1040 S Milwaukee Ave, Wheeling, IL 60090

Listing office Versa Real Estate Services Show Phone

Listing date Mar 19, 2024

Source Crexi

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

Report an issue

---

Overview

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.

Suggested Use

Restaurant Spa & Massage Center Pharmacy Department Store Garden Center Discount Store Grocery & Convenience Store Cafe & Coffee Shop Food Market (Bike/Boat/Book/etc) Store

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

Nearby Similar for Sale

• 

  $799,900

  3,255 SF

  Iconic Restaurant & Real Estate Opportunity

  Profitable restaurant and prime real estate on Restaurant Row.

  260 S Milwaukee Avenue, Wheeling, IL 60090

  View Details
• 

  $1,895,000

  26,000 SF

  Two-Story Office/Retail Building For Sale

  Two-story office/retail building with high occupancy and parking.

  1040 S MILWAUKEE Avenue, Wheeling, IL 60090

  View Details
• 

  $1,895,000

  Wheeling Commercial Property For Sale

  Commercial property in Wheeling, Illinois available for purchase.

  1040 S MILWAUKEE Avenue, Wheeling, IL 60090

  View Details
• 

  Contact for pricing

  62,757 SF

  Wheeling Industrial Redevelopment Opportunity

  Industrial property suitable for corporate headquarters or training facility.

  8 E Palatine Rd, Wheeling, IL

  View Details
• 

  $380,000

  1,984 SF

  Updated Duplex in Desirable Location

  Spacious, updated 4-bedroom duplex with modern amenities and convenient location.

  1426 Chippewa Trail, Wheeling, IL 60090,

  View Details
• 

  Contact for pricing

  7,968 SF

  Prime Location Automotive Hub

  Strategic location with high traffic and convenience near I-294.

  851 E Palatine Rd, Wheeling, IL

  View Details
• 

  $215,000

  1,280 SF

  Sandpebble Walk Condo with Balcony

  Spacious 2-bedroom condo with balcony and community amenities.

  1550 Sandpebble Drive #307, Wheeling, IL 60090,

  View Details
• 

  $5,325,000

  96,959 SF

  Wheeling Industrial Warehouse For Sale

  96,959 SF industrial warehouse with heavy power and truck docks.

  1033 Noel Ave, Wheeling, IL

  View Details
• 

  Contact for pricing

  14,508 SF

  Free-Standing Industrial Facility

  Well-maintained standalone building suited for manufacturing or distribution operations.

  280 Camp McDonald Rd, Wheeling, IL 60090

  View Details
• 

  Contact for pricing

  36,880 SF

  Movie Theater with In-Seat Dining

  Premier dine-in theater with seven screens and in-seat dining, positioned within a mixed-use downtown development.

  401 W. Dundee Rd., Wheeling, IL 60090

  View Details
• 

  $1,100,000

  8,800 SF

  Wheeling Office/Medical Building For Sale

  Two-story office building with move-in ready medical space.

  47 W Dundee Rd, Wheeling, IL 60090

  View Details
• 

  Contact for pricing

  43,269 SF

  Wheeling Office/Flex Building For Sale

  Class B single-story office/flex building available for purchase.

  1400 S Wolf Rd, Wheeling, IL 60090

  View Details

FAQs

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.