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    322 Milwaukee Ave Wheeling, IL 60090

    For Sale
    $799,900

    Completely renovated retail space & apartment building.

    Property size:
    3,300 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This exceptional 3,300 square foot commercial property, located at 322 N Milwaukee Avenue in Wheeling, Illinois, presents a unique investment opportunity. The building underwent a complete rehabilitation in 2023 and 2024, encompassing a comprehensive renovation of both the commercial space and a three-bedroom apartment building situated on the same lot. Improvements include a new steel foundation, a waterproof seal, and a sump pump, ensuring structural integrity and protection against water damage. The roof, ramp, landscaping, garbage enclosure, HVAC system, and all mechanical systems were also completely replaced or installed during the extensive renovation. All interior spaces have been modernized. The property boasts a highly desirable B-3 commercial zoning classification, offering a wide range of potential uses for prospective buyers. The low property tax rate adds to the financial appeal. The building is currently occupied, so please do not disturb the existing business. This turnkey property is ready for immediate occupancy and offers significant potential for immediate return on investment. The combination of commercial space and residential rental income provides a diversified revenue stream. This is a rare opportunity to acquire a meticulously renovated property in a prime Wheeling location.

    Property Features for 322 Milwaukee Ave

    General Information

    Property type
    Retail properties
    Square Feet
    3,300 SF

    Building Details

    Year Built
    1926
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Western States Construction Roofing Contractor Mochinut Wheeling Bakery Royal Empire Construction Contractor

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9108
    Latitude
    42.14478

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    FAQs

    What type of property is this?
    Retail property - Completely renovated retail space & apartment building.
    Where is this retail property located?
    The property is located at 322 Milwaukee Ave Wheeling, IL.
    What is the asking price?
    The asking price for this property is $799,900.
    (847) 777-1155
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    Realmo Value Estimation

    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.

    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.

    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
    322 Milwaukee Ave Wheeling, IL 60090
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