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    537 N Milwaukee Ave Libertyville, IL 60048

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    Sponsored
    For Lease
    Contact for pricing

    COMMERCIAL - Libertyville, IL

    Type:Retail
    Property size:
    2,400 SF
    Days on Market:
    2
    Last Refresh:
    Mar 12 at 8:06 pm

    Property Features for 537 N Milwaukee Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    RTAIL
    Size
    2,400 SF

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1927
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Wood
    Building materials
    Brick, Frame
    Roof type
    Membrane

    We can help!

    Listing Contact
    Lynn Fairfield
    Lynn Fairfield

    RE/MAX Suburban (847) 577-9888

    Listing agent Lynn Fairfield (847) 373-3311

    Listing date Mar 11, 2026

    MLS# 12588419

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Libertyville Retail Space Available

    Located in the heart of Libertyville, this commercial space offers a prime location within the village, close to local bars, shops, and restaurants. The 2400 sq. ft. space features hardwood floors, exposed brick walls, and 10 ft ceilings. It includes a build-out that was previously used as a beauty shop, with a break room, private office, kitchen, and bathrooms. The property has front and rear door access and is located two blocks from the commuter train. Public parking is readily available. The space is suitable for a variety of business needs, including retail shops and professional services. It offers convenient ground-level entry and ample parking. Situated on Milwaukee Rd, the property benefits from high visibility and an average daily traffic count exceeding 20,000 vehicles. It is also close to METRA, major retailers, dining options, and residential neighborhoods. Tenant is responsible for all utilities. The location is in a thriving community, offering lots of potential for a new business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Real Estate Agency Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Libertyville
    County
    Lake
    State
    Illinois
    Longitude
    -87.9546856
    Latitude
    42.2885998

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    FAQs

    What type of property is this?
    Retail space - 2400 sq ft retail space in the heart of Libertyville.
    Where is this retail space located?
    The property is located at 537 N Milwaukee Ave Libertyville, IL.
    What are key features of this property?
    This property features: - Prime Libertyville location in the heart of the village, close to shops, restaurants, and the commuter train.; - High traffic count on Milwaukee Rd with over 20,000 vehicles daily, providing excellent exposure.; - Approximately 2400 sq. ft. of versatile retail space suitable for various business types.
    (847) 373-3311
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    537 N Milwaukee Ave Libertyville, IL 60048
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    Libertyville, IL 60048
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    537 N Milwaukee Ave Libertyville, IL 60048
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    We can help!
    Listing Contact
    Lynn Fairfield
    Lynn Fairfield
    Real Estate License ID: 471002589
    (847) 373-3311 (847) 367-8686 (847) 557-8542
    Learn more
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