Automotive Repair
For Sale
$1,900,000
211 S Milwaukee Avenue, Libertyville, IL 60048
Automotive and repair facility with fully sprinklered single-story space, partial second floor, and ample parking.
Property Size7,384 SF
Lot Size1.09 Acres
Price / SF$106.34
Days on Market438
Property Features for 211 S Milwaukee Avenue
General Information
Standard status
Active
Size
7,384 SF
Total Parking Spaces
78
Lot size
1.09 Acres
Property subtype
Commercial
Zoning
C-3
Site & Location
Traffic Count
25,795 vehicles/day
Road Access
Yes
Warehouse & Industrial
Heavy Power
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$34,720
Building Details
Building Size
7,384 SF
Year Built
2003
Stories
2
Listing Agency:
Millennium Properties RE, Inc.
(312) 338-3000
Listed By:
Susan Silver · License #475136992
(312) 338-3000
Source:
Midwestrealestate
Added: Jun 13, 2025
Changed: Aug 24
Last Checked: Aug 23 at 12:30PM
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.
The property is an automotive and repair facility featuring 17,868 square feet of single-story space with a partial second floor. The building is fully sprinklered and supported by an 800-amp, 120/208-volt, 3-phase electrical service. Parking includes 63 outdoor spaces plus approximately 15 interior spaces, and the property has three curb cuts.
With approximately 300 feet of frontage on Milwaukee Ave. (Route 21), the site is positioned along a main artery. Milwaukee Ave carries an estimated 25,795 vehicles daily. The property is offered with a month-to-month lease with a repair shop.
The site totals 47,511 square feet of land and is zoned C-3: General Commercial.
With approximately 300 feet of frontage on Milwaukee Ave. (Route 21), the site is positioned along a main artery. Milwaukee Ave carries an estimated 25,795 vehicles daily. The property is offered with a month-to-month lease with a repair shop.
The site totals 47,511 square feet of land and is zoned C-3: General Commercial.
Key Highlights
- 17,868 SF single‑story automotive and repair facility with partial second floor
- Fully sprinklered building
- Ample parking with 63 outdoor spaces plus 15 +/- interior spaces
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
$76,916
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
4.05%
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%
$1,538,320
$1.5M
Cap Rate 7%
$1,098,800
$1.1M
Cap Rate 9%
$854,622
$854.6K
Market Conditions
NOI Build-Up for 17,868 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
$115.8K $6.48/SF
− Vacancy
−$5.9K −$0.33/SF
EGI
$109.9K $6.15/SF
− OpEx
−$33.0K −$1.84/SF
NOI
$76.9K $4.30/SF
Area
Lake County, IL
Vacancy
5.10%
Lease Rate
$6.48 /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%
$1,538,320
Cap Rate 7%
$1,098,800
Cap Rate 9%
$854,622
Alternative Uses
Best Use
Retail
$2.61M
$2.28M – $3.05M
NOI $182,736 @ 7.0% cap · market cap 9.62%
Second Best
Industrial
$1.10M
$961.5K – $1.28M
NOI $76,916 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$6.17M
$5.40M – $7.20M
NOI $431,830 @ 7.0% cap · market cap 22.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,795 VPD
Traffic count
Yes
Heavy power
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,028
Businesses Nearby
51k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Dining 34%
Shell
Shops & Services
16,784 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
7,139 visits/mo
0.2 miles
BP
Shops & Services
6,211 visits/mo
0.2 miles
Dunkin' Donuts
Dining
5,621 visits/mo
0.2 miles
Chase Bank
Shops & Services
5,305 visits/mo
0.5 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firestone — 902 S Milwaukee Ave, Libertyville, IL 60048
- Libertyville Chevrolet Service Department — 1001 S Milwaukee Ave, Libertyville, IL 60048
- Duxler Libertyville Tire — 902 S Milwaukee Ave, Libertyville, IL 60048
- Liberty Kia Service Department — 921 S Milwaukee Ave, Libertyville, IL 60048
- Liberty Nissan Service — 920 S Milwaukee Ave, Libertyville, IL 60048
Frequently Asked Questions
What type of property is this?
Auto shop - Automotive and repair facility with fully sprinklered single-story space, partial second floor, and ample parking.
Where is this auto shop located?
The property is located at 211 S Milwaukee Avenue 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: 17,868 SF single‑story automotive and repair facility with partial second floor; Fully sprinklered building; Ample parking with 63 outdoor spaces plus 15 +/- interior spaces
