Character-Filled Office
For Sale
$350,000
422 W Wesley St, Wheaton, IL 60187
Two-level office property with shared conference, waiting, and restroom areas plus on-site parking.
Property Size1,144 SF
Price / SF$305.94
Days on Market25
Property Features for 422 W Wesley St
General Information
Standard status
Active
Size
1,144 SF
Building Details
Year Built
1906
Listing Agency:
RE/MAX Cornerstone
(630) 533-5900
Listed By:
Cindy Banks · License #475123450
Source:
Amyboston.realtopiare
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 25 at 3:58AM
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 RE/MAX Cornerstone
Investment Insights
Based on property information with market context.
This office building dates to 1906 and retains original woodwork, stained glass doors, and a wood staircase connecting the lower and upper levels. The layout includes office areas on both floors, with shared conference, waiting, and restroom spaces supporting day-to-day operations. On-site parking is also provided.
The property is located at 422 W Wesley St in Wheaton, Illinois, near the Metra train, public transportation, and downtown amenities. A 24-hour notice is required for all showings.
The property is located at 422 W Wesley St in Wheaton, Illinois, near the Metra train, public transportation, and downtown amenities. A 24-hour notice is required for all showings.
Key Highlights
- Office building at 422 W Wesley St, Wheaton, IL 60187
- Built in 1906 with original woodwork and stained glass doors
- Office areas arranged across lower and upper levels
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
$15,774
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
4.51%
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%
$315,480
$315.5K
Cap Rate 7%
$225,343
$225.3K
Cap Rate 9%
$175,267
$175.3K
Market Conditions
NOI Build-Up for 1,144 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
$28.0K $24.48/SF
− Vacancy
−$7.0K −$6.10/SF
EGI
$21.0K $18.38/SF
− OpEx
−$5.3K −$4.60/SF
NOI
$15.8K $13.79/SF
Area
DuPage County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
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%
$315,480
Cap Rate 7%
$225,343
Cap Rate 9%
$175,267
Alternative Uses
Best Use
Office B
$225.3K
$197.2K – $262.9K
NOI $15,774 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$395.0K
$345.6K – $460.8K
NOI $27,648 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,828
Businesses Nearby
Explore this area
Business Placement
Demographics for 60187, IL
30,059
Population
10,619
Households
2.8
Avg Household Size
37
Median Age
62%
College-Educated
95%
High-School Grad
6.6 sq mi
ZIP Area
4,554
Density / Sq Mi
$119,048
Median Household Income
$49,625
Median Earnings
$1,744
Median Rent
$432,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-level office property with shared conference, waiting, and restroom areas plus on-site parking.
Where is this office building located?
The property is located at 422 W Wesley St Wheaton, IL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Office building at 422 W Wesley St, Wheaton, IL 60187; Built in 1906 with original woodwork and stained glass doors; Office areas arranged across lower and upper levels
