value Estimation
      $310,000
      0.47 Acres

      866 Dundee Rd

      AUTO REPAIR, GARAGE • 0.47 Acres
      866 Dundee Rd, Palatine, IL 60074-2821
      View Details

    Similar Nearby for Sale

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      Thornton's Gas Station - Palatine, IL

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      New Gas Station Ground Lease

      Brand new gas and convenience store with a long-term lease.
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      Turnkey Restaurant with Drive-Thru

      1,744 SF restaurant with drive-thru on half-acre lot.
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      Palatine QSR with Buildable Lot

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      Fully equipped dental office in prime location ready for immediate occupancy.
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      Redevelopment opportunity in TIF district with high traffic counts.
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    Similar Nearby for Lease

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      Palatine Retail Space For Lease

      Prime Palatine location, 2,610 sq ft available.
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      Retail Space in Palatine

      7,500 SF retail space available for lease.
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    • $7,995,000
      53,000 SF

      High-Image Retail/Showroom Building Available

      Retail/showroom building on a large land site with high visibility.
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    • $2,321,053
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      Retail Space in Palatine Center

      Retail space available in high-profile Palatine shopping center.
      948-954 E Dundee Rd, Palatine, IL 60074
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    • $19 SF/Yr
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      Retail Space Available For Lease

      Retail space available for lease with 3,525 square feet.
      2001 N Rand Rd, Palatine, IL 60074
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space Near Jewel-Osco

      Retail space with high visibility near a high-traffic grocery store.
      509-583 E Dundee Rd, Palatine, IL 60074
      View Details
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    2232 Rand Rd
    Palatine, IL 60074-1167
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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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