Warehouse Flex
For Sale
Contact for pricing
318 N Milwaukee Ave., Wheeling, IL 60090
Flex space suitable for a variety of showroom and service retail uses, including home improvement and equipment sales.
Property Size5,412 SF
Price / SF$203.25
Days on Market67
Property Features for 318 N Milwaukee Ave.
General Information
Standard status
Active
Size
5,412 SF
Property subtype
Retail, Office
Zoning
B3 General Commercial & Office
Lease Type
NNN
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Entre Commercial Realty LLC
Listed By:
Corey Laktas · License #475.215121
Source:
Crexi
Added: Jul 3
Changed: Sep 2
Last Checked: Sep 6 at 3:27PM
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 warehouse flex space is well-suited for showroom-and-warehouse style operations, with room for a range of retail and service needs. The property is described as a fit for uses such as kitchen and bath flooring showroom/warehouse, lighting and plumbing supply, commercial furniture sales, HVAC and electrical and plumbing supply, and medical equipment sales and service.
Located at 318 N. Milwaukee Ave. in Wheeling, IL, the space offers flexibility for businesses that need both a sales floor environment and warehouse-style storage.
If you’re evaluating a property for a combination of product display and service-oriented operations, this flex warehouse format can support a broad set of commercial activities aligned with the listed example uses.
Located at 318 N. Milwaukee Ave. in Wheeling, IL, the space offers flexibility for businesses that need both a sales floor environment and warehouse-style storage.
If you’re evaluating a property for a combination of product display and service-oriented operations, this flex warehouse format can support a broad set of commercial activities aligned with the listed example uses.
Key Highlights
- Flex space suitable for a variety of showroom and service retail uses
- Works for kitchen and bath flooring showroom/warehouse uses
- Suitable for lighting and plumbing supply sales and showroom needs
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
$56,988
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
5.18%
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%
$1,139,760
$1.1M
Cap Rate 7%
$814,114
$814.1K
Cap Rate 9%
$633,200
$633.2K
Market Conditions
NOI Build-Up for 5,412 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
$97.4K $18.00/SF
− Vacancy
−$9.7K −$1.80/SF
EGI
$87.7K $16.20/SF
− OpEx
−$30.7K −$5.67/SF
NOI
$57.0K $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%
$1,139,760
Cap Rate 7%
$814,114
Cap Rate 9%
$633,200
Alternative Uses
Best Use
Flex RnD
$814.1K
$712.4K – $949.8K
NOI $56,988 @ 7.0% cap · market cap 5.18%
Second Best
Warehouse
$404.1K
$353.6K – $471.5K
NOI $28,289 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,796 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
816
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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Similar Off Market Nearby
- Tipsy — 735 N Milwaukee Ave #505, Wheeling, IL 60090
Frequently Asked Questions
What type of property is this?
Flex space - Flex space suitable for a variety of showroom and service retail uses, including home improvement and equipment sales.
Where is this flex space located?
The property is located at 318 N Milwaukee Ave. Wheeling, IL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Flex space suitable for a variety of showroom and service retail uses; Works for kitchen and bath flooring showroom/warehouse uses; Suitable for lighting and plumbing supply sales and showroom needs
