1040 S Milwaukee Ave Wheeling, IL 60090
Two-story, multi-tenant office building near Chicago Executive Airport.
Type:Office
Property size:
23,500 SFLot size:
1.84 AcresPrice / SF:
$85/SF- Added:
- Mar 19, 2024
- Days on Market:
- 764
- Last Refresh:
- Mar 17 at 1:25 pm
Property Features for 1040 S Milwaukee Ave
General Information
- Standard status
- Active
- Size
- 23,500 SF
- Lot size
- 1.84 Acres
- Property subtype
- Office
Listing agent Ryan Moen License #IL 471011256
Listing office Versa Real Estate Services
Listing date Mar 19, 2024
Source Crexi
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 Versa Real Estate Services
Overview
Wheeling Office Building For Sale
Located at 1040 S. Milwaukee Ave in Wheeling, Illinois, this two-story, multi-tenant office building was constructed in 1980. The property is situated on 1.84 acres of land on South Milwaukee Ave, just south of Dundee Rd and adjacent to Chicago Executive Airport. The building has 23,500 square feet of space and is currently 95% occupied. The building is currently leased to tenants well below market at an effective average gross rent of $8.43 PSF, with all tenants on a month-to-month basis. The site includes a land parcel equal to 0.87 acres in front of the building that could be redeveloped or repurposed. The property is located approximately 2.6 miles from Willow Rd and the I-294 intersection. It is near the historic strip, restaurant row, with over 20 unique dining options. The building is part of the Class B market in the Central North Corridor. Overall, the Central North Corridor consists of 39,600,000 SF with a vacancy rate of 13.8%. The property is uniquely positioned to allow an owner/user to occupy 100% of the building or allow an investor to make leasing improvements to the building and increase rents significantly.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
VDA Capital Group, ...
Bank
Artech Dental Studio
Dental Office
GB Bodywork
Alternative Medicine Practice
Gutwin Window & Gutter ...
General Contractor
Dragon Therapies
Medical Clinic
Location Insight
- Map
- Local Demand
- City
- Wheeling
- County
- Cook
- State
- Illinois
- Longitude
- -87.896821
- Latitude
- 42.1202408
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - Two-story, multi-tenant office building near Chicago Executive Airport.
Where is this office building located?
The property is located at 1040 S Milwaukee Ave Wheeling, IL.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Opportunity for significant rental income increase due to below‑market rents ($8.43 PSF) and month‑to‑month leases.; Potential for owner/user to occupy the entire 23,500 SF building.; Additional 0.87‑acre land parcel available for redevelopment or repurposing.
