707 West Colfax Street

707 West Colfax Street in Palatine, IL was first built in 1975 and is 49 years old. This has been categorized as a commercial property type. 707 West Colfax Street has 2,961 sqft of living area. This is typically the area of a building that is heated or air conditioned and does not include the garage, porch or basement square footage. The linear feet across the front of the lot is 350 ft and the linear feet between the front and back of the lot is 1,680. In total, the area measurement of the land is 6,104 square feet.

Learn more about the property and building on this page. We've gathered and summarized the following transaction history in an effort to provide more transparency and up-to-date information for our users. According to our sources, 707 West Colfax Street sold most recently in Sep 22, 2022 for a total of $310,000. If you work out the math, that's approximately a cost of $104.69 per sqft. Before that, the property was also sold for $200,000 in Apr 28, 2021. There could be many factors that caused the property to sell at a higher price and increase in value. Tax-wise, the current owner is expected to pay close to $14,295 in taxes each year. The initial year of tax delinquency occurred in 2021. 707 West Colfax Street was most recently assessed in 2023. During this assessment, the property's total value was estimated to be about $49,911. If we break it down further, the land itself was valued at $19,838. Improvements to the property, however, were assessed at a total of $30,073. Homeowners who care about taxes, will be happy to see that the property's total assessed value has been marked as less than the total market value. Speaking of costs, many buyers and sellers often forget to take into consideration the closing costs they may occur. Closing costs can stem from anything mortgage or property related to fees related to your property title. As you'll soon learn from our guide, fees can quickly add up hence why as a rule of thumb, we typically recommend setting aside at least 5% of the purchase price to cover potential closing costs. Don't worry, any additional you save up can always go towards your principal. Better safe than sorry!