Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1040 W Northwest Hwy Mount Prospect, IL

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    16,568 SF building with office and warehouse space.

    Type:OFFICE
    Property size:
    16,568 SF
    Lot size:
    2.10 Acres
    Added:
    Oct 27, 2023
    Days on Market:
    915
    Last Refresh:
    Apr 5 at 10:14 pm

    Property Features for 1040 W Northwest Hwy

    General Information

    Standard status
    Active
    Size
    16,568 SF
    Lot size
    2.10 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Norm Murdoch
    Norm Murdoch

    Listing agent Norm Murdoch License #475122018

    Listing office Bradford Allen - Corporate

    Listing date Oct 27, 2023

    Source Moodyscre

    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 Bradford Allen - Corporate

    Overview

    Mount Prospect Office/Warehouse Building

    This 16,568 square foot building features 12,290 square feet of office space and 4,278 square feet of warehouse space. The warehouse area has the potential to be converted into additional office space. The brick and glass building benefits from 275 feet of frontage along Northwest Highway. A new roof, HVAC system, and electrical service, including a backup generator, have been installed. The property is located minutes from downtown Mount Prospect.
    Location Intelligence

    Current Use by Public Records

    Weldy-Lamont Associates Inc Industrial Manufacturer

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Prospect
    County
    Cook
    State
    Illinois
    Longitude
    -87.9517
    Latitude
    42.0702

    Nearby Similar for Sale

    • $1,599,000

      Turnkey Restaurant with Drive-Thru

      Freestanding restaurant with drive-thru on Rand Road corridor.
      720 E Rand Road, Mount Prospect, IL 60056
      View Details
    • $1,250,000

      Mount Prospect Commercial Opportunity

      Commercial property for sale in Mount Prospect, Illinois.
      1150 W Northwest Highway, Mount Prospect, IL 60056
      View Details
    • $219,000

      Turnkey Restaurant Opportunity in Mount Prospect

      Fully equipped restaurant for sale in a high-traffic location.
      1025 S Elmhurst Road, Mount Prospect, IL 60056
      View Details
    • $700,000

      Spacious 2-Flat in Hersey District

      Lovingly-maintained 2-flat with strong rental income potential.
      1102 E Ardyce Lane, Mount Prospect, IL 60056
      View Details
    • $999,000
      14,055 SF

      High Visibility Office Building For Sale

      Well-located office building with high visibility and excellent accessibility.
      1100 W Northwest Hwy, Mount Prospect, IL 60056
      View Details
    • $6,435,617
      87,369 SF

      Medical Office Asset For Sale

      Partially leased medical office building near major hospital systems.
      1660 Feehanville Dr, Mount Prospect, IL 60056
      View Details
    • Contact for pricing
      86,792 SF

      Mount Prospect Office Building Opportunity

      Four-story office building in Kensington Business Park, ideal for redevelopment.
      1600 Bishop Ct, Mount Prospect, IL
      View Details
    • Contact for pricing

      Retail Spaces on Northwest Highway

      Retail spaces with frontage on Northwest Highway.
      2 East Northwest Highway | Mount Prospect, IL 60056
      View Details
    • $3,560,000
      85,955 SF

      Mount Prospect Office Plaza

      Office building in Mount Prospect, Illinois with landscaped surroundings.
      1661 Feehanville Dr, Mount Prospect, IL 60056
      View Details
    • $3,856,340
      6,809 SF

      Retail Property in Mount Prospect

      Retail property with strong tenant lineup in Chicago MSA.
      1065-1069 N Elmhurst Rd, Mount Prospect, IL
      View Details
    • $2,100,000

      Established Gas Station For Sale

      Operating gas station in northwest suburbs with high traffic.
      2.1 Confidential, Mt Prospect, IL 60056
      View Details
    • Contact for pricing
      16,568 SF

      Mount Prospect Office/Warehouse Building

      16,568 RSF building with office and warehouse space.
      1040 W Northwest Highway, Mount Prospect, IL 60056
      View Details

    FAQs

    What type of property is this?
    Office building - 16,568 SF building with office and warehouse space.
    Where is this office building located?
    The property is located at 1040 W Northwest Hwy Mount Prospect, IL.
    What are key features of this property?
    This property features: New roof, HVAC, and electrical service with backup generator; 16,568 RSF building with office and warehouse space; Warehouse could be converted to office space
    (847) 445-9744 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Norm Murdoch
    Norm Murdoch
    Real Estate License ID: 475122018
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!