Mixed-Use Building with
New
For Sale
$399,000
231 N Milwaukee Avenue, Wheeling, IL 60090
Commercial Sale, Wheeling, IL
Property Size1,648 SF
Lot Size0.29 Acres
Price / SF$242.11
Days on Market2
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
Additional Details
Mixed-Use Components
retail, residential
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
7995
Utilities
Cooling system
Central Air
Building Details
Year built
1971
Floors in Building
2
Number of units
2
Building materials
Wood, Vinyl Siding
Roof type
Composition
Listing Agency:
RE/MAX Suburban · RE/MAX International
(847) 367-8686
Listed By:
Jason Bitton · License #475170841
(847) 259-0202
Added: Nov 1
Last Checked: Nov 2 at 4:06PM
MLS# 12797031
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This vacant, two-story freestanding property contains 1,648 square feet, with storefront space below and finished rooms on the upper level. The ground floor includes two display-window rooms, a central room, a kitchen area and a half bath. Upstairs are an open main room, a separate street-facing room, a full bathroom and a laundry room. A balcony has exterior stairs to the parking area. Additional features include central air, boiler heat, a partial basement and a detached garage.
The adjoining paved lot brings the combined parcel area to 12,596 square feet, or 0.29 acre, with 100 feet of frontage on Milwaukee Avenue (US 45 / IL 21). IDOT recorded 24,300 vehicles per day on the avenue in 2025, and a Pace stop serving Routes 272 and 234 is at the property. Nearby businesses include Walgreens, Fresh Farms International Market, Chase, Benihana and Scooter's Coffee. Wheeling Metra is 1.8 miles away; Chicago Executive Airport is 2.3 miles away, and I-294 at Lake Cook Road is 3.9 miles away.
The adjoining paved lot brings the combined parcel area to 12,596 square feet, or 0.29 acre, with 100 feet of frontage on Milwaukee Avenue (US 45 / IL 21). IDOT recorded 24,300 vehicles per day on the avenue in 2025, and a Pace stop serving Routes 272 and 234 is at the property. Nearby businesses include Walgreens, Fresh Farms International Market, Chase, Benihana and Scooter's Coffee. Wheeling Metra is 1.8 miles away; Chicago Executive Airport is 2.3 miles away, and I-294 at Lake Cook Road is 3.9 miles away.
Key Highlights
- 1,648‑square‑foot, two‑story freestanding mixed‑use building offered vacant
- Two parcels total 12,596 square feet (0.29 acre) with 100 feet of Milwaukee Avenue frontage
- IDOT counted 24,300 vehicles per day on Milwaukee Avenue in 2025
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
Retail
$326.8K
$285.9K – $381.3K
NOI $22,875 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$569.0K
$497.9K – $663.8K
NOI $39,829 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant freestanding property pairs street-level retail space with finished upper-floor rooms and a detached rear 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 $399,000.
What are key features of this property?
This property features: 1,648‑square‑foot, two‑story freestanding mixed‑use building offered vacant; Two parcels total 12,596 square feet (0.29 acre) with 100 feet of Milwaukee Avenue frontage; IDOT counted 24,300 vehicles per day on Milwaukee Avenue in 2025
