Map of Property

Park Place of Wheaton

For Sale

100 W Roosevelt Rd, Wheaton, IL 60189

This Wheaton property for sale is located at 100 W Roosevelt Rd. The general use of Park Place of Wheaton is multi-family and it incorporates 23,864 square feet of class B multi-family space. The current listed sale price for Park Place of Wheaton is $1,650,000. Park Place of Wheaton is situated on a lot that is 1.51 acre in size.

Contacts

broker
Randolph Taylor, CCIM

eXp Commercial

Property Details

  • Property Type Multi-Family
  • Property Size 23,864 SF
  • Units 22
  • Lot Size 1.51 Acre
  • Parking Spaces Avail. 100
  • Parking Ratio 4.19 / 1,000 SF
  • Property Tenancy Multi-Tenant
  • Building Class B
  • Year Built 1984
  • Date Updated Apr 28, 2025
Highly visible location along Roosevelt Road in Wheaton, IL, with access from both Roosevelt Rd and Main St. Surrounded by established single-family neighborhoods and walking distance to Rotary Park and Mariano’s.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. Property Website: https://creconsult.net/park-place-wheaton-redevelopment/
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Highlights

  • 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

Getting around

  • 86/100

    Walk Score ®

  • 36/100

    Transit Score ®

  • 69/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Wheaton, IL
  • Neighborhood Fariway Estates
  • Zip Code 60189
  • Market Chicago

Points of Interest

  • Wheaton

    0.55 miles

  • College Avenue

    1.07 miles

  • Winfield

    2.73 miles

  • Lisle

    4.53 miles

  • Lombard

    4.84 miles

  • West Chicago

    5.02 miles

  • Belmont

    5.56 miles

  • Naperville

    5.81 miles

  • Downers Grove Main Street

    6.65 miles

  • Fairview Avenue

    7.28 miles

  • Marathon

    0.27 miles

  • BP

    1.57 miles

  • Shell

    1.81 miles

  • Mobil

    3.34 miles

  • Tesla Supercharger

    6.27 miles

  • Electrify America

    6.65 miles

  • Aurora IL-59 Supercharger

    8.11 miles

  • Wheaton Public Library Parking Lot

    0.59 miles

  • Metra Train Station Parking

    0.66 miles

  • Church of the Rez overflow Parking

    0.93 miles

  • Church of the Rez Parking

    1.00 miles

  • DuPage County Fairgrounds parking

    1.61 miles

  • Fawell E

    1.63 miles

  • Fawell D

    1.86 miles

  • Fawell C

    1.99 miles

  • Fawell B

    2.06 miles

  • Nielsen's

    1.55 miles

  • Inn at Water's Edge

    2.19 miles

  • Sheraton Lisle

    3.38 miles

  • Hampton Inn

    3.39 miles

  • DoubleTree

    3.53 miles

  • Hyatt Lisle

    3.83 miles

  • Marriott Naperville

    3.87 miles

  • Holiday Inn Express

    3.92 miles

  • Embassy Suites

    3.94 miles

  • Extended Stay America

    3.95 miles

  • Mariano's Fresh Market

    0.17 miles

  • The Fresh Market

    1.41 miles

  • Target

    1.73 miles

  • ALDI

    1.75 miles

  • Kohl's

    1.82 miles

  • Jewel-Osco

    1.85 miles

  • TJ Maxx

    1.86 miles

  • Pete's Market

    1.94 miles

  • Whole Foods Market

    1.97 miles

  • Trader Joe's

    2.45 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.

Contact Listing Broker
broker
Randolph Taylor, CCIM

eXp Commercial

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