Free Standing Flex
For Sale
Contact for pricing
250 Chaddick Dr, Wheeling, IL 60090
15,695 SF flex building with office space for sale.
Property Size15,695 SF
Price / SF$107
Days on Market687
Property Features for 250 Chaddick Dr
General Information
Standard status
Active
Size
15,695 SF
Class
B
Total Parking Spaces
32
Property subtype
Industrial
Zoning
I1
Building Details
Year Built
1989
Listing Agency:
Entre Commercial Realty LLC
Listed By:
Brian Bocci, SIOR · License #IL 475151869
Source:
Crexi
Added: Oct 21, 2024
Changed: Aug 31
Last Checked: Sep 6 at 3:21PM
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 Entre Commercial Realty LLC
Investment Insights
Based on property information with market context.
This 15,695 square foot free-standing building includes 3,500 square feet of office space. The property can accommodate one or two tenants, as it is separately metered. A newer roof has been installed, and the office space has been remodeled. A 6B is in place until 2030, with the potential for renewal.
Key Highlights
- 15,695 SF Free Standing Building
- Includes 3,500 SF of Office space
- One or Two Tenant Building (Separately Metered)
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
$67,562
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
3.99%
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%
$1,351,240
$1.4M
Cap Rate 7%
$965,171
$965.2K
Cap Rate 9%
$750,689
$750.7K
Market Conditions
NOI Build-Up for 15,695 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
$101.7K $6.48/SF
− Vacancy
−$5.2K −$0.33/SF
EGI
$96.5K $6.15/SF
− OpEx
−$29.0K −$1.84/SF
NOI
$67.6K $4.30/SF
Area
Cook County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
30.00%
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%
$1,351,240
Cap Rate 7%
$965,171
Cap Rate 9%
$750,689
Alternative Uses
Best Use
Flex RnD
$2.36M
$2.07M – $2.75M
NOI $165,268 @ 7.0% cap · market cap 9.75%
Second Best
Industrial
$965.2K
$844.5K – $1.13M
NOI $67,562 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$5.42M
$4.74M – $6.32M
NOI $379,314 @ 7.0% cap · market cap 22.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
671
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 15,695 SF flex building with office space for sale.
Where is this flex space located?
The property is located at 250 Chaddick Dr Wheeling, IL.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 15,695 SF Free Standing Building; Includes 3,500 SF of Office space; One or Two Tenant Building (Separately Metered)
