Wheeling Office Building For
For Sale
Contact for pricing
1040 S Milwaukee Ave, Wheeling, IL 60090
Two-story, multi-tenant office building near Chicago Executive Airport.
Property Size23,500 SF
Lot Size1.84 Acres
Price / SF$85.11
Days on Market886
Property Features for 1040 S Milwaukee Ave
General Information
Standard status
Active
Size
23,500 SF
Lot size
1.84 Acres
Property subtype
Office
Listing Agency:
Versa Real Estate Services
(630) 480-6346
Listed By:
Ryan Moen · License #IL 471011256
Source:
Crexi
Added: Mar 19, 2024
Changed: Aug 15
Last Checked: Aug 20 at 7:24AM
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 Versa Real Estate Services
Investment Insights
Based on property information with market context.
Located at 1040 S. Milwaukee Ave in Wheeling, Illinois, this two-story, multi-tenant office building was constructed in 1980. The property is situated on 1.84 acres of land on South Milwaukee Ave, just south of Dundee Rd and adjacent to Chicago Executive Airport. The building has 23,500 square feet of space and is currently 95% occupied. The building is currently leased to tenants well below market at an effective average gross rent of $8.43 PSF, with all tenants on a month-to-month basis. The site includes a land parcel equal to 0.87 acres in front of the building that could be redeveloped or repurposed. The property is located approximately 2.6 miles from Willow Rd and the I-294 intersection. It is near the historic strip, restaurant row, with over 20 unique dining options. The building is part of the Class B market in the Central North Corridor. Overall, the Central North Corridor consists of 39,600,000 SF with a vacancy rate of 13.8%. The property is uniquely positioned to allow an owner/user to occupy 100% of the building or allow an investor to make leasing improvements to the building and increase rents significantly.
Key Highlights
- Opportunity for significant rental income increase due to below‑market rents ($8.43 PSF) and month‑to‑month leases.
- Potential for owner/user to occupy the entire 23,500 SF building.
- Additional 0.87‑acre land parcel available for redevelopment or repurposing.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
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?
Office building - Two-story, multi-tenant office building near Chicago Executive Airport.
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 $2,000,000.
What are key features of this property?
This property features: Opportunity for significant rental income increase due to below‑market rents ($8.43 PSF) and month‑to‑month leases.; Potential for owner/user to occupy the entire 23,500 SF building.; Additional 0.87‑acre land parcel available for redevelopment or repurposing.
