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    Wheeling Professional Building Office Space Title is generated by Realmo AI

    201 E Strong Street, Wheeling, IL 60090

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    Picture of Medical Office Space at 201 E Strong Street, Wheeling, IL
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    COMMERCIAL - Wheeling, IL

    Type:Office
    Lot size:
    3.14 Acres
    Added:
    Nov 29, 2025
    Days on Market:
    165
    Last Refresh:
    May 13 at 10:06 pm

    Property Features for 201 E Strong Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    OFFIC
    Standard status
    Active
    Lot size
    3.14 Acres

    Utilities

    Utilities
    Cable Available
    Cooling system
    Zoned, Central Air

    Building Details

    Year built
    1980
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick, Concrete, Glass
    Roof type
    Rubber, Membrane

    We can help!

    Listing Contact
    Peter Karahalios

    Listing agent Peter Karahalios License #471015397

    Listing office The Realty Brokers Ltd. 23 Polo Drive Suite 100, South Barrington, IL

    Listing date Nov 29, 2025

    MLS# 12525081

    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.

    HighLights

    • Prime location on Milwaukee Ave between Lake Cook Rd and Dundee Rd.
    • Newly re‑excavated & rebuilt parking lot with ample 106 spaces (including 6 handicapped).
    • Rent includes HVAC 24/7 plus all common area and parking lot maintenance.
    • Will build to suit the 2,449 square foot suite.
    • Newly updated common area restrooms and professionally maintained landscaping with automatic sprinkler system.
    • On‑site professional building management.

    Overview

    The Wheeling Professional Building is a well-maintained, single-story medical and professional office building in a prime location on Milwaukee Avenue, situated between Lake Cook Road and Dundee Road. The building features a newly painted exterior and interior common areas, along with updated common area restrooms. The asphalt parking lot has been re-excavated and rebuilt, offering 106 parking spaces, including 6 handicapped spaces. The landscaping has been updated and is professionally maintained, featuring a new automatic landscape watering/sprinkler system. Suite #2 offers 2,449 square feet and can be built to suit. On-site professional building management is available. Highly trafficked street signage is included. The building has updated automatic sliding doors at the two main entrances. Rent includes HVAC 24 hours a day, 7 days a week, plus all common area and parking lot maintenance. The property is zoned OFFIC and sits on a 3.14-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Presence Health Care ... Hospital NextGen Dental & Orthodontics Dental Office Dr. Gary Beyer, ... Dental Office Pellettieri Vincent DDS Dental Office Yakov Ryabov M.D. Physician

    Suggested Use

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

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

    Similar Places Nearby

    • Animal Health Clinic-Wheeling — 145 S Milwaukee Ave, Wheeling, IL 60090
    • Annora Gaerig — 372 S Milwaukee Ave, Wheeling, IL 600905021

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9116187
    Latitude
    42.1437039

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    FAQs

    What type of property is this?
    Medical Office Space - Well-maintained medical/professional office building with ample parking and updated amenities.
    Where is this medical office space located?
    The property is located at 201 E Strong Street Wheeling, IL.
    What are key features of this property?
    This property features: Prime location on Milwaukee Ave between Lake Cook Rd and Dundee Rd.; Newly re‑excavated & rebuilt parking lot with ample 106 spaces (including 6 handicapped).; Rent includes HVAC 24/7 plus all common area and parking lot maintenance.
    (815) 222-1433
    We can help!
    Listing Contact
    Peter Karahalios
    Real Estate License ID: 471015397
    Learn More
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    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.

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