Arlington Heights Land for Sale - Schaumburg Area
1.01 ACRE TOD DEVELOPMENT SITE - NORTHWEST HWY & KENSINGTON - ARLINGTON HEIGHTS - $2,500,000
1.01-acre signalized corner development site in Arlington Heights, walking distance to the Arlington Heights Metra station on the Union Pacific Northwest Line and to Downtown Arlington Heights. Income in place through entitlement. Full vacancy achievable June 2028 with no tenant buyouts.
SITE
1.01 acres, approximately 44,000 SF. Single tax parcel, single ownership.
200.00 feet of frontage on Kensington Road
198.00 feet on the east property line
Corner exposure to both E Northwest Highway (Route 14) and Kensington Road
Level, fully improved, concrete pavement, existing curb cuts on both frontages
All municipal utilities at the site and in service
Adjacent to the Metra UP Northwest Line right-of-way; the small side spur along the north edge is inactive and unused
Existing site lighting and signage in place
DELIVERY
Improved with a 12,027 SF one-story brick and glass building (1966) plus approximately 6,000 SF of basement. The improvements are a demolition candidate for a redevelopment buyer. Three automotive tenants occupy the building on leases expiring May 2027 and June 2028. No purchase options, no exercised renewals, no relocation negotiations. A buyer controls the site now, entitles through 2027, and takes vacant possession by mid-2028.
INCOME DURING ENTITLEMENT - $181,200 PER YEAR
670 E Northwest Hwy - used auto sales - $4,500/month - expires 5/31/2027
668 E Northwest Hwy - auto repair - $6,100/month - expires 6/1/2028
660 E Northwest Hwy - oil change and detailing - $4,500/month - expires 6/1/2028
2024 real estate taxes: $58,838. Buyer should underwrite reassessment on transfer.
PRICING
$2,500,000. Approximately $2,475,000 per acre, or $56.80 per SF of land.
Benchmarked against the Four North comparable at 76 units, the site prices at roughly $32,900 per door - within the Chicago suburban multifamily land range. Adjust to your own density assumption.
THE COMPARABLE - FOUR NORTH, ONE BLOCK AWAY
Four North at 4 N Hickory Avenue delivered in 2024, one block from this site:
76 units, 5 stories
8 studios, 45 one-bedrooms, 23 two-bedrooms
3,816 SF ground-floor commercial
80 indoor structured parking spaces, 32 outdoor
Amenity package including gym, community room, roof terrace
Current asking rents approximately $1,700 to $3,100 per month
Marketed as walking distance to the Metra station and Downtown Arlington Heights
Density, format, parking ratio and rent levels are already proven on this corridor. The absorption question has been answered next door.
ENTITLEMENT
Currently zoned B-3, General Service, Wholesale and Motor Vehicle District, Arlington Heights Municipal Code Chapter 28, Section 5.1-12. Residential development will require a zoning map amendment or planned development approval.
Village staff have expressed support for a ground-floor commercial use with residential above at this location, consistent with the Four North model. Arlington Heights is currently reviewing and approving mixed-use and transit-oriented projects across the village. Buyer to confirm all entitlement expectations, density assumptions and approval requirements directly with the Village of Arlington Heights Department of Planning and Community Development. Broker makes no representation as to approvability of any use, density or entitlement outcome.
INTERIM USE
If a buyer prefers to hold, B-3 permits motor vehicle sales, service and repair by right along with general service and wholesale uses. The existing automotive tenancy is conforming, not legal nonconforming - there is no discontinuance risk to the income stream if entitlement runs long.
LOCATION
E Northwest Highway (Route 14) at Kensington Road, Arlington Heights, Cook County. Walking distance to the Arlington Heights Metra station with direct UP Northwest Line service to Chicago Ogilvie Transportation Center, and to Downtown Arlington Heights dining, retail and entertainment. Minutes to Arlington Heights Road, Rand Road, Route 53 and I-90. Nearby retail includes Mariano's, Jewel-Osco, Chase, Citi, Old National Bank, Egg Harbor Cafe, Noodles & Company, CorePower Yoga and barre3. Arlington Heights population approximately 75,600, one of the largest and most commercially active suburbs in the Chicago metro.
IDEAL FOR
Multifamily development site, apartment development, mixed-use development, transit-oriented development, TOD site, five-over-one, podium construction, market-rate apartments, luxury apartments, senior housing, active adult, independent living, condominium development, townhome development, build to rent, ground-floor retail with residential above, brewery with apartments above, brewpub, taproom, restaurant pad, hotel site, medical office development, self-storage development, redevelopment site, infill site, teardown, land banking, entitlement play, developer land, assemblage opportunity, corner development site, signalized corner, commercial land, Metra TOD, downtown Arlington Heights development, owner-user site, auto dealership site, motor vehicle sales site, general service and wholesale.
SITE FACTS
660-670 E Northwest Highway, Arlington Heights, IL 60004
PIN: 03-32-200-001-0000
Land area: 1.01 AC / approximately 44,000 SF
Frontage: 200 ft on Kensington Road
Existing building: 12,027 SF one story plus approximately 6,000 SF basement, built 1966
Zoning: B-3, Village of Arlington Heights
Gross income: $181,200/year
2024 taxes: $58,838
Full vacancy: June 2028
County: Cook
OFFERED AT $2,500,000
Survey, leases, tax bill and floor plan available to qualified buyers.
Contact Jason Bitton - RE/MAX Commercial - 847-858-2909 - Jason@JasonCRE.com
