Contacts

Real Estate Services Versa

Versa Real Estate Services

Property Details

Property Type Office
Property Size 23,500 SF
Lot Size 0.82 Acre
Additional Rent Contact for pricing
Date Updated Dec 10, 2024

As exclusive agent, Versa Real Estate Services is offering a for sale opportunity to acquire the fee simple interest at 1040 S. Milwaukee Ave in Wheeling, Illinois. The property is located on South Milwaukee Ave just south of Dundee Rd and adjacent to Chicago Executive Airport. 1040 S Milwaukee is a 2-story, multi-tenant office building built in 1980 and is positioned on 1.84 acres of land. The property is 23,500 square feet and currently 95% occupied. Currently, the building is 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. 1040 S Milwaukee Ave is uniquely positioned to allow an owner/user to occupy 100% of the 23,500 SF building or allow an investor to make leasing improvements to the building and increase rents significantly. The building site also includes a land parcel equal to 0.87 acres in front of the building that could be redeveloped or repurposed.

1040 S Milwaukee Ave is located in Wheeling, Illinois and approximately 2.6 miles from Willow Rd and the I-294 intersection. The building is in close proximity to the Chicago Executive Airport and near the historic strip, restaurant row, with over 20 unique dining options. 1040 S Milwaukee Ave 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%. Unlike other areas of Chicagoland, office development near 1040 S. Milwaukee has not outpaced demand and enjoys health occupancy.

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Getting around

21/100
Walk Score ®
23/100
Transit Score ®
42/100
Bike Score ®

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City Wheeling, IL
Zip Code 60090
Market Chicago

Points of Interest

Deerfield

4.10 miles
Mount Prospect

4.44 miles
Arlington Heights

5.09 miles
Des Plaines

5.51 miles
Arlington Park

5.94 miles
Ravinia

6.64 miles
Ravinia Park

6.70 miles
Highland Park

6.73 miles
Palatine

7.76 miles
Fort Sheridan

7.77 miles

Citgo

0.76 miles
Marathon

0.93 miles
BP

1.36 miles
Shell

2.30 miles
Arco

2.37 miles
7-Eleven

2.43 miles
True North Shell

2.63 miles
ChargePoint

3.36 miles
Tesla Supercharger

3.53 miles
volta

5.46 miles

Parking Garage

2.84 miles
Yellow Parking Lot

2.86 miles
Green Parking Lot

2.94 miles
West parking lot

3.06 miles
East parking lot

3.12 miles
Orange Parking Lot

3.12 miles
Northbrook Metra Station

3.56 miles
Boat Parking

3.59 miles
Pace Buffalo Grove Park & Ride

4.13 miles
Glen Town Center Parking

4.16 miles

Ramada Plaza Chicago North Shore

0.46 miles
Candlewood Suites

1.02 miles
Holiday Inn Express & Suites Prospect Heights

1.07 miles
Motel 6 Prospect Heights

1.17 miles
Hilton Chicago/Northbrook

1.52 miles
Crowne Plaza Chicago-Northbrook

1.60 miles
The Westin Chicago North Shore

2.22 miles
Holiday Inn Express & Suites Chicago-Deerfield/Lincolnshire

2.36 miles
Courtyard Chicago Glenview/Northbrook

2.67 miles
Embassy Suites by Hilton Chicago North Shore Deerfield

2.68 miles

Fresh Farms International Market

1.40 miles
Mariano's Fresh Market

1.42 miles
Carnicerias Jimenez

2.20 miles
H Mart

2.32 miles
Jewel-Osco

2.86 miles
Randhurst Village

3.07 miles
TJ Maxx

3.09 miles
Fresh Thyme

3.42 miles
Tony's Fresh Market

3.48 miles
Garden Fresh Market

3.51 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.