212-224 S Milwaukee Ave Office Portfolio 2 Office Properties in Wheeling, IL

Consolidated Commercial Properties, LLC
224 S. Milwaukee Avenue, Suite F
Wheeling, Illinois 60090
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https://224-212.com
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We are currently offering for sale two commercial office properties which are situated on the same 0.66 acres adjacent to South Milwaukee Avenue in Wheeling, Illinois. The property is currently owned by the same entity which is responsible for property management and leasing. Consolidated Commercial Properties, LLC (CCP) is a partnership with principals living in a 1,000 sq.ft. second floor penthouse residence located in the 224 S. Milwaukee Avenue structure. The Village of Wheeling allows for a residence within the Commercial District as long as it's located above the ground floor. This residence is associated with Suite F which can be classified as a Live/Work occupancy with a residence on the second floor and commercial office space on the first floor. Since Cook County, the property taxing body, has reduced rates for residence occupancy versus commercial, the tax rate has been reduced with the addition of the residence on the second floor. In addition, the land Tax parcels have not been combined into one, providing for savings on those consisting of the parking lot, or adjacent residential classification.
212 S. Milwaukee Avenue, originally constructed in 1968, has had improvements over the years, and most occurring after CCP purchased it in 1988. The buildings basic layout is a common corridor to which tenants enter their suites from the interior of the building. The common corridor also includes public men's and women's toilet rooms, a recessed coffee station with sink, counter, and microwave, and visitor waiting area. There are a total of seven (7) commercial suites, six (6) averaging 350 sq.ft. with one more at 730 sq.ft. These smaller suites have been much easier to rent than large office spaces, and usually rent from small "office space available" signage placed along Milwaukee Avenue. There is also a finished, open plan, lower level, approximately 1,500 sq.ft. of rentable area plus a conference room. The building is both structurally and mechanically sound. EPDM roof under warranty, newer and easily replaceable packaged heating-cooling rooftop units. Electrical and gas utilities are separately metered and the responsibility of the individual tenants. The lower level is also protected by emergency generator power to ensure its sump-pump will operate even in a power outage. The structure is masonry construction bearing walls with bar-joist and metal deck (including a poured concrete metal deck first floor over the lower-level). There are no cracks anywhere in the structure. The façade of the building painted in 2022 to closely match the surrounding buildings and cover natural color variations of the original brick. The lower level has two exits at opposite ends to make the lower level a safe and usable space.
224 S. Milwaukee Avenue, completed construction in 2010, and can be considered a state-of-the-art for contemporary office buildings. It meets all current codes with respect to fire protection, electrical service, ventilation, and handicap accessibility. Consisting of eight (8) separate office spaces, where unlike 212, all suites have independent entrances directly from the exterior and no public corridor. Each has its own handicapped accessible toilet room, and are separately metered for gas and electric utilities. Originally designed and built with the four interior units having a second floor mezzanine and access to private roof decks, the spaces have since been converted to single story office spaces of a nominal 425 total square foot each. 224 building is a steel frame building and all interior partitions may be removed.
The lease rates are above market and range between averaging $26.50 or more per square foot. This is CLASS A rates for the surrounding market.
The property is being offered for sale just because it is time for the current Ownership to begin divestment in the area, and not for any other reason. Both buildings are in excellent condition, and there are no leans or burdens on the title of either. In addition, there are no real estate companies involved so there is some consideration for negotiating a final sale price. The land along Milwaukee Avenue business corridor has averaged close to $1,000,000.00 per acre, making the land value alone worth $660.000.00. Given the roughly 12,000 sq.ft. building area, and consideration of $200/sq.ft. current construction cost, or $2,400,000.00 to build from scratch, with land the complete value is $3,060,000.00. We are accepting reasonable offer's at this time. Call the number provided to set up a showing and to discuss at your convenience.