Small-Bay Industrial
New
For Sale
$3,750,000
1355 Wilhelm Rd, Mundelein, IL 60060
Multi-tenant industrial space with dock and grade-level loading for a range of warehouse operations.
Property Size32,900 SF
Lot Size2.10 Acres
Price / SF$113.98
Days on Market2
Property Features for 1355 Wilhelm Rd
General Information
Standard status
Active
Size
32,900 SF
Lot size
2.10 Acres
Property subtype
Warehouse
Occupancy
100%
Warehouse & Industrial
Clear Height
19 ft
Dock-High Doors
4
Drive-In Doors
6
Additional Details
Cap Rate
7.31%
Highway Access
Yes
Amenities
Fully Occupied 32,900-Square-Foot Small-Bay Industrial Asset Situated on 2.10 Acres
Featuring Six Units, 19' Clear-Height, Six Grade-Level Doors, 4 Dock-High Doors, and 2022 Rubber Roofing Installation
3.27 Years of WALT at $10.27/SF Avg. Annual Rent, Generating 7.31% Cap Rate
3.0% Rental Escalations with Three Lease Renewal Options Linked to CPI Increase, Providing Inflation Protection
Close Proximity to Major Thoroughfares: U.S. 45, IL-60, and I-94
Located in Large South Lake County Submarket with No Industrial Properties Under Construction | Outperforming 5.4% Vacancy Rate and 4.1% Rent Growth
Building Details
Building Size
32,900 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
(312) 327-5499
Listed By:
Alexander Zlotnik · License #License(s): IL: 475212760
(312) 327-5499
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 3:56PM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
This 32,900-square-foot warehouse property contains six industrial units on 2.10 acres. The building offers 19-foot clear height, six grade-level doors, and four dock-high doors. Constructed in 1986, the facility is fully occupied by four tenants under gross leases, with a weighted average lease term of 3.27 years.
The property is located in Mundelein, Illinois, near U.S. Route 45, Illinois Route 60, also known as Town Line Road, and Interstate 94. Lease provisions include 3.0 percent annual rent escalations, while three leases provide renewal options tied to CPI increases. The property reports a 7.31 percent cap rate.
The property is located in Mundelein, Illinois, near U.S. Route 45, Illinois Route 60, also known as Town Line Road, and Interstate 94. Lease provisions include 3.0 percent annual rent escalations, while three leases provide renewal options tied to CPI increases. The property reports a 7.31 percent cap rate.
Key Highlights
- 32,900 square feet of small‑bay industrial space on 2.10 acres
- Six industrial units with four tenants in place
- 19‑foot clear height supports warehouse and industrial operations
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
$171,971
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
4.59%
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%
$3,439,420
$3.4M
Cap Rate 7%
$2,456,729
$2.5M
Cap Rate 9%
$1,910,789
$1.9M
Market Conditions
NOI Build-Up for 32,900 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
$213.2K $6.48/SF
− Vacancy
−$10.9K −$0.33/SF
EGI
$202.3K $6.15/SF
− OpEx
−$30.3K −$0.92/SF
NOI
$172.0K $5.23/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$3,439,420
Cap Rate 7%
$2,456,729
Cap Rate 9%
$1,910,789
Alternative Uses
Best Use
Warehouse
$2.46M
$2.15M – $2.87M
NOI $171,971 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.36M
$9.94M – $13.25M
NOI $795,121 @ 7.0% cap · market cap 21.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
19 ft
Clear height
4
Dock-high doors
6
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60060, IL
37,599
Population
13,827
Households
2.7
Avg Household Size
40
Median Age
43%
College-Educated
90%
High-School Grad
23.2 sq mi
ZIP Area
1,621
Density / Sq Mi
$110,463
Median Household Income
$52,550
Median Earnings
$1,552
Median Rent
$299,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Multi-tenant industrial space with dock and grade-level loading for a range of warehouse operations.
Where is this warehouse located?
The property is located at 1355 Wilhelm Rd Mundelein, IL.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 32,900 square feet of small‑bay industrial space on 2.10 acres; Six industrial units with four tenants in place; 19‑foot clear height supports warehouse and industrial operations
