Wheeling Industrial Building For
For Sale
$5,325,000
1033 Noel Ave, Wheeling, IL 60090
96,959 SF industrial building in Wheeling, Illinois available for sale.
Property Size96,959 SF
Lot Size5.12 Acres
Price / SF$54.92
Days on Market166
Property Features for 1033 Noel Ave
General Information
Standard status
Active
Size
96,959 SF
Lot size
5.12 Acres
Property subtype
Industrial
Building Details
Building Size
96,959 SF
Year Built
1965
Listing Agency:
Premier Commercial Realty
Listed By:
Bruce Kaplan · License #475075614
(847) 507-1759
Source:
Premiercommercialrealty
Added: Mar 26
Changed: Sep 6
Last Checked: Sep 6 at 7:23AM
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 Premier Commercial Realty
Investment Insights
Based on property information with market context.
This industrial building, located in Wheeling, Illinois, offers 96,959 square feet of space. Constructed in 1962 and 1969, the masonry building features primarily warehouse-type industrial space, along with a 6,500 square foot front office area along Noel Avenue and an additional 3,424 square feet of two-story office space in the northeast section. The property includes a 5.12 acre lot. Recent improvements include a roof and parking lot replacement within the last two years, contributing to the building's good condition. Zoned I-2, the building is equipped with heavy power, 14-foot ceilings, five truck docks, one drive-in door, and floor drains. The warehouse space is divided into six sections, interconnected by roll-up doors, making it suitable for a single large user or multiple tenants. The current divisions include: Unit 1 with 35,708 square feet of warehouse space; Unit 2 with 18,000 square feet of warehouse space; Unit 3 with 13,920 square feet of warehouse space; a 6,500 square foot front office (divisible); Unit 4 with 6,204 square feet of warehouse space and 1,711 square feet of office space with a second-floor office; Unit 5 with 3,900 square feet of warehouse space; and Unit 6 with 8,850 square feet of warehouse space. The building can accommodate outside parking. The current occupant, Precision Paper Tube Company, is open to leasing back approximately half of the building or vacating entirely, depending on the buyer's preference. A new buyer could potentially take advantage of the 6B program to help alleviate the real estate tax burden.
Key Highlights
- Large 96,959 SF industrial building on 5.12 acres, ideal for single or multi‑tenant use.
- Potential for immediate income with current tenant willing to lease back approximately half of the building.
- Recent capital improvements include roof and parking lot replacement within the last 2 years.
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
$417,376
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
7.84%
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%
$8,347,520
$8.3M
Cap Rate 7%
$5,962,514
$6.0M
Cap Rate 9%
$4,637,511
$4.6M
Market Conditions
NOI Build-Up for 96,959 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
$628.3K $6.48/SF
− Vacancy
−$32.0K −$0.33/SF
EGI
$596.3K $6.15/SF
− OpEx
−$178.9K −$1.84/SF
NOI
$417.4K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$8,347,520
Cap Rate 7%
$5,962,514
Cap Rate 9%
$4,637,511
Alternative Uses
Best Use
Office B
$19.10M
$16.71M – $22.28M
NOI $1,336,906 @ 7.0% cap · market cap 25.11%
Second Best
Warehouse
$7.24M
$6.34M – $8.45M
NOI $506,814 @ 7.0% cap · market cap 9.52%
Theoretical Best
Office A
$33.48M
$29.29M – $39.05M
NOI $2,343,286 @ 7.0% cap · market cap 44.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Under-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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 96,959 SF industrial building in Wheeling, Illinois available for sale.
Where is this warehouse located?
The property is located at 1033 Noel Ave Wheeling, IL.
What is the asking price?
The asking price for this property is $5,325,000.
What are key features of this property?
This property features: Large 96,959 SF industrial building on 5.12 acres, ideal for single or multi‑tenant use.; Potential for immediate income with current tenant willing to lease back approximately half of the building.; Recent capital improvements include roof and parking lot replacement within the last 2 years.
