Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    644 Rand Rd Arlington Heights, IL 60004-4004
    Back to Search
    Property profile & analytics

    644 Rand Rd, Arlington Heights, IL 60004-4004

    View on Map
    • Community centers
    • 0.50 lot acres
    Off-Market
    Property ID
    US28-1586421
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Community centers

    Property Details for 644 Rand Rd

    Year built
    1990
    Lot size
    0.50 lot acres
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    03-20-200-008
    APU
    320200008

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 14, 2025 — Mjr Southpoint Real Estate Hldg Co — Deed · related $8.7M · Old Second National Bank
    Oct 22, 2018 $1,250,000 Mjk Of Crystal City R & E Holding C Inland Southpoint Venture Ll Grant Deed $3.9M · Old Second Nat'l Bk
    Sep 1, 2016 — Inland Southpoint Venture LLC — Deed · related $5.8M · Parkway Bank & Trust Co
    Sep 19, 2014 — Inland Southpoint Venture LLC — Loan Modification · related $6M · Bank Of America
    Oct 25, 2011 — Inland Southpoint Venture LLC — Deed Of Trust · related $6.2M · Bank Of America
    Nov 5, 2009 — Inland Southpoint Venture LLC — Deed Of Trust · related $8.5M · Bank Of America
    Jul 12, 2006 — Villa Bordeaux LLC Villa Bordeaux Apartments Quit Claim Deed · related —
    Dec 4, 2001 — Inland Southpoint Venture LLC Lasalle Bank NA Trustee Grant Deed · related —
    — — Inland Southpoint Venture LLC — Loan Modification · related $6M · Bank Of America
    — — Inland Southpoint Venture LLC — Deed Of Trust · related $5.8M · Parkway Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Arlington Heights
    County
    Cook
    State
    Illinois
    Longitude
    -87.9714
    Latitude
    42.1084
    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
    $23,681
    $80,891
    $8,927
    $89,818
    -
    $323,564
    $35,708
    $359,272

    Comparable in this City

    • Value Estimation by Request
      0.57 Acres

      1135 Rand Rd

      MINI-MALL
      1135 Rand Rd, Arlington Heights, IL 60004
      View Details
    • Value Estimation by Request
      0.57 Acres

      1101 Rand Rd, Unit 41

      MINI-MALL
      1101 Rand Rd, Arlington Heights, IL 60004-4013
      View Details
    • Value Estimation by Request
      2.10 Acres

      828 Rand Rd

      MINI-MALL
      828 Rand Rd, Arlington Heights, IL 60004-4008
      View Details
    • Value Estimation
      $535,000
      11.18 Acres

      960 Dundee Rd

      MINI-MALL
      960 Dundee Rd, Arlington Heights, IL 60004-7823
      View Details
    • Value Estimation
      $560,000
      32.18 Acres

      325 Palatine Rd

      MINI-MALL
      325 Palatine Rd, Arlington Heights, IL 60004-3938
      View Details
    • Value Estimation
      $10,665,000
      0.57 Acres

      304 Rand Rd

      MINI-MALL
      304 Rand Rd, Arlington Heights, IL 60004-3182
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,320 SF

      Arlington Heights Retail Opportunity

      Bow truss building with parking near Arlington Heights downtown.
      1000 W Hwy NW, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      12,982 SF

      Retail Space on Rand Road

      Retail space available in Arlington Heights with high traffic.
      1213-1221 E Rand Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing

      Arlington Heights Office Space

      Office space available in Arlington Heights, Illinois.
      3125 N Wilke Rd, Arlington Heights, IL 60004
      View Details
    • $299,900
      0.20 Acres

      Arlington Heights Land Opportunity

      Vacant lot in a prime location to build your dream home.
      1309 E Brookwood Dr, Arlington Heights, IL 60004
      View Details
    • Contact for pricing

      Arlington Heights Commercial Land Opportunity

      Commercial land in Hickory/Kensington TIF District, Arlington Heights, IL.
      8 S Beverly Ln, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      12,320 SF

      Arlington Heights Freestanding Commercial Building

      Freestanding 12,320 SF building with open floor plan.
      1000 W Northwest Hwy, Arlington Heights, IL 60004
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,060 SF

      Retail Space in Arlington Heights

      Retail space with high visibility and strong tenant mix.
      17-111 West Rand Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space in Arlington Heights

      Retail space available in high-traffic Arlington Heights commercial center.
      902 W Dundee Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      2,169 SF

      Rand Road Retail Redevelopment Opportunity

      Retail spaces and outlots available in Arlington Heights, Illinois.
      Sec Rand Rd & Palatine Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      42,410 SF

      Retail Space in Arlington Heights

      Retail spaces available in a high-traffic commercial center.
      922-960 W Dundee Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      4,800 SF

      Retail Redevelopment Opportunity

      Prime retail spaces available for lease in Arlington Heights, IL.
      713-715 E Palatine Rd, Arlington Heights, IL 60004
      View Details
    • Contact for pricing
      24,931 SF

      Active Retail Center Space Available

      Retail space for lease in a high-traffic shopping center.
      304-456 E Rand Rd, Arlington Heights, IL 60004
      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.
    644 Rand Rd
    Arlington Heights, IL 60004-4004
    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.

    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    644 Rand Rd, Arlington Heights, IL, 60004
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!