$3,200,000

Estimated payment $19,510/month

-- Bed
-- Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • Cul-De-Sac
  • Central Heating and Cooling System
  • 2-minute walk to Heron Park
  • Hunting Ridge Elementary School Rated A

About This Home

224 & 228 Rimini Court, Palatine, IL - 12-Unit Apartment Building *Outstanding investment opportunity in a prime Palatine location. This fully remodeled 12-unit property offers twelve spacious two-bedroom, one-bathroom condos, each equipped with individual central heating and air conditioning. *All units have been completely updated, featuring modern finishes, renovated kitchens and bathrooms,flooring and appliances replaced within the last few years. Each unit also includes a private balcony with views of a wooded area to the rear of the property. *Building improvements include a newer roof, windows, and sliding doors, secure intercom system, individual basement storage units, and much more... *The property backs to a quiet wooded area, providing privacy and outdoor space for residents. *Located near schools, shopping, transportation, and parks, this turn-key asset offers strong rental potential and consistent performance in a highly desirable suburban market.

Listing Agent

Galya Georgieva

Coldwell Banker Realty License #475131700 Listed on: 10/28/2025

Coldwell Banker Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $32,719

Year Built

  • Built in 1984

Lot Details

  • Lot Dimensions are 106x53
  • Cul-De-Sac
  • Additional Parcels

Home Design

  • Flat Roof Shape
  • Brick Exterior Construction
  • Concrete Perimeter Foundation

Interior Spaces

  • 3-Story Property
  • Fire and Smoke Detector

Utilities

  • Central Heating and Cooling System

Community Details

Overview

  • Association fees include parking, insurance, exterior maintenance, lawn care, scavenger, snow removal
  • 12 Units

Building Details

  • Electric Expense $798
  • Fuel Expense $2,595
  • Insurance Expense $4,384
  • Maintenance Expense $19,697
  • Other Expense $19,873
  • Water Sewer Expense $4,518
  • Operating Expense $66,387
  • Gross Income $281,100
  • Net Operating Income $214,713

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$32,719

Year Built

Built in 1984

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Current Use: Multi-Family
  • Property Sub-Type: Other
  • Stories: 3
  • Year Built: 1984
  • Built Before 1978 (Y/N): No
  • Information: None
  • Estimated Age: 36-50 Years
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Partially Finished
  • Fire Protection: Alarm On Site
  • Fireplaces: 14
  • Drive-In Doors: 0
  • Dishwashers: 12
  • Refrigerators: 12
  • Ranges: 12
  • Number of Washers: 14
  • Room: 0

Exterior Features

  • Construction Materials: Brick, Block, Wood
  • Foundation Details: Concrete Perimeter
  • Frontage Type: City Street
  • Roof Structure: Flat

Utilities

  • Cooling: Central Air
  • Electric: Circuit Breakers
  • Water Source: Community Water
  • Heat/Ventilation: Central Heat/Indiv Controls
  • Leased Washer Dryer YN: No

Condo/Co-op/Association

  • Unincorporated (Y/N): No
  • Conversion YN: Y
  • Owners Association (Y/N): Yes

Fee Information

  • Association Fee Includes: Parking, Insurance, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal
  • Water Sewer Expenses: 4518

Lot Info

  • Additional Parcels: Yes
  • Lot Dimensions: 106x53
  • Zoning: MULTI
  • Land Amenities: Lighting/Exterior,Sidewalks,Other

Rental Info

  • Tenant Pays: Electricity, Heat
  • Board Number: 10

Building Info

  • Building Unit Info: Fire Alarm,Smoke/Alarm Detector,Storage/Locker Area

Multi Family

  • Net Operating Income: 214713
  • Fuel Expense: 2595
  • Insurance Expense: 4384
  • ElectricExpense: 798
  • GrossIncome: 281100
  • Maintenance Expense: 19697
  • NumberOfUnitsTotal: 12
  • OperatingExpense: 66387
  • Type Multi-Family: Other

Tax Info

  • Tax Annual Amount: 32719.32
  • Tax Year: 2023

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/28/2025 10/28/25 For Sale $3,200,000 -- --
Source: Midwest Real Estate Data (MRED)

Source: Midwest Real Estate Data (MRED)

MLS Number: 12506098

Midwest Real Estate Data (MRED)