The 224 S. Milwaukee Building was built and completed in 2010. It was planned, designed, and built by the current Owners. As Architectural/Engineer's, the building is as practical as it is functional. Designed and built, not as a speculative development, but to high standards and built to last. These qualities are immediately evident upon inspection. This can be seen in the renovation of the second floor. This second floor space, originally designed as mezzanines associated with the interior first floor office suites, was converted to a second floor Leasable or Owner occupiable one-bedroom, one-bath apartment with vaulted ceilings, LVT flooring, new appliances (microwave/range exhaust, natural gas range/oven, large side-by-side refrigerator, stacked washer/gas dryer) eat-in kitchen, living room, laundry and walk-in closet with large paver block roof decks, and outdoor gas grille. In-Pro shower surround with glass shower door. Decks can support an outdoor hot-tub. The apartment is associated with a first floor suite and can be a Leasable Live/Work Unit.
Eight (8) total rentable units having approximately 450 to 500 square foot each with its own ADA toilet room and direct outdoor access. Four (4) units face Milwaukee Avenue with high visibility back-lit signage. One unit, Unit E, with stairs to the lower level office space for a total 2,000 sq.ft. rentable area. Lower level has a unisex toilet room with one water closet, urinal, and lavatory. The lower level also features large rentable self-storage area and utility room with washer/drier for house-keeping. The buildings natural gas and electrical services are designed for separately metered suites. In addition, a new 60kW natural gas driven emergency generator to power the sump-pumps and sewage ejector, as well as critical loads such as computer servers, during a power outage (this feature is uncommon and not often seen in buildings of this size), each of eight rentable suits has its own gas-fired rooftop mounted heating/cooling unit. Building is fully sprinklered with a central fire alarm system. Comcast and AT&T internet services available. EPDM roof under warranty. 8,557 Total square feet. 5,760 Total rentable area plus 2,000 square feet of rentable tenant storage space in the lower level.
The 212 S. Milwaukee Building originally constructed in 1968, up-dated in 1988, and well maintained and having a full-height lower level. With seven (7) first floor rentable office spaces, having both gas and electric services separately metered. Each first floor unit is served by its own gas-fired rooftop mounted heating/cooling unit. Common corridor with access to public Men's and Women's toilet rooms, refreshment counter with sink. A generously sized waiting having floor to ceiling glass. Newer warranted EPDM roof installed in 2021. Large lower level with 8 ft. high ceiling and a finished reception/office suite of 260 sq.ft. In addition, the lower level, formerly occupied as an engineering design studio, can be similarly occupied today, having its own heating/cooling furnace system with fresh air ventilation and two oppositely positioned stairs to the first floor and grade level. 212 S. Milwaukee Avenue is also showcased on the Landmarks Illinois web-site with its unique architectural styling. Constructed to a high-standard, the building has no issues and remains solid and having the advantage of falling under the building codes for Existing Buildings, which means it does not need any up-dates. 5,790 Total square feet. 4,660 Total rentable area includes 2,000 square feet of rentable office or studio space in the lower level.
The buildings are both connected to the emergency generator. Both buildings are connected with fiber optic cable to allow IT between buildings. Both buildings are masonry construction; 212 has load bearing exterior masonry walls, beam and bar-joist construction, metal deck and floor with poured concrete first floor. 224 is of steel framed construction with brick façade, metal decking and concrete floors. The common parking lot is sealed and re-stripped every 2 years and in very good condition. The buildings are kept clean and organized. We welcome visitors and interested parties for a detailed showing. We own and operate 212-224 S. Milwaukee Avenue, and currently occupy 2,000 sq.ft., and live in the penthouse apartment. This is the best property in town to rent, own, or simply occupy.
The total land area is 29,028 square foot, or 0.666 acres. Land value in Wheeling, along the Milwaukee Avenue corridor is currently considered to be worth $1,000,000 per acre, while land value in the Industrial areas to average $750,000 per acre.
Leasing rates compare to, or above, that of a Class A building. The capitalization rate, or the expected annual return of this property based on its net operating income, can be maximized by taking advantage of all the rentable options. There is even rentable storage space within the 224 Buildings lower level of up to 1,680 square foot. With the need for many to maintain records or materials, this can easily generate more monthly income. The possibilities are limitless with this portfolio.
For more information, or to arrange for a visit, call or text me direct at (847) 826-5435, as this property and office building portfolio is being exclusively offered By Owner. No intermediaries.
Sincerely,
Edward Chrzastowski, P.E.
Principal Partner
Consolidated Consulting Engineers
(847) 826-5435
Edwardc@cceng.net