Automotive Service
For Sale
Contact for pricing
1030 S Milwaukee Avenue, Wheeling, IL 60090
Vacant masonry facility with office, service, parking, signage, and direct street access.
Property Size11,000 SF
Lot Size2.64 Acres
Price / SF$190.91
Days on Market9
Property Features for 1030 S Milwaukee Avenue
General Information
Standard status
Active
Size
11,000 SF
Lot size
2.64 Acres
Property subtype
Industrial
Zoning
COMMR
Additional Details
Road Access
Yes
Drive-In Doors
4
Amenities
drive-in doors
mezzanine
signage
on-site parking
Building Details
Year Built
1980
Buildings
1
Units
1
Building Size
11,000 SF
Construction
masonry
Listing Agency:
Keller Williams North Shore West
(847) 322-0504
Listed By:
Julia Alexander · License #IL 471.014148
Source:
Crexi
Added: Aug 9
Changed: Aug 17
Last Checked: Aug 16 at 5:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams North Shore West
Investment Insights
Based on property information with market context.
Built in 1980, this vacant masonry automotive service facility occupies approximately 11,000 SF within an approximately 2.64-acre site. The layout includes approximately 2,500 SF of finished office and customer-facing space, approximately 8,500 SF of open service area, a small mezzanine, and four drive-in doors. On-site parking, signage, and direct street access are also included.
The property is located at 1030 S Milwaukee Avenue in Wheeling, near Chicago Executive Airport. A separately identified rear land component is included in the property information. Intended use, subdivision, and redevelopment remain subject to Village approval and buyer verification.
The property is located at 1030 S Milwaukee Avenue in Wheeling, near Chicago Executive Airport. A separately identified rear land component is included in the property information. Intended use, subdivision, and redevelopment remain subject to Village approval and buyer verification.
Key Highlights
- Approximately 2.64 acres along Milwaukee Avenue
- Approximately 11,000 SF commercial‑industrial facility
- Four drive‑in doors and approximately 8,500 SF open service area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$152,682
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,053,640
$3.1M
Cap Rate 7%
$2,181,171
$2.2M
Cap Rate 9%
$1,696,467
$1.7M
Market Conditions
NOI Build-Up for 11,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$237.6K $21.60/SF
− Vacancy
−$19.5K −$1.77/SF
EGI
$218.1K $19.83/SF
− OpEx
−$65.4K −$5.95/SF
NOI
$152.7K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,053,640
Cap Rate 7%
$2,181,171
Cap Rate 9%
$1,696,467
Alternative Uses
Best Use
Retail
$2.18M
$1.91M – $2.54M
NOI $152,682 @ 7.0% cap · market cap 7.27%
Second Best
Flex RnD
$1.65M
$1.45M – $1.93M
NOI $115,830 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,846 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Heights Body & Motor Works Inc — 871 Palatine Frontage Rd, Wheeling, IL 60090
Frequently Asked Questions
What type of property is this?
Auto shop - Vacant masonry facility with office, service, parking, signage, and direct street access.
Where is this auto shop located?
The property is located at 1030 S Milwaukee Avenue Wheeling, IL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Approximately 2.64 acres along Milwaukee Avenue; Approximately 11,000 SF commercial‑industrial facility; Four drive‑in doors and approximately 8,500 SF open service area
