Wheeling Office/Flex Building For
For Sale
$7,500,000
1400 S Wolf Road, Wheeling, IL 60090
Class B single-story office/flex building available for purchase.
Property Size116,226 SF
Price / SF$173.33
Days on Market101
Property Features for 1400 S Wolf Road
General Information
Standard status
Active
Size
116,226 SF
Property subtype
Commercial
Zoning
INDUS
Taxes and HOA fees
Annual Taxes
$496,712
Building Details
Building Size
116,226 SF
Year Built
1983
Stories
1
Units
22
Listing Agency:
L & B All Star Realty Advisors LLC
Listed By:
Ira Lauter · License #471001910
(312) 925-0900
Source:
Jjillrealtygroup
Added: May 27
Changed: Sep 3
Last Checked: Sep 4 at 7:11AM
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 L & B All Star Realty Advisors LLC
Investment Insights
Based on property information with market context.
This Class B single-story building offers both office and flex space. The property is suitable for commercial real estate use. The building's total size is 43269 square feet.
Key Highlights
- Single‑story structure.
- Office/flex building type.
- Class B building.
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
$455,623
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
6.07%
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%
$9,112,460
$9.1M
Cap Rate 7%
$6,508,900
$6.5M
Cap Rate 9%
$5,062,478
$5.1M
Market Conditions
NOI Build-Up for 43,269 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
$778.8K $18.00/SF
− Vacancy
−$77.9K −$1.80/SF
EGI
$701.0K $16.20/SF
− OpEx
−$245.3K −$5.67/SF
NOI
$455.6K $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%
$9,112,460
Cap Rate 7%
$6,508,900
Cap Rate 9%
$5,062,478
Alternative Uses
Best Use
Flex RnD
$6.51M
$5.70M – $7.59M
NOI $455,623 @ 7.0% cap · market cap 6.07%
Second Best
Industrial
$2.66M
$2.33M – $3.10M
NOI $186,259 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$14.94M
$13.07M – $17.43M
NOI $1,045,717 @ 7.0% cap · market cap 13.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Class B single-story office/flex building available for purchase.
Where is this flex space located?
The property is located at 1400 S Wolf Road Wheeling, IL.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Single‑story structure.; Office/flex building type.; Class B building.
