Freestanding Mixed-Use
New
For Sale
$480,000
231 N Milwaukee Avenue, Wheeling, IL 60090
Commercial Sale, Wheeling, IL
Property Size1,648 SF
Lot Size0.29 Acres
Price / SF$291.26
Days on Market4
Property Features for 231 N Milwaukee Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RTAIL
Directions
N on Milwaukee, property on right
Subdivision
Wheeling
Standard status
Active
APN
03024050040000
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
7995
Utilities
Cooling system
Central Air
Amenities
paved parking lot
detached garage
central air
boiler heat
partial basement
balcony
Building Details
Year built
1971
Floors in Building
2
Number of units
1
Listing Agency:
RE/MAX Suburban · RE/MAX International
(847) 367-8686
Listed By:
Jason Bitton · License #475170841
(847) 259-0202
Added: Sep 21
Last Checked: Sep 24 at 6:06AM
MLS# 12765358
Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding mixed-use building combines a commercial storefront with finished upper-level quarters. The 1,648-square-foot building includes two street-facing display rooms, a kitchen area with sink and pantry, a half bath, an open upper-level room, bedroom, full bath, laundry room, and balcony access. Central air, boiler heat, and a partial basement are included. The property is vacant and available for immediate occupancy, subject to verification of intended uses and second-floor residential occupancy with the Village of Wheeling.
The sale includes two parcels totaling 12,596 SF of land on 0.29 acre, with 100 feet of frontage on Milwaukee Avenue (US 45). A paved parking lot and detached garage serve the property. B-3 General Commercial and Office District zoning permits retail, restaurant, personal service, medical and dental office, general office, and artist studio uses by right. IDOT recorded 24,300 vehicles per day on Milwaukee Avenue at the property in 2025, and a Pace stop serving Routes 272 and 234 is located at the site. Nearby context includes Walgreens, Fresh Farms International Market, Chase, Benihana, Scooter's Coffee, and the Dundee Road restaurant cluster within a quarter mile.
The sale includes two parcels totaling 12,596 SF of land on 0.29 acre, with 100 feet of frontage on Milwaukee Avenue (US 45). A paved parking lot and detached garage serve the property. B-3 General Commercial and Office District zoning permits retail, restaurant, personal service, medical and dental office, general office, and artist studio uses by right. IDOT recorded 24,300 vehicles per day on Milwaukee Avenue at the property in 2025, and a Pace stop serving Routes 272 and 234 is located at the site. Nearby context includes Walgreens, Fresh Farms International Market, Chase, Benihana, Scooter's Coffee, and the Dundee Road restaurant cluster within a quarter mile.
Key Highlights
- 1,648 SF freestanding mixed‑use building with commercial storefront and finished upper‑level quarters
- Two parcels totaling 12,596 SF on 0.29 acre
- 100 feet of frontage on Milwaukee Avenue (US 45)
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
5.79%
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 5.79%
Second Best
Retail
$326.8K
$285.9K – $381.3K
NOI $22,875 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$569.0K
$497.9K – $663.8K
NOI $39,829 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24,300 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
19k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 97%
Shops & Services 3%
Cooper's Hawk Winery & Restaurant
Dining
18,257 visits/mo
0.5 miles
Car-X Auto Service
Shops & Services
500 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant mixed-use property with commercial space, finished upper-level quarters, parking, and a detached garage.
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 $480,000.
What are key features of this property?
This property features: 1,648 SF freestanding mixed‑use building with commercial storefront and finished upper‑level quarters; Two parcels totaling 12,596 SF on 0.29 acre; 100 feet of frontage on Milwaukee Avenue (US 45)
