Wheeling Industrial Building For
For Sale
$5,325,000
1033 S Noel Avenue, 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 Market1145
Property Features for 1033 S Noel Avenue
General Information
Standard status
Active
Size
96,959 SF
Lot size
5.12 Acres
Property subtype
Business Opportunities
Building Details
Year Built
1965
Listing Agency:
Entre Commercial Realty, LLC
(847) 310-4295
Listed By:
Kevin Kaplan · License #475168120
Source:
Xome
Added: Jul 3, 2023
Changed: Jul 6
Last Checked: Aug 20 at 4:46AM
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 Entre Commercial Realty, LLC
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 a warehouse-type industrial area, complemented by a 6,500 square foot front office along Noel Avenue and an additional 3,424 square feet of two-story office space in the northeast section. The property, zoned I-2, includes heavy power, 14-foot ceilings, five truck docks, and one drive-in door. Floor drains are present, and the 5.12-acre lot can accommodate outside parking. The roof and parking lot have been replaced within the last two years, and the building is in good condition. 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 divisions include: a 35,708 square foot warehouse (Unit 1), an 18,000 square foot warehouse (Unit 2), a 13,920 square foot warehouse (Unit 3), a divisible 6,500 square foot front office, a 6,204 square foot warehouse with 1,711 square feet of office space and a second-floor office (Unit 4), a 3,900 square foot warehouse (Unit 5), and an 8,850 square foot warehouse (Unit 6). The building is currently occupied by Precision Paper Tube Company, which may stay as a tenant and lease back about 12 of the building, or vacate entirely. A new buyer could potentially take advantage of the 6B program to help alleviate the real estate tax burden.
Key Highlights
- 96,959 SF industrial building offering flexible usage as a single‑user or multi‑tenant facility.
- Benefit from the recent roof and parking lot replacement completed within the last 2 years.
- Offers the potential for tenant leaseback of approximately 1/2 of the building, or take advantage of complete vacancy.
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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Similar Off Market Nearby
- SecPlus — 840 Wheeling Rd, Wheeling, IL 60090
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 S Noel Avenue 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: 96,959 SF industrial building offering flexible usage as a single‑user or multi‑tenant facility.; Benefit from the **recent roof and parking lot replacement** completed within the last 2 years.; Offers the potential for tenant leaseback of approximately 1/2 of the building, or take advantage of complete vacancy.
