Mixed-Use Property on Milwaukee
231 N Milwaukee Avenue, Wheeling, IL 60090
For Sale
Contact for pricing
Mixed-use property with high visibility and ample parking.
Property Size1,648 SF
Lot Size0.30 Acres
Price / SF$242.11
Days on Market2291
Property Features for 231 N Milwaukee Avenue
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Listing Agency:
RE/MAX Suburban
Listed By:
Jason Bitton · License IL #475170841
(847) 259-0202
Source:
Crexi
Added: Aug 4, 2020
Changed: Nov 8
Last Checked: Nov 10 at 8:17AM
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
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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 / Yr
$27,810
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
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
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 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 6.97%
Second Best
Office B
$335.6K
$293.7K – $391.6K
NOI $23,494 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$632.8K
$553.7K – $738.3K
NOI $44,298 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
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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
$243,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Mixed-use properties in Cook County, IL
Properties on Market for Mixed-use properties in Cook County
Vacancy Rate% for Office in Midwest region
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 Avenue Wheeling, IL.
What is the asking price?
The asking price for this property is $399,000.
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.
