Freestanding Storefront
For Sale
$529,000
8136 N Milwaukee Avenue, Niles, IL 60714
Commercial Sale, Niles, IL
Property Size2,800 SF
Lot Size0.07 Acres
Price / SF$188.93
Days on Market189
Property Features for 8136 N Milwaukee Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
COMMR
Directions
Oakton to Milwaukee N on the LHS
Subdivision
Niles
Standard status
Active
APN
09243150080000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
21943
Utilities
Cooling system
Central Air
Building Details
Year built
1976
Floors in Building
1
Number of units
1
Flooring type
Tile, Wood
Building materials
Brick
Listing Agency:
Troy Realty Ltd
(773) 792-3000
Listed By:
Andrzej Olszowka · License #475160900
(708) 715-2423
Added: Feb 26
Changed: Aug 20
Last Checked: Sep 3 at 8:06AM
MLS# 12576734
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.
Investment Insights
Based on property information with market context.
This freestanding brick commercial building contains approximately 2,800 SF and was built in 1976. The interior is arranged for professional office use, with several private rooms, a conference area, kitchen, and restrooms. Tile and wood flooring are paired with central air, while the layout can be adapted for retail or service applications subject to zoning and municipal approval. The property is currently occupied on a month-to-month basis, offering flexibility for delivery timing.
Located at 8136 N Milwaukee Avenue in Niles, the building benefits from exposure along a corridor carrying approximately 27,000 vehicles per day and sits near the Oakton Street commercial corridor. The wide lot provides approximately 8 on-site parking spaces for customers and occupants. Zoning is COMMR.
Located at 8136 N Milwaukee Avenue in Niles, the building benefits from exposure along a corridor carrying approximately 27,000 vehicles per day and sits near the Oakton Street commercial corridor. The wide lot provides approximately 8 on-site parking spaces for customers and occupants. Zoning is COMMR.
Key Highlights
- Approximately 2,800 SF freestanding commercial building
- Approximately 8 on‑site parking spaces on a wide lot
- Approximately 27,000 vehicles per day along Milwaukee Avenue
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,864
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,280
$777.3K
Cap Rate 7%
$555,200
$555.2K
Cap Rate 9%
$431,822
$431.8K
Market Conditions
NOI Build-Up for 2,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.5K $21.60/SF
− Vacancy
−$5.0K −$1.77/SF
EGI
$55.5K $19.83/SF
− OpEx
−$16.7K −$5.95/SF
NOI
$38.9K $13.88/SF
Area
Cook County, IL
Vacancy
8.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$777,280
Cap Rate 7%
$555,200
Cap Rate 9%
$431,822
Alternative Uses
Best Use
Retail
$555.2K
$485.8K – $647.7K
NOI $38,864 @ 7.0% cap · market cap 7.35%
Second Best
Office B
$551.5K
$482.6K – $643.5K
NOI $38,607 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,670 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
888
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60714, IL
31,006
Population
11,867
Households
2.6
Avg Household Size
49
Median Age
39%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
4,922
Density / Sq Mi
$78,868
Median Household Income
$46,553
Median Earnings
$1,247
Median Rent
$351,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick construction, central air, and an adaptable interior support continued office occupancy or approved retail and service uses.
Where is this storefront property located?
The property is located at 8136 N Milwaukee Avenue Niles, IL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Approximately 2,800 SF freestanding commercial building; Approximately 8 on‑site parking spaces on a wide lot; Approximately 27,000 vehicles per day along Milwaukee Avenue
