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$1,500,000 Just Listed
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Property Description
Don't miss this outstanding income-producing opportunity! This two-story retail and office building offers approximately 10,800 square feet on a 0.56-acre lot within a B2 zoning district, delivering excellent visibility with traffic counts exceeding 20,000 vehicles per day. The property features strong street presence and a well-balanced mix of retail and office space. Each retail unit is equipped with a private restroom, and tenants pay their own utilities, contributing to efficient operations. The first floor includes four retail units, while the second floor offers seven office suites. The building is nearly fully leased, with only two spaces remaining-ideal for owner occupancy or additional income potential. Fully sprinklered and recently updated, this property represents a true turnkey, low-maintenance investment in a highly desirable commercial corridor. The available office spaces can be customized with flexible build-to-suit options to suit a variety of uses. Surrounded by a dense residential population and benefiting from strong exposure, this asset presents a prime investment opportunity with significant upside potential.
Full Property Details
Full Property Details for 473 W Northwest Hwy
General
- Price: $1,500,000
- Taxes: $47,762 (2023)
- Status: Active
- Type: Commercial
- Source: MRED
- MLS ID: 12615492
- Updated: 4/10/2026
- Added to Site: 2 day(s) ago
Additional Information
- Security/Safety: Alarm Monitored, Alarm on Site, Fire Extinguisher(s)
Location
- Area: Palatine
- County: Cook
- Township: Palatine
- Driving Directions: W PALATINE RD 2 W NORTHWEST HWY TO 473 BUILDING
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Gas
Utilities
- Onsite: Electricity to Site, Natural Gas Available
Structural Information
- Construction: Brick, Other
- Exterior Const.: Brick, Other
- Foundation: Concrete Perimeter
- Stories/Levels: 2
- Square Feet: 10,800
- Current Bldg. Use: Commercial
- Year Built: 1981
Unit Information
- # Tenants: 9
- Extra Storage Avail: Yes
Lot Features
- Lot Size (Sq. Ft.): 24,800
- Lot Dimensions: 169 x 109 x 197 x 175
- Frontage: Public Road, Signal Intersection
- Drainage: Other
- Zoning: COMMR
Financial Considerations
- Lease Price: $12
- For Sale/Rent/Lease: For Sale or Rent
- Assoc Fee Freq.: Monthly
- Security Deposit: Alarm Monitored, Alarm On Site, Fire Extinguisher/s
- Assessment Year: 1981
- Tax Amount: $47,762
- Tax Year: 2023
Disclosures and Reports
- Property ID: 2151020950000
Listed by Mega USA Properties, Inc.
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Schools
Schools serving 473 W Northwest Hwy
School Districts:Palatine Community Consolidated School District 15, Township High School District 211
| Name | Grades | Distance |
|---|---|---|
Gray M Sanborn Elementary School 101 North Oak Street, Palatine, IL 60067 | K-5 | 1.2 mi |
Walter R Sundling Jr High School 1100 North Smith Street, Palatine, IL 60067 | 6-8 | 0.5 mi |
Palatine High School 1111 North Rohlwing Road, Palatine, IL 60074 | 9-12 | 1.9 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 473 W Northwest Hwy
Date
Details
Price
Change
Source
4/10/2026
Listed
$1,500,000
5.63%
MLS
8/31/2007
Sold
$1,420,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 473 W Northwest Hwy
Year
Property Taxes
Change
Tax Assessment
Change
2023
$47,762
30%
$161,330
26%
2022
$36,668
-18%
$128,027
-7%
2021
$44,819
-7%
$138,000
-8%
2020
$47,956
6%
$149,900
-5%
2019
$45,340
9%
$158,097
18%
2018
$41,751
9%
$134,349
7%
2017
$38,456
13%
$126,131
5%
2016
$33,939
—
$119,695
8%
2015
$33,910
-20%
$110,365
-21%
2014
$42,444
3%
$139,840
—
2013
$41,359
-7%
$139,840
-16%
2012
$44,431
—
$165,722
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 473 W Northwest Hwy
473 W Northwest Highway, Palatine, IL 60067 (MLS# 12615492) is a Commercial property. 473 W Northwest Highway is currently listed for $1,500,000 and was received on April 10, 2026. Want to learn more about 473 W Northwest Highway? Do you have questions about finding other Commercial real estate for sale in Palatine? You can browse all Palatine real estate or contact a Coldwell Banker agent to request more information.

