500 N Plum Grove Road
Palatine, IL, 60067 $ 375,000
Bedrooms-- Baths-- Sq 3,778 for $375,000. This 3,778 square foot property was built in 1989 on a lot size of 0.23.
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.
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Rental ActiveCommercial,Condominium,Office,Medical/Dental
FeaturesGeneralCooling Central Air Central Individual
Utilities Electric to Site Natural Gas Available Sewer Connected Water Available Cable Available
Possession Closing Negotiable Tenant's Rights
Roof Composition
Zoning PUD
Construction Materials Brick
Year Built 1989
Electric Circuit Breakers Separate Meters
Tenant Pays Air Conditioning Common Area Maintenance Electricity Heat Taxes Insurance Roof
Stories Count 1
Township Palatine
Tax Year 2025
Current Use Commercial Condominium Office Medical/Dental
Gross Income 4550
County Cook
Net Operating Income 20163
Operating Expense 34337
Property Type Commercial Sale Office/Tech
Possible Use Commercial Office Development Retail
Status New
Directions Plum Grove Road just south of Route 14 in Plum Grove Office Park
City Palatine
Number Of Units Total 3
MLS Area Palatine
Lot Size Square Feet 9428
Tax Annual Amount 23469
Additional Parcels Y/N N
Leasable Area 3778
Virtual Tour https://transmitterimages.hd.pics/500-N-Plum-Grove-Rd/idx
Lease Type Gross
Standard Status Active
Cap Rate 7
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ExteriorWater Source Municipal Water
Building Area Total 3778
Lot Dimensions 70.89 x 133
Lot Size Acres 0.23
Frontage Type City Street Public Road Signal Intersection
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* Excluded FeaturesList ByPatrick Jeffrey RealtyBroker
jolichwier@PatrickJeffreyRealty.comEmail
NearbyAbout Palatine, IL 67,137 Population
2% Since 2002
$ 76,021 Median Income
39.39 Median Age
30% Households with Children
Trends Information provided by ATTOM Data Solutions.
565567 Elementary School
567955 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 9/2/2026 | $375,000 | | Listed Price |