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    1040 S Milwaukee Ave Wheeling, IL 60090

    View on Map
    Sponsored
    For Sale
    $1,895,000

    COMMERCIAL - Wheeling, IL

    Type:Office
    Property size:
    2,700 SF
    Lot size:
    0.93 Acres
    Days on Market:
    138
    Last Refresh:
    Mar 10 at 12:06 am

    Property Features for 1040 S Milwaukee Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    Zoning
    INDUS
    APN
    03132000160000
    Size
    2,700 SF
    Lot size
    0.93 Acres

    Utilities

    Utilities
    Water Available
    Cooling system
    Central Air

    Building Details

    Year built
    1967
    Floors in Building
    3
    Number of units
    23
    Flooring type
    Wood, Tile, Carpet
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    Ross Vasiliev
    Ross Vasiliev

    Core Realty and Investments, Inc (224) 235-4336

    Listing agent Ross Vasiliev (847) 409-6336

    Listing date Oct 24, 2025

    MLS# 12190640

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Wheeling Office/Retail Investment Opportunity

    This two-story office/retail building, constructed in 1967, presents an investment opportunity on Milwaukee Avenue in Wheeling, Illinois. The property features 23 private suites, ranging in size from 300 square feet to 2700 square feet, suitable for a variety of businesses, including medical, dental, legal, accounting, real estate, and contracting services. Each unit includes private entrances, a reception area, two to three offices, and closets; select units also offer storage, washrooms, kitchens, and conference rooms. The building is equipped with an elevator, bathrooms on each floor, and central air conditioning. The property includes 60 parking spaces. Located near Willow Road and I-294, and adjacent to Chicago Executive Palwaukee Airport, the property benefits from its regional location and road exposure. The building sits on a 0.9252-acre lot. The property is zoned for industrial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    VDA Capital Group, ... Bank Artech Dental Studio Dental Office GB Bodywork Alternative Medicine Practice Gutwin Window & Gutter ... General Contractor Dragon Therapies Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.896821
    Latitude
    42.1202408

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    FAQs

    What type of property is this?
    Office building - Two-story office/retail building with high occupancy and diverse tenant mix.
    Where is this office building located?
    The property is located at 1040 S Milwaukee Ave Wheeling, IL.
    What is the asking price?
    The asking price for this property is $1,895,000.
    What are key features of this property?
    This property features: - Prime location on busy Milwaukee Rd, near Willow Rd and I-294, and adjacent to Chicago Executive Palwaukee Airport.; - High occupancy rate with only 3 vacant units, generating consistent income.; - 23 private suites with flexible configurations ranging from 300 to 2700 sq ft, suitable for diverse businesses.
    (847) 409-6336
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1040 S Milwaukee Ave Wheeling, IL 60090
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    We can help!
    Listing Contact
    Ross Vasiliev
    Ross Vasiliev
    Real Estate License ID: 471018754
    (847) 409-6336 (224) 235-4336 (847) 215-5555
    Learn more
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