Multi-Tenant Retail Building in
For Sale
$1,900,000
211 S Milwaukee Ave, Libertyville, IL 60048
Multi-tenant retail building with redevelopment potential in a prime location.
Property Size17,620 SF
Lot Size1.09 Acres
Price / SF$107.83
Days on Market435
Property Features for 211 S Milwaukee Ave
General Information
Standard status
Active
Size
17,620 SF
Lot size
1.09 Acres
Taxes and HOA fees
Annual Taxes
$34,720
Listing Agency:
Millennium Properties RE, Inc.
(312) 338-3001
Listed By:
Susan Silver · License #475136992
(312) 338-3001
Source:
Exprealty
Added: Jun 13, 2025
Changed: Aug 20
Last Checked: Aug 20 at 1:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Millennium Properties RE, Inc.
Investment Insights
Based on property information with market context.
This multi-tenant retail building, totaling 17,620 square feet, is available for sale in Libertyville, Illinois. Situated on a 1.09-acre parcel just south of downtown Libertyville, the property presents a redevelopment opportunity. The building was formerly anchored by Advance Auto Parts, with the remaining space leased to an auto repair business operating for over 40 years. The former Advance Auto space measures 7,384 square feet, while the auto body shop occupies 7,862 square feet. Additionally, there is approximately 1,995 square feet of storage space shared by both tenants, along with a vacant 3,770 square foot two-story warehouse space. The location is surrounded by businesses such as Jewel, Trader Joes, Culvers, JiffyLube, multiple car dealerships, and various neighborhood centers. Libertyville, located in Lake County approximately 37 miles north of downtown Chicago, offers a blend of suburban living with convenient access to the city. The historic downtown area is known for its shopping and dining options.
Key Highlights
- Redevelopment opportunity on a 1.09 acre parcel strategically located south of downtown Libertyville.
- Large 17,620 square foot building, suitable for various retail or redevelopment purposes.
- Two established tenants: a 40+ year auto repair business and former Advance Auto Parts space.
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
$92,101
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
4.85%
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%
$1,842,020
$1.8M
Cap Rate 7%
$1,315,729
$1.3M
Cap Rate 9%
$1,023,344
$1.0M
Market Conditions
NOI Build-Up for 17,620 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
$114.2K $6.48/SF
− Vacancy
−$5.8K −$0.33/SF
EGI
$108.4K $6.15/SF
− OpEx
−$16.3K −$0.92/SF
NOI
$92.1K $5.23/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,842,020
Cap Rate 7%
$1,315,729
Cap Rate 9%
$1,023,344
Alternative Uses
Best Use
Retail
$2.57M
$2.25M – $3.00M
NOI $180,200 @ 7.0% cap · market cap 9.48%
Second Best
Warehouse
$1.32M
$1.15M – $1.54M
NOI $92,101 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$6.08M
$5.32M – $7.10M
NOI $425,837 @ 7.0% cap · market cap 22.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,028
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 60048, IL
29,353
Population
10,826
Households
2.7
Avg Household Size
44
Median Age
71%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
1,034
Density / Sq Mi
$169,283
Median Household Income
$83,333
Median Earnings
$1,569
Median Rent
$535,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Cambridge Plaza — 820-888 S Milwaukee Ave, Libertyville, IL 60048
- Arden's Furniture Co Inc — 416 N Milwaukee Ave, Libertyville, IL 60048
- Mil Park Plaza — Village Shopping Center, 200 N Milwaukee Ave, Libertyville, IL 60048
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail building with redevelopment potential in a prime location.
Where is this shopping center located?
The property is located at 211 S Milwaukee Ave Libertyville, IL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Redevelopment opportunity on a 1.09 acre parcel strategically located south of downtown Libertyville.; Large 17,620 square foot building, suitable for various retail or redevelopment purposes.; Two established tenants: a 40+ year auto repair business and former Advance Auto Parts space.
