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$ 375,000
Est. payment /mo
Active
500 N Plum Grove RD Palatine, IL 60067
3,778 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 3,778 sqft
Price per Sqft $99
MLS Listing ID 12683694
Year Built 1989
Annual Tax Amount $23,469
Tax Year 2025
Lot Size 10,018 Sqft
Lot Dimensions 70.89 x 133
Property Sub-Type Office/Tech
Property Description
500 N. Plum Grove offers a rare opportunity to own a well-maintained, stand-alone commercial condominium building with excellent visibility, prominent road frontage, abundant parking, and flexible occupancy options. Positioned along a main thoroughfare, the property provides strong exposure to passing traffic and a professional first impression for clients, customers, and visitors. The durable brick exterior enhances the building's curb appeal and long-term value, while approximately 100 common parking spaces provide convenient access for tenants, employees, customers, deliveries, and visitors. The building contains approximately 3,778 square feet and may be configured into as many as three separate commercial units, creating flexibility for an owner-user, multiple professional tenants, or an investor seeking a multi-suite property. The layout is well suited for a variety of professional office uses, including law, dental, medical, accounting, financial, consulting, and other business services. The main executive office contains a private bath and shower. Three HVAC units support comfortable operating environments and provide additional flexibility for separate occupants. Two tenants are currently in place on a month-to-month basis: Tenant 1 occupies approximately one-half of the building and pays $2,750 per month. Tenant 2 occupies approximately one-half of the remaining space and pays $1,800 per month The current tenants generate approximately $4,550 in monthly rental income, or $54,600 annually, providing existing cash flow for a new owner. Both tenants may remain in place and are willing to consider formal lease agreements. Alternatively, either tenant may relocate with appropriate notice, allowing an owner to occupy the building, reconfigure the space, or implement a preferred leasing strategy. Convenient roadway access, nearby public transportation, and proximity to the train station further enhance the property's accessibility for employees, clients, and customers. Its connection to major transportation routes makes it an attractive location for businesses seeking visibility, parking, transit access, and adaptable commercial space. 500 N. Plum Grove combines owner-user potential, existing rental income, flexible subdivision options, professional curb appeal, and convenient accessibility in a highly practical commercial setting.
Location
State IL
County Cook
Area Palatine
Zoning PUD
Interior
Cooling Central Air, Central Individual
Flooring Carpet, Tile
Fireplace N
Exterior
Utilities Available Electric to Site, Natural Gas Available, Sewer Connected, Water Available, Cable Available
Roof Type Composition
Building
Dwelling Type Office/Tech
Water Municipal Water
Structure Type Brick
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Listed by Jeffrey Olichwier of Patrick Jeffrey Realty
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