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501 Colfax Street, Palatine, IL

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DetailMap
501 Colfax Street

Palatine, IL 60067 - Schaumburg Area Submarket

(1.1 MB)

Property Type:Office Sub Type:- Status:Existing , Renov 2011 Year Built:1974
Stories:1 Typical Floor:6,549 SF Building Size:6,549 SF
% Leased:
For Sale Price:$469,000 Price/SF:$71.61
Cap Rate:-
Smallest Space:6,549 SF Largest Space:6,549 SF Total Space Avail:6,549 SF Rent/SF/Yr:
$13.00
Parking:Free Surface spaces are available; Ratio of 2.75/1,000 SF


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
6,549 SF
$13.00/SF/Yr
Vacant
Negotiable
Office
 
11317572
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
6,549 SF
$13.00/SF/Yr
Vacant
Negotiable
Office
Located across from post office

Sale Notes:
Well-designed, freestanding, single story office building with private parking lot. Signage available on building. Property was originally 3 separate units and can easily be reconfigured to 3 units as bathrooms, doors and separate meters are still in place. Property is currently used as an attorney's office with high-end, upgraded finishes throughout and an extensive window-line. This is an ideal building for a professional office user, or an investor interested in converting to multi-tenant.

Current build-out includes 22 private offices, kitchen, conference room, reception area & built-in cubicles in the open area. The building was renovated in 2011 and the roof is approximately half steel and half hot tar (overlay completed in 2011).
2016 Expenses are as follow:
Electric: $11,006.84
Water: $669.99
Gas: $2,579.04
Snow Removal & Salting: $1,272.50
Landscaping: $905.00
Building Insurance: $2,796
Taxes: $34,590 ($5.35/sf)

Property is located directly on Colfax Street, immediately west of Downtown Palatine and the Metra Station (walking distance). This is a well positioned property with easy access to all the major thoroughfares in Palatine, including IL Rts. 68, 14 and 53.

Palatine is a suburb approximately 30 miles northwest of Chicago, in Cook County, IL. The 2010 census showed the population at 68,500, making it the 18th largest community in the state of Illinois. The village can easily be accessed via IL-53, a major expressway in the northwest suburbs.The village is also home to a UPS hub and Harper College.

SVN l Chicago Commercial
Olivia Czyzynski
(312) 676-1862

Jennifer Hopkins
(312) 676-1865


SVN l Chicago Commercial
Olivia Czyzynski
(312) 676-1862

Jennifer Hopkins
(312) 676-1865



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