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/

Location Description

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.

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

Projected NOI: $607,255

Projected Valuation: $4,950,000

Projected Cap Rate: 8.8%