Mixed-Use Property on Milwaukee
For Sale
Contact for pricing
231 N Milwaukee Ave, Wheeling, IL 60090
Mixed-use property with high visibility and ample parking.
Property Size1,648 SF
Lot Size0.30 Acres
Price / SF$260.32
Days on Market2206
Property Features for 231 N Milwaukee Ave
General Information
Standard status
Active
Size
1,648 SF
Lot size
0.30 Acres
Property subtype
Mixed Use, Office, Retail, Land
Zoning
b-3
Listing Agency:
RE/MAX Suburban
(847) 367-8686
Listed By:
Jason Bitton · License #IL475170841
Source:
Crexi
Added: Aug 4, 2020
Changed: Aug 8
Last Checked: Aug 17 at 5:05AM
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 RE/MAX Suburban
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
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
$27,810
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
6.48%
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%
$556,200
$556.2K
Cap Rate 7%
$397,286
$397.3K
Cap Rate 9%
$309,000
$309.0K
Market Conditions
NOI Build-Up for 1,648 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
$49.4K $30.00/SF
− Vacancy
−$4.9K −$3.00/SF
EGI
$44.5K $27.00/SF
− OpEx
−$16.7K −$10.13/SF
NOI
$27.8K $16.88/SF
Area
Cook County, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$556,200
Cap Rate 7%
$397,286
Cap Rate 9%
$309,000
Alternative Uses
Best Use
Mixed Use
$397.3K
$347.6K – $463.5K
NOI $27,810 @ 7.0% cap · market cap 6.48%
Second Best
Retail
$326.8K
$285.9K – $381.3K
NOI $22,875 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$569.0K
$497.9K – $663.8K
NOI $39,829 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
Explore this area
Business Placement
Demographics for 60090, IL
39,017
Population
15,960
Households
2.4
Avg Household Size
39
Median Age
40%
College-Educated
88%
High-School Grad
9.0 sq mi
ZIP Area
4,335
Density / Sq Mi
$83,449
Median Household Income
$45,436
Median Earnings
$1,578
Median Rent
$243,500
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.
Frequently Asked Questions
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 is the asking price?
The asking price for this property is $429,000.
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.
