Air-Conditioned Flex
For Sale
Under Contract
$275,000
129 Wheeling Road, Wheeling, IL 60090
Commercial Sale, Wheeling, IL
Property Size2,300 SF
Price / SF$119.57
Days on Market11
Property Features for 129 Wheeling Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
INDUS
Directions
Last unit furthest away from Wheeling Road. Just south of Dundee. North of Hintz, West of Wolf Rd, East of Elmhurst Rd
Subdivision
Wheeling
Standard status
Active Under Contract
APN
03102010711010
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14898
Utilities
Cooling system
Central Air
Building Details
Year built
1995
Floors in Building
1
Building materials
Brick
Listing Agency:
Golden Arrow Realty Inc.
(773) 622-1100
Listed By:
Jerry Mustafa · License #IL47011850
(773) 622-1100 x202
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 27 at 7:06AM
MLS# 12762203
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This end-unit industrial/flex condominium provides approximately 2,300 square feet of interior space, with a 2,564-square-foot condominium footprint including walls. The fully air-conditioned layout includes a front office of approximately 180 square feet, 14-foot ceilings, a 12-foot overhead door, and access to a common shared dock. Constructed in 1995 with brick materials, the property is zoned INDUS. Auto repair and auto body uses are not allowed.
The property is positioned near I-290/RT53, I-94, and I-294, with a Metra station immediately next door and O'Hare Airport approximately 20 minutes away. The adjoining unit may potentially be combined with this space, creating up to approximately 4,600 square feet of interior area.
The property is positioned near I-290/RT53, I-94, and I-294, with a Metra station immediately next door and O'Hare Airport approximately 20 minutes away. The adjoining unit may potentially be combined with this space, creating up to approximately 4,600 square feet of interior area.
Key Highlights
- Approximately 2,300 SF of interior space; 2,564 SF condominium footprint including walls
- 14 ft ceilings and a 12 ft high overhead door
- Fully air conditioned with central air
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
$24,219
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
8.81%
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%
$484,380
$484.4K
Cap Rate 7%
$345,986
$346.0K
Cap Rate 9%
$269,100
$269.1K
Market Conditions
NOI Build-Up for 2,300 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
$41.4K $18.00/SF
− Vacancy
−$4.1K −$1.80/SF
EGI
$37.3K $16.20/SF
− OpEx
−$13.0K −$5.67/SF
NOI
$24.2K $10.53/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$484,380
Cap Rate 7%
$345,986
Cap Rate 9%
$269,100
Alternative Uses
Best Use
Flex RnD
$346.0K
$302.7K – $403.7K
NOI $24,219 @ 7.0% cap · market cap 8.81%
Second Best
Warehouse
$171.7K
$150.3K – $200.4K
NOI $12,022 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$794.1K
$694.8K – $926.4K
NOI $55,586 @ 7.0% cap · market cap 20.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
743
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - End-unit flex space with central air, industrial zoning, and regional highway connectivity.
Where is this flex space located?
The property is located at 129 Wheeling Road Wheeling, IL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Approximately 2,300 SF of interior space; 2,564 SF condominium footprint including walls; 14 ft ceilings and a 12 ft high overhead door; Fully air conditioned with central air
