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140 W Wood St

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Address: 140 W Wood St, Palatine, IL 60067, USA

Chicago & Midwest + Apartment Buildings

Created date: January 24, 2024

Date last updated: August 29, 2024

Multi-tiered add value opportunity
Fantastic location in downtown Palatine
Steps from Metra line
Great mix of for-rent property with studios, 1 and 2 bedroom units
Large piece of property with additional development potential
Building amenities include pool, gym and storage lockers – Additional space available to update amenities
Over parked property with 184 parking spaces
Porches newly replaced by association

Property Description

33 Realty (“33”) has been exclusively engaged by Towne Park Condo Association to present the opportunity for inventors to acquire this *132 unit condo deconversion at 140 Wood in Palatine, IL (subject to Section 15 of the Illinois Condominium Property Act). Originally built in 1971 the property was converted to condos in 2005. The property is comprised of 44 studios measuring approximately 369 sq ft, 52 one-bedroom units measuring between 645 and 772 sq ft, 24 two-bedroom, one-bathroom units measuring approximately 910 sq ft and twelve (12) two-bedroom, two-bathroom units measuring approximately 1094 sq ft. There are a total of 184 exterior parking spots 46 of which are rented to the city of Palatine and used for commuter parking because of proximity to the Chicago Transit Authority’s Metra Train Line (“Metra”). The property is ideally located in the heart of downtown Palatine and steps away from the Metra, providing residents with not only access to Palatine’s plethora of restaurants and retail, but also easy access into Chicago, making it truly a walker’s paradise. This is a rare opportunity for an investor to acquire a prime located property with multiple add value options. First, the property has had a historic rent restriction via the association’s board.. This has caused only a handful of units to be rented in this excellent location. Second, there are varying degrees of rehabbed units throughout the property ranging from original, rehabbed during the 2005 conversion, as well as units that have been gut rehabbed by current owners. A new investor has the opportunity to strategically rehab units and move the handful of rented units to current rents which can achieve over $2.00 per foot. Third, the property currently runs on a boiler and chiller system. By removing the centralized system and replacing with individual HVAC, a new owner could drastically decrease operating expenses. Finally, there are numerous under-utilized common spaces which could turned into amenity spaces for the building. Additionally, the building sits on a large lot in the heart of downtown Palatine and is over parked for the property. There may be an opportunity to develop a portion of the lot and still retain the needed parking. *Currently 130 units: 2 units were combined from a Studio & a 1 bed to make a larger 2 bed/2 bath unit. Rent roll assumes you split large unit back to #104/106 and #404/406.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$20,000,000
No. of Units:	132
Year Built:	1973
Opportunity Zone:	No
Price per unit:	$151,515
Property Website	Click Here