Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    231 N Milwaukee Ave Wheeling, IL 60090

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use property with high visibility and ample parking.

    Property size:
    1,648 SF
    Lot size:
    2.70 Acres

    Property Features for 231 N Milwaukee Ave

    General Information

    Standard status
    Active
    Zoning
    b-3
    Size
    1,648 SF
    Lot size
    2.70 Acres

    We can help!

    Listing Contact
    Jason Bitton
    Jason Bitton
    Source: Crexi

    Listing Agency: RE/MAX Suburban Listing Agent: Jason Bitton

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Property on Milwaukee Avenue

    This mixed-use property is suitable for offices, retail stores, medical facilities, and more. The property is zoned B-3, General Commercial and Office District, which allows for mixed residential live-in. The 13,000 square foot lot features 100 feet of frontage on N Milwaukee Ave, benefiting from a daily traffic count exceeding 30,000 vehicles. The property includes 1,648 square feet of space and parking for approximately 20 cars. The location offers excellent visibility on N Milwaukee Ave within a well-established business corridor.
    Location Intelligence

    Current Use by Public Records

    Psychic Chakra Meditation ... Spiritual Center

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Cook
    State
    Illinois
    Longitude
    -87.9094825
    Latitude
    42.1434181

    Nearby Similar for Sale

    • $799,900
      3,255 SF

      Iconic Restaurant & Real Estate Opportunity

      Profitable restaurant and prime real estate on Restaurant Row.
      260 S Milwaukee Ave, Wheeling, IL 60090
      View Details
    • $1,895,000
      0.93 Acres

      Wheeling Commercial Property For Sale

      Commercial property in Wheeling, Illinois available for purchase.
      1040 S Milwaukee Ave, Wheeling, IL 60090
      View Details
    • $849,788
      0.06 Acres

      Prospect Heights Multifamily For Sale

      Multifamily property for sale in Prospect Heights, Illinois.
      512 Piper Ln, Prospect Heights, IL 60070
      View Details
    • $1,895,000
      26,000 SF

      Two-Story Office/Retail Building For Sale

      Two-story office/retail building with high occupancy and parking.
      1040 S Milwaukee Ave, Wheeling, IL 60090
      View Details
    • $99,000
      1,800 SF

      Wheeling Retail Investment Opportunity

      Prime 1,800 SF retail space in high-visibility Wheeling location.
      1083 Lake Cook Rd, Wheeling, IL 60090
      View Details
    • $99,000
      1,800 SF

      Prime Retail Space For Sale

      1,800 SF retail space with high visibility, near Starbucks.
      1041-1081 E Lake Cook Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing

      Wheeling Industrial Warehouse Opportunity

      62,720 SF industrial warehouse in Wheeling, Illinois for sale.
      1720 S Wolf Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing

      Wheeling Industrial Manufacturing Facility

      129,340 SF industrial facility on 6.6 acres in Wheeling, IL.
      1111 Wheeling Rd, Wheeling, IL 60090
      View Details
    • Contact for pricing

      26,000 SF Wheeling Opportunity

      26,000 SF industrial property for sale in Wheeling, Illinois.
      852 Seton Ct, Wheeling, IL 60090
      View Details
    • $799,900
      3,300 SF

      Wheeling Retail Space - Prime Location

      Completely renovated retail space & apartment building.
      322 Milwaukee Ave, Wheeling, IL 60090
      View Details
    • Contact for pricing
      32,325 SF

      Wheeling Flex Space For Sale

      Flex space with drive-in doors and shared interior docks.
      925 Seton Ct, Wheeling, IL 60090
      View Details
    • Contact for pricing
      7,968 SF

      Prime Location Automotive Hub

      Strategic location with high traffic and convenience near I-294.
      851 E Palatine Rd, Wheeling, IL 60090
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with high visibility and ample parking.
    Where is this mixed-use property located?
    The property is located at 231 N Milwaukee Ave Wheeling, IL.
    What are key features of this property?
    This property features: - High-traffic location: Over 30,000 daily traffic count on N Milwaukee Ave.; - Large lot size: 13,000 sq ft with 100-foot frontage on N Milwaukee Ave.; - Flexible zoning: Zoned B-3, allowing for commercial, office, and mixed residential use.
    Request Owner's contact information
    231 N Milwaukee Ave Wheeling, IL 60090
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    231 N Milwaukee Ave
    Wheeling, IL 60090
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    231 N Milwaukee Ave Wheeling, IL 60090
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jason Bitton
    Jason Bitton
    Real Estate License ID: IL475170841
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!