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100 W Roosevelt Rd, Wheat...

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Est $ 12,363/mo

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100 W Roosevelt Rd, Wheaton, Illinois, 60187

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Bed

10

Bath

23864

Sqft

Overview

Property Type

Home

Property Status

Sale

Year Built

1984

Days on RealtySearch

-

Active Status

Active

Last Sold

$1,150,000 in 2019

Located in the heart of Wheaton with direct frontage along Roosevelt Road, this property presents a compelling value-add opportunity for multifamily redevelopment. Formerly operated as a two-building office condominium complex, the site has now been approved for rezoning and a Planned Unit Development (PUD), allowing f...

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Neighborhood

100 W Roosevelt Rd is located in neighborhood in the city of ,IL

Property History

Date

2025-04-30

Event

Listed

Price

$1650000

Price/Sq Ft

23864

Source

MyStateMLS

Date

2023-08-01

Event

Listing removed

Price

$1375000

Price/Sq Ft

23864

Source

MyStateMLS

Date

2023-02-22

Event

Listed

Price

$1375000

Price/Sq Ft

23864

Source

MyStateMLS

Date

2019-10-03

Event

Sold

Price

$1150000

Price/Sq Ft

Source

Public Record

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Est

get pre-qualify

100 W Roosevelt Rd, Wheaton, Illinois, 60187

Get Free FICO® Credit Score

Bed

10

Bath

23864

Sqft

Overview

Property Type

Home

Property Status

Sale

Year Built

1984

Days on RealtySearch

-

Active Status

Active

Last Sold

$1,150,000 in 2019

Located in the heart of Wheaton with direct frontage along Roosevelt Road, this property presents a compelling value-add opportunity for multifamily redevelopment. Formerly operated as a two-building office condominium complex, the site has now been approved for rezoning and a Planned Unit Development (PUD), allowing f...

More Details

Neighborhood

is located in neighborhood in the city of ,

Property History

Date

2025-04-30

Event

Listed

Price

$1650000

Price/Sq Ft

Source

View More Details

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Description

Located in the heart of Wheaton with direct frontage along Roosevelt Road, this property presents a compelling value-add opportunity for multifamily redevelopment. Formerly operated as a two-building office condominium complex, the site has now been approved for rezoning and a Planned Unit Development (PUD), allowing for the conversion to residential use. This rare approval enables the adaptive reuse of the existing buildings into a 22-unit rental apartment community, offering a more efficient and lower-risk path to market entry compared to ground-up development. The approved plans call for twelve 1-bedroom and ten 2-bedroom units, supported by 38 surface parking stalls. The buildings are well-positioned on a high-visibility site with multiple points of ingress and egress and benefit from strong demographics, established neighborhood character, and proximity to retail anchors such as Mariano's and downtown Wheaton. The subject property is ideally situated within the Roosevelt Road Corridor-a designated redevelopment zone outlined in the City of Wheaton's long-range planning initiative. Surrounded primarily by single-family homes, this infill site represents a rare opportunity to introduce high-demand rental housing into an undersupplied submarket. According to a recent market study, comparable low-rise communities in the area demonstrate strong occupancy (95.5%) and solid rent performance, especially for modestly scaled Class B and C apartment assets. This offering is ideal for multifamily developers or private investors seeking to reposition a functionally obsolete office asset into a stabilized income-producing rental property with long-term upside. This is a rare opportunity to acquire and reposition a well-located suburban asset into a boutique apartment community supported by long-term market fundamentals and municipal backing. Contact us for offering details and access to approved site plans, ordinances, and market survey documentation. Location Description Highly visible location along Roosevelt Road in Wheaton, IL, with access from both Roosevelt Road and Main Street. Surrounded by established single-family neighborhoods and walking distance to Rotary Park and Mariano's. Highlights: Projected NOI: $607, 255 Projected Valuation: $4, 950, 000 Projected Cap Rate: 8.8% City-approved PUD allowing 22-unit multifamily redevelopment (12x 1BR, 10x 2BR units) Strategic location with excellent visibility, just minutes from downtown Wheaton and transit. Rezoned from O-R to R-5 Residential with variances granted for parking, density, and setbacks. Strong apartment fundamentals in Wheaton: 95.5% occupancy and historically low development pipeline. Efficient project scope leveraging existing building shell with cost-effective interior reconfiguration. Supportive zoning and planning environment, aligned with the Roosevelt Road Corridor Plan. Surface-level utilities and separate HVAC systems already in place, reducing redevelopment complexity.

Presented by:

Randolph Taylor

Brokered by:

eXp Commercial

Broker Location

,